--- title: "VinFast’s EV Sales Are Mostly to Another of Its Owner’s Companies" description: "More than 60 percent of vehicles VinFast sold globally through the first half of 2023 went to an affiliated taxi service." date: "2023-09-13" modified: "2023-09-13" authors: - name: "Nico DeMattia" job_title: "Contributing Writer" link: "https://www.thedrive.com/authors/nico-demattia" url: "https://www.thedrive.com/news/vinfasts-sales-are-mostly-to-its-own-parent-company" categories: - "Car Tech" - "Electric Vehicles" - "News" tags: - "Electric Vehicle" - "SUV" - "Vinfast" --- # VinFast’s EV Sales Are Mostly to Another of Its Owner’s Companies ![]() *VinFast VF9 \VinFast\* VinFast enjoyed a sorely needed win last month when it went public with an initial [stock valuation of $85 billion](), higher than GM, Ford, and BMW. While that number has come down significantly since then, the company is still valued higher than some automotive giants, such as Hyundai. However, according to the [*Financial Times*](), the Vietnamese electric automaker only sold 11,300 vehicles in the first half of 2023, and 7,100 of those cars were bought by a taxi service under the VinGroup umbrella. The taxi firm that bought the majority of VinFast's cars is Green and Smart Mobility (GSM), which belongs to the same parent company as VinFast—VinGroup. All VinGroup companies are mostly owned by the same man: Vietnamese billionaire Pham Nhat Vuong, who claims 99% of VinFast, even after its small amount of shares being traded. Furthermore, in a recent VinFast U.S. Securities and Exchange Commission filing, the EV startup admitted that another part of its revenue came from selling battery components to VinES, an energy provider; and selling buses to VinBus, an electric bus company. Take a guess who owns those two brands. ![]() **VinFast** VinFast wants to sell 50,000 cars this year, but it reportedly struck a deal with GSM for 30,000 EVs back in March, which doesn't leave many more for customers in the global market. According to [*Automotive News*](), VinFast only sold [128 cars in the U.S.]() between January and May of 2023. The rest of the automotive world is stumped by VinFast's high stock valuation considering its low sales figures, most of which went to the company's own affiliated brands. The first VinFast cars that arrived in the U.S. market suffered heavy delays, [bad reviews](), and a [recall for a software error]() that the National Highway Traffic Safety Administration said could increase the risk of a crash. Critics have slammed the VinFast VF8 for poor build quality and faulty electronics. And yet, the company is still worth almost $40 billion. "Do you think that VinFast can be worth more than BMW? Let’s be serious," Renault CEO Luca de Meo told *Financial Times*. De Meo has a point. It seems investors were initially excited about VinFast's potential and entry into the global market. But now that we know that its own parent company is its best customer, the other shoe has to drop, right? *Got tips? Send 'em to tips@thedrive.com* ## Author Nico is a writer and reviewer from New Jersey who probably thinks he’s a lot funnier than he actually is. His love of cars began when he was just a kid playing Gran Turismo 3, grinding out enough race wins with a Mazda Miata to save up for an in-game RUF 911. That passion for small, lightweight sports cars drove his desire to learn more about the industry, get his hands on as many cars as he could, and bring those experiences to life on the page. He cut his teeth writing about BMWs, Volkswagens, and Audis, mostly, and has owned far too many of each. He’s on his fourth 3 Series sedan, but all of his old, cheap German cars have forced him to learn more about car maintenance than his mechanical capability can handle. Too many late nights have been spent scrambling to get a car running by morning so he could get to work. For some reason, he never seems to learn that old Bimmers probably aren’t the best daily drivers. But he loves more than just old German cars. He’ll gladly drive and discuss anything with four (or even three) wheels. Cars aren’t his only passions, though. Nico is also a big nerd and loves movies, video games, comic books, and cares far too much about the New York Giants. So don’t be surprised if you see football references or dumb, obscure movie quotes in any of his car reviews. ### Author social links [Instagram]() [LinkedIn]()