Emerging Tesla Challenger VinFast Faces Sales Challenges, Posing Risks For Vietnam Billionaire Pham Nhat Vuong's Vingroup
Emerging Tesla Challenger VinFast Faces Sales Challenges, Posing Risks For Vietnam Billionaire Pham Nhat Vuong's Vingroup
Vingroup, Vietnam's leading conglomerate, is grappling with increasing financial risks due to the difficulties faced by its electric vehicle (EV) subsidiary, VinFast Auto (NASDAQ:VFS). The EV manufacturer's financial troubles have been amplified by its dependency on sales to associated companies and a declining global EV market.
由於其電動汽車（EV）子公司VinFast Auto（納斯達克股票代碼：VFS）面臨的困難，越南領先的企業集團Vingroup正在努力應對日益增加的財務風險。這家電動汽車製造商對關聯公司銷售的依賴以及全球電動汽車市場的下滑加劇了其財務困境。
What Happened: VinFast's swift growth has been predominantly driven by sales to firms linked with Vingroup. The lack of retail consumers and a drop in worldwide EV demand have further intensified VinFast's financial predicaments, reported Reuters.
發生了什麼：VinFast的快速增長主要是由對與Vingroup有聯繫的公司的銷售推動的。路透社報道，零售消費者的缺乏和全球電動汽車需求的下降進一步加劇了VinFast的財務困境。
Over the past three years, VinFast has accumulated losses amounting to $5.7 billion, leading to a 38% drop in Vingroup's share price since VinFast's U.S. listing in August. The parent company's borrowing expenses have also surged.
在過去三年中，VinFast累計虧損達57億美元，自8月份VinFast在美國上市以來，Vingroup的股價下跌了38％。母公司的借貸支出也激增。
Between 2017 and 2023, VinFast received $11.4 billion in capital infusions from Vingroup and its affiliates. Despite these financial hurdles, Vingroup continues to back VinFast, considering it a high-growth prospect.
在2017年至2023年之間，VinFast從Vingroup及其附屬公司獲得了114億美元的注資。儘管存在這些財務障礙，但Vingroup仍繼續支持VinFast，認爲它具有高增長前景。
Nevertheless, VinFast's struggles are apparent even in its domestic market. Last year, 82% of its $1.1 billion in vehicle sales were to companies within Vingroup or owned by Vingroup's billionaire founder, Pham Nhat Vuong, who controls nearly 98% of the Nasdaq-listed EV maker.
儘管如此，即使在其國內市場，VinFast的困境也顯而易見。去年，其11億美元汽車銷售額中有82％來自Vingroup旗下的公司或由Vingroup的億萬富翁創始人範一旺擁有的公司，他控制着這家在納斯達克上市的電動汽車製造商近98％的股份。
Previously unreported, VinFast's dependency on Vingroup for sales and funding is evident. The company's sales pressure is underscored by its substantial discounting and its inability to attract substantial interest from retail buyers, according to the report.
VinFast在銷售和融資方面對Vingroup的依賴此前未曾報道，這是顯而易見的。報告稱，該公司的大幅折扣和無法吸引零售買家的濃厚興趣凸顯了該公司的銷售壓力。
Up to this point, the company has indicated that approximately 70% of its vehicle deliveries last year were allocated to Green SM (GSM), a taxi operator and leasing provider predominantly owned, to the extent of 95%, by Vuong.
到目前爲止，該公司表示，去年交付的車輛中約有70％分配給了Vuong主要擁有的出租車運營商和租賃提供商Green SM（GSM），佔95％。
Why It Matters: In a significant leadership overhaul in January, VinFast's founder, Pham Nhat Vuong, assumed the role of CEO. This move was followed by the unveiling of VinFast's first-ever electric pickup truck concept, the VF Wild, at CES 2024.
爲何重要：在一月份的重大領導層改革中，VinFast的創始人範日旺出任首席執行官一職。此舉之後，VinFast在2024年國際消費電子展上推出了VinFast的首款電動皮卡概念車VF Wild。
However, the company's financial woes began to surface in August, when renowned short-seller Jim Chanos labeled VinFast a '$200 billion meme stock'.
但是，該公司的財務困境在8月份開始浮出水面，當時著名的賣空者吉姆·查諾斯將VinFast標記爲 “2000億美元的模因股”。
Despite this, VinFast's market capitalization was skyrocketed in August, securing it the third position globally, trailing only Tesla Inc (NASDAQ:TSLA) and Toyota Motor (OTC:TOYOF).
儘管如此，VinFast的市值在8月份猛增，穩居全球第三位，僅次於特斯拉公司（納斯達克股票代碼：TSLA）和豐田汽車（場外交易代碼：TOYOF）。
Image Via Shutterstock
圖片來自 Shutterstock