VinFast Auto Ltd. ( (VFS) ) has released its Q1 earnings. Here is a breakdown of the information VinFast Auto Ltd. presented to its investors.
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VinFast Auto Ltd., a subsidiary of Vingroup JSC, is a Vietnam-based electric vehicle manufacturer with a diverse product lineup including electric SUVs, e-scooters, e-bikes, and e-buses, focusing on making EVs accessible globally.
In its first quarter of 2025, VinFast reported revenues of VND16,306.4 billion (US$656.5 million), marking a significant year-over-year increase of 149.9%, although slightly down by 1.2% from the previous quarter. The company delivered 36,330 electric vehicles and 44,904 e-scooters, showcasing a substantial growth from the same period last year.
Key financial metrics reveal a gross loss of VND5,736.5 billion (US$231.0 million), with a negative gross margin of 35.2%, which, although negative, shows improvement from previous quarters. The net loss stood at VND17,693.8 billion (US$712.4 million), reflecting a 20% increase year-over-year but a 42.2% decrease from the last quarter, indicating a trend towards better cost management and operational efficiency.
Strategically, VinFast is expanding its market presence with new vehicle launches and dealership agreements in Europe and Asia, while also optimizing its operations by closing underperforming showrooms. The company is supported by significant funding commitments from its parent company, Vingroup, and its founder, to fuel its growth and expansion plans.
Looking ahead, VinFast aims to double its global deliveries in 2025, focusing on enhancing its product offerings and operational efficiencies to capture a larger share of the growing EV market, despite the challenges posed by global economic uncertainties.