Business
VinFast Reports Unaudited Second Quarter 2023 Financial Results
Quarterly Revenues reached VND7,952,531 million (US$334.1 million) Quarterly Vehicle Deliveries were 9,535 units SINGAPORE, Sept. 21, 2023 /PRNewswire/ --
About this update from Vinfast Auto Ltd.
[{"type":"text","content":"Quarterly Revenues reached VND7,952,531 million (US$334.1 million) Quarterly Vehicle Deliveries were 9,535 units\nSINGAPORE, Sept. 21, 2023 /PRNewswire/ -- VinFast Auto Ltd. (\"VinFast\" or the \"Company\") (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam's leading electric automotive manufacturer, today announced its unaudited financial results for the quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nOperating Highlights for the Second Quarter of 2023\n2Q2023\n1Q2023\n2Q2022\nEV Deliveries1\n9,535\n1,780\n1,789\nE-scooters Deliveries\n10,182\n9,757\n15,299\nEV deliveries were 9,535 in the second quarter of 2023, representing an increase of approximately 436% from the first quarter of 2023.E-scooters deliveries were 10,182 in the second quarter of 2023, 4% increase from the first quarter of 2023.As of June 30, 2023, the Company had 122 showrooms globally for EVs and 245 showrooms and service workshops for e-scooters.Financial Highlights for the Second Quarter of 2023\nVehicle sales were VND7,487,874 million (US$314.6 million), representing an increase of 147.0% from the second quarter of 2022 and an increase of 387.3% from the first quarter of 2023.Total revenues were VND7,952,531 million (US$334.1 million), representing an increase of 131.2% from the second quarter of 2022 and an increase of 303.3% from the first quarter of 2023. Total revenues primarily comprise of revenue from selling EVs.Gross loss was VND2,714,622 million (US$114.1 million), representing an increase of 7.5% from the second quarter of 2022 and a decrease of 28.7% from the first quarter of 2023.Gross margin improved to negative 34.1% in the second quarter of 2023, compared to negative 73.4% in the second quarter of 2022 and negative 193.2% in the first quarter of 2023.Loss from operations improved to VND9,230,423 million (US$387.8 million) in the second quarter of 2023, representing a decrease of 20.0% from the second quarter of 2022 and a decrease of 17.2% from the first quarter of 2023.Net loss improved to a loss of VND12,535,202 million (US$526.7 million), representing a decrease of 8.2% from the second quarter of 2022 and a decrease of 11.2% from the first quarter of 2023.Cash and cash equivalents were VND1,600,653 million (US$67.3 million), as of June 30, 2023.______________________________________\n1 Includes VF e34, VF 5, VF 8, VF 9 and e...