SINGAPORE, April 24, 2025 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
VinFast
Impressive Revenue Growth Driven by Strong Vehicle Deliveries
EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of 143% from the third quarter of 2024.
VinFast experienced robust growth in its business-to-consumer (B2C) sales, marking a 140% increase quarter-over-quarter and a remarkable over 20-fold increase year-over-year.
For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023, underscoring strong growth momentum and positive market reception.
E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of 65% from the third quarter of 2024. For the full year 2024, e-scooter deliveries were 70,977, representing an increase of approximately 1% from 2023.
Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024.
Total revenues were VND44,019.6 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023.
Gross loss was VND25,277.6 billion (US$1,038.7 million) for the full year 2024, gross margin was negative (57.4%). Net loss was VND77,354.9 billion (US$3,178.8 million).
The decrease of gross margin over the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time free charging program fee as a reduction from revenue in the estimated amount of VND5,900 billion (USD$242.5 million) contributed by VinFast's Founder and CEO, Vingroup's Chairman, Mr. Pham Nhat Vuong.
With a strategic vision and a strong aspiration to shape a green future globally, Vingroup and Mr. Pham Nhat Vuong remain steadfast in their mission to make electrified mobility more accessible to everyone, striving towards a "zero-emission" transportation landscape.
Demonstrating astrong commitment to VinFast's expansion, Mr. Pham Nhat Vuong has disbursed VND10 trillion (US$410.9 million) in non-refundable grants as of March 31, 2025.
This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to VND50 trillion (US$2.1 billion) to the Company and its subsidiaries.
As of March 31, 2025, Vingroup had also disbursed over VND27 trillion in loans to VinFast. Late last year, the conglomerate committed to providing VinFast with new loans totaling up to VND35 trillion to support its continued growth momentum.
Madam Thuy Le, Chairwoman of VinFast, said: "VinFast had an outstanding Q4 and full year 2024, reflecting the Company's ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape."
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performance electric vehicles to our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings."
Global Footprint Grows as Vietnam Leadership Solidifies
VinFast is actively pursuing expansion in promising markets and optimizing performance in its key focus markets.
Indonesia: Following initial deliveries of the VF e34s and VF 5s in 2024, VinFast continues to penetrate the Indonesian market with the fourth shipment departing in early March, consisting of nearly 2,500 vehicles including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast has 22 dealer stores in Indonesia.
The Philippines: At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, marking the fifth VinFast model available to Filipinos after the VF 3, VF 5, VF 7 and VF 9.
The Company also announced partnerships with six local dealers to establish over 60 additional dealer stores in the country by end of 2025. As of March 31, 2025, VinFast has 6 dealer stores in the Philippines.
North America: VinFast introduced a dealership model to complement the Company's D2C approach in the international markets since late 2023, aiming to optimize operations while broadening its distribution network.
To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California, U.S. in the coming months.
As of today, VinFast has already developed a network of 38 operational and to-be-operational dealers in 16 states across the US, including one dealer in California.
Europe: VinFast is initiating plans to develop a widespread dealer network across major cities in Europe, while concurrently strengthening collaborations with reputable after-sales partners throughout the region.
In addition, the Company has launched and started deliveries of the VF 6, its second model introduced in Europe following the VF 8.
In its domestic market of Vietnam, VinFast is further solidifying its position at the forefront of the green mobility transition with the introduction of its all-new "Green" product line. Specifically designed and optimized for transportation services, this range encompasses four models across distinct segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV), and Limo Green (MPV) with starting MSRP ranges from VND269 million (approx. US$11,100) to VND749 million (approx. US$30,800).
Deliveries are expected to start in the second quarter of 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August this year.
Business Outlook
Building on a foundation of steady growth and established fundamentals, VinFast has set a target of at least doubling its global vehicle deliveries in 2025. The Company intends to maintain a flexible approach to its business strategy and objectives, continuously evaluating market dynamics and macroeconomic conditions, while remaining steadfast in its vision to advance the global transition to sustainable mobility.
Throughout 2025, VinFast will continue to explore opportunities to increase its market presence. Simultaneously, the Company is focused on further enhancing its capabilities and optimizing operations spanning production, assembly, sales, and distribution to effectively meet the accelerating global demand for green transportation.
Conference Call
VinFast management will hold a live webcast to discuss the Company's business performance and strategy. Details for the call are below:
Language: English
What: VinFast Q4 2024 Financial Results and Q&A Webcast
This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company's market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.
Forward Looking Statements
Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk that the Company's securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (ii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company's business, (iii) risks associated with the Company's limited operating history, (iv) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus, (v) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (vi) risks associated with being a new entrant in the EV industry, (vii) the risks of the Company's brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity, (viii) the Company's ability to successfully introduce and market new products and services, (ix) competition in the automotive industry, (x) the Company's ability to adequately control the costs associated with its operations, (xi) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes acceptable from its suppliers, (xii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xiii) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xiv) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xv) the demand for, and consumers' willingness to adopt, EVs, (xvi) the availability and accessibility of EV charging stations or related infrastructure, (xvii) the unavailability, reduction, or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xviii) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations, or cash flows, (xix) the risk of battery pack failures in the Company or its competitor's EVs, (xx) risks related to the failure of the Company's business partners to deliver their services, (xxi) errors, bugs, vulnerabilities, design defects, or other issues related to technology used or involved in the Company's EVs or operations, (xxii) the risk that the Company's research and development efforts may not yield expected results, (xxiii) risks associated with autonomous driving technologies, (xxiv) product recalls that the Company may be required to make, (xxv) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxvi) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxvii) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates, and (xxviii) other risks discussed in our reports filed or furnished to the SEC.
All forward-looking statements attributable to us or people acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
Exchange Rates
This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND24,335 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of December 31, 2024. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
