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VinFast’s Hot Streak: Strong Sales to Founder’s Taxi Biz Expected to Zoom into 2024!

You’ve probably heard the buzz around VinFast (Hey there, NASDAQ:VFS!). Their dynamo CEO, Le Thi Thu Thuy, recently spilled the beans, saying they’re all set to keep pumping out those electric cars and scooters to a snazzy ride service. And guess what? That service just so happens to be in the family, owned by the big boss himself. Yep, this family affair is gearing up to speed well into 2024.

Thuy excitedly exclaimed, “In the next couple of quarters, GSM’s gonna be hungry for our wheels, both the vroom-vroom cars and the zippy scooters! This isn’t some flash in the pan; we’re talking about the party rolling on till at least mid-2024!”

So, who’s GSM, you ask? Green SM (GSM for short) is this taxi powerhouse in Vietnam, and – hold on to your hats – it’s pretty much the brainchild of VinFast’s own billionaire founder, the one and only Pham Nhat Vuong. Talk about keeping it in the family!

And boy, have they been selling! About 13,000 electric vehicles have gone straight to GSM’s garage. That’s like two out of every three electric cars VinFast makes. It’s no surprise that folks have raised an eyebrow or two, wondering what’s the real deal behind the scenes, especially during the chit-chat at the latest earnings call.

With a reassuring tone, Thuy shared in a chat, “Look, we haven’t handed GSM a golden ticket or anything. All they got was the usual 10% off – the same sweet deal we’d give anyone buying in bulk. No funny business here.” She added with a twinkle in her eye, “And let me tell you, once folks hitch a ride in one of our taxis, they’re itching to own one!”

“Trust me, our deals with GSM? Same as we’d do with any other bigwig company,” Thuy quipped.

And here’s a juicy tidbit: According to the grapevine (and a pretty solid survey by VinFast), if you’ve ever taken a spin in a VinFast taxi run by GSM, you’re four times more likely to want to buy one of those beauties than if you just took it for a test drive. Crazy, right?

Earlier this year, GSM made some waves by launching Vietnam’s first all-electric taxi fleet. And get this – they’ve got eyes on international shores. First stop? Laos! They’re not stopping at home turf, no siree.

A tiny heads-up though: VFS shares took a little dip, down by 5.78% in early trading this Thursday. But hey, there’s always a bump or two on the road to success! 🚗💨

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