A Hunterbrook Media investigation revealed that things are going really bad for VinFast, which barely sells any cars. The information is confirmed by a Reuters report, which shows that 70% of VinFast's deliveries last year were to other companies owned by its CEO, Pham Nhat Vuong.
The Vietnamese EV maker VinFast reported a stellar first quarter, with a 444% jump in deliveries over last year. However, this could be only a smoke screen, with the vehicles being sold between affiliated companies instead of to real customers. Even worse, the carmaker's main production facility in Vietnam operates at just 12% of its 300,000-vehicle annual capacity. The information surfaced after Hunterbrook Media and Reuters investigated VinFast's operations.
Hunterbrook Media's investigation started after the outlet came across a video on YouTube showing hundreds of VinFast vehicles rotting in a field. The vehicles were previously sold to a company owned by VinFast's CEO, Pham Nhat Vuong. However, when the journalists tried to find the video later, it was gone from the platform. Luckily, they had screenshots showing employees admitting that the vehicles were stored on location for a long time.
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