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.
由于其电动汽车（EV）子公司VinFast Auto（纳斯达克股票代码：VFS）面临的困难，越南领先的企业集团Vingroup正在努力应对日益增加的财务风险。这家电动汽车制造商对关联公司销售的依赖以及全球电动汽车市场的下滑加剧了其财务困境。
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.
发生了什么：VinFast的快速增长主要是由对与Vingroup有联系的公司的销售推动的。路透社报道，零售消费者的缺乏和全球电动汽车需求的下降进一步加剧了VinFast的财务困境。
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.
在过去三年中，VinFast累计亏损达57亿美元，自8月份VinFast在美国上市以来，Vingroup的股价下跌了38％。母公司的借贷支出也激增。
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年之间，VinFast从Vingroup及其附属公司获得了114亿美元的注资。尽管存在这些财务障碍，但Vingroup仍继续支持VinFast，认为它具有高增长前景。
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.
尽管如此，即使在其国内市场，VinFast的困境也显而易见。去年，其11亿美元汽车销售额中有82％来自Vingroup旗下的公司或由Vingroup的亿万富翁创始人范一旺拥有的公司，他控制着这家在纳斯达克上市的电动汽车制造商近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在销售和融资方面对Vingroup的依赖此前未曾报道，这是显而易见的。报告称，该公司的大幅折扣和无法吸引零售买家的浓厚兴趣凸显了该公司的销售压力。
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.
到目前为止，该公司表示，去年交付的车辆中约有70％分配给了Vuong主要拥有的出租车运营商和租赁提供商Green SM（GSM），占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.
为何重要：在一月份的重大领导层改革中，VinFast的创始人范日旺出任首席执行官一职。此举之后，VinFast在2024年国际消费电子展上推出了VinFast的首款电动皮卡概念车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，该公司的财务困境在8月份开始浮出水面，当时著名的卖空者吉姆·查诺斯将VinFast标记为 “2000亿美元的模因股”。
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).
尽管如此，VinFast的市值在8月份猛增，稳居全球第三位，仅次于特斯拉公司（纳斯达克股票代码：TSLA）和丰田汽车（场外交易代码：TOYOF）。
Image Via Shutterstock
图片来自 Shutterstock