Business
VINFAST REPORTS UNAUDITED FIRST QUARTER 2025 FINANCIAL RESULTS
SINGAPORE, June 9, 2025 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with
About this update from Vinfast Auto Ltd.
[{"type":"text","content":"SINGAPORE, June 9, 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 first quarter ended March 31, 2025.\n\n \n \n \n \n \n \n\n \nEV deliveries were 36,330 in the first quarter of 2025, representing an increase of 296% from the first quarter of 2024.\nDespite the typically slow first quarter for the automotive market, VinFast delivered more vehicles in Q1 2025 than in the entire first half of 2024.\nE-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 473% from the first quarter of 2024.\nStrong Revenue Growth, Significantly Improved Margins\nTotal revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024.\nVinFast recorded gross and net losses of VND5,736.5 billion (US$231.0 million) and VND17,693.8 billion (US$712.4 million), respectively.\nSignificantly, gross profit margin improved substantially to negative 35.2%, a notable improvement compared to both Q1 2024 (negative 58.7%) and Q4 2024 (negative 79.1%). This improvement in gross margin indicates its increased operational efficiency driven by revenue growth and cost optimization.\nTo support VinFast's continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast.\nPursuant to a grant agreement dated November 12, 2024, VinFast's Founder and CEO, Mr. Pham Nhat Vuong (\"Mr. Pham\") has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025.\nLeading Vietnam's Green Transformation with a Diverse Product Ecosystem\nTo drive the green revolution in cargo transport, VinFast officially launched its EC Van, a compact electric cargo vehicle. With a payload capacity exceeding 600 kg and a compact design, the EC Van offers agile operation, making it an ideal solution for short...