- 2024-05-07T00:00:00
- Sector Reports
- VinFast (Nasdaq: VFS), a Vietnamese electric vehicle (EV) manufacturer and subsidiary of Vingroup (HSX: VIC), aims to establish a strong presence in the global EV market. This report provides an analysis of the opportunities and challenges for VinFast in its target markets (Vietnam, North America, Europe, ASEAN, and India) based on the following: car penetration/growth in car sales/EV adoption, competition from other manufacturers, vehicle price points, EV charging infrastructure, and Government incentives.
- Global EV manufacturers foresee growth in EV deliveries in 2024 and a shift towards developing more affordable EV models. The International Energy Agency (IEA) forecasts EV share of global light-duty vehicle sales to rise to 40% in 2030 and almost 55% in 2035 based on current policy settings (forecast was published in April 2024), from around 18% in 2023. In the 2024 outlook, established EV manufacturers anticipate continued sales growth, while newer and affordability-focused brands foresee robust opportunities. Long-term structural drivers, such as emerging middle-affluent classes and improved infrastructure, are expected to accelerate EV adoption in emerging markets like ASEAN and India, while mature markets like the US and Europe are likely to sustain EV adoption due to improving affordability.
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