WionDrive News Desk 
VinFast, a prominent electric vehicle manufacturer, anticipates that its sales to an affiliated ride service, Green SM (GSM), owned by the company’s founder, will persist into 2024. The sales made to GSM have attracted attention due to their considerable volume.
Unveiling Sales Figures
Over the past two quarters, VinFast sold approximately 13,000 electric vehicles to GSM, a Vietnam-based taxi operator and leasing provider primarily owned by VinFast’s billionaire founder, Pham Nhat Vuong. These sales constituted a significant portion, around two-thirds, of VinFast’s electric vehicle sales during the initial two quarters following the company’s Nasdaq listing.
Equal Treatment for GSM
In a recent interview, VinFast’s CEO, Le Thi Thu Thuy, clarified the business relationship. VinFast has extended no specific financing or extraordinary discounts to GSM beyond what it would offer to any business-to-business customer. Thuy noted that a standard 10% fleet discount was applied to the transactions.
Anticipated Continued Demand
VinFast is confident that the demand from GSM for their electric vehicles, including electric scooters, will persist throughout the next two quarters, possibly extending into the second quarter of the upcoming year. Thuy reassured that the terms of the agreement with GSM align with those offered to other business customers.
The Role of Ride Experiences
A VinFast survey revealed that passengers who experienced rides in VinFast taxis, operated by GSM, were four times more likely to purchase a VinFast vehicle compared to those who underwent conventional test drives. This highlights the impact of experiential rides on potential customers’ decisions.
GSM’s Growth Ambitions
GSM launched Vietnam’s inaugural all-electric taxi service earlier this year and has international expansion plans, commencing with Laos. Furthermore, GSM aims to broaden its horizons to markets like India, Indonesia, and the United States. VinFast views these expansion plans as growth opportunities for the company.
Collaboration with Autonomy
VinFast had previously declared an agreement to supply 2,500 electric vehicles to the U.S.-based car subscription service, Autonomy. Presently, no vehicle deliveries have been executed for Autonomy, as VinFast is actively working on options for contract fulfillment.
Market Performance
VinFast made a notable stock market debut in mid-August. However, the company’s shares have experienced an 84% reduction in value, currently trading at $5.97 as of the latest closing. This decline is attributed to the anticipation of additional shares entering the market. VinFast’s founder, Pham Nhat Vuong, indirectly controls a substantial majority, approximately 96.6%, of VinFast shares.
