VinFast Reports Fourth Quarter and Full Year 2024 Financial Results
Rhea-AI Summary
VinFast Auto (Nasdaq: VFS) reported strong Q4 and full-year 2024 results, with significant growth in EV deliveries. Q4 EV deliveries reached 53,139 units (+143% QoQ), while full-year deliveries hit 97,399 units (+192% YoY). Total revenue for 2024 was US$1.81 billion, up 57.9% from 2023.
However, the company recorded a gross loss of US$1.04 billion and a net loss of US$3.18 billion for 2024. The Q4 gross margin was impacted by a one-time US$242.5 million charge related to a free charging program. To support expansion, founder Pham Nhat Vuong provided US$410.9 million in non-refundable grants, part of a larger US$2.1 billion commitment.
VinFast is expanding globally with dealer networks in Indonesia (22 stores), Philippines (6 stores), and US (38 dealers in 16 states). The company plans to transition to a full dealer franchise model in the US. For 2025, VinFast targets to at least double its global vehicle deliveries while focusing on operational optimization and market presence expansion.
Positive
- Q4 EV deliveries surged 143% QoQ to 53,139 units
- Full-year 2024 revenue increased 57.9% to US$1.81 billion
- Strong B2C sales growth with 140% increase QoQ
- Rapid expansion of dealer network across multiple markets
- Secured US$2.1 billion funding commitment from founder
Negative
- Full-year 2024 net loss of US$3.18 billion
- Gross loss of US$1.04 billion with negative margin of 57.4%
- One-time charge of US$242.5 million impacting Q4 gross margin
- Closing all direct-to-consumer showrooms in California
News Market Reaction
On the day this news was published, VFS gained 2.79%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Impressive Revenue Growth Driven by Strong Vehicle Deliveries
EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of
VinFast experienced robust growth in its business-to-consumer (B2C) sales, marking a
For the full year 2024, EV deliveries were 97,399, representing an increase of approximately
E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of
Total revenues were
Total revenues were
Gross loss was
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
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
This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to
As of March 31, 2025, Vingroup had also disbursed over
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.
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
To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in
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
In addition, the Company has launched and started deliveries of the VF 6, its second model introduced in
In its domestic market of
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
Date: 24 April 2025
Time: 08:00 Eastern Standard Time
Live Webcast: https://edge.media-server.com/mmc/p/czdght4i
A replay of the webcast will also be made available on the Company's website.
For additional information, please visit http://ir.vinfastauto.us.
Investor Relations Email: ir@vinfastauto.com
Media Relations Email: info@vinfastauto.com
Industry and Market Data
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
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
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of
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SOURCE VinFast
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