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SINGAPORE - VinFast Auto Ltd. (NASDAQ:VFS), the Vietnamese electric vehicle (EV) manufacturer, has reported significant growth in its deliveries and revenue for the first quarter of 2025. The company, a subsidiary of Vietnam’s largest conglomerate Vingroup JSC, delivered 36,330 EVs in Q1, marking a 296% increase from the same period last year. Additionally, e-scooter deliveries reached 44,904 units, a 473% rise year-over-year. According to InvestingPro data, the company’s revenue has grown 57.87% over the last twelve months, with analysts anticipating continued sales growth for 2025.
Despite the automotive market’s typical slowdown in the first quarter, VinFast’s vehicle deliveries surpassed the total for the first half of 2024. The company’s revenue for the quarter stood at $656.5 million, up by 149.9% from Q1 2024. Although VinFast recorded gross and net losses of $231.0 million and $712.4 million respectively, the gross profit margin improved significantly to negative 35.2%, indicating increased operational efficiency through revenue growth and cost optimization. InvestingPro analysis reveals the company’s trailing twelve-month gross profit margin stands at -57.42%, with 10+ additional ProTips available for subscribers regarding the company’s financial health and market position.
In support of VinFast’s growth, Vingroup has provided the company with loans of up to $1.4 billion, with $1.2 billion already disbursed as of May 31, 2025. Founder and CEO Mr. Pham Nhat Vuong has also committed to $2.0 billion in free grants, with $825.4 million disbursed to date. InvestingPro data shows the company’s total debt stands at $5.74 billion, with a concerning current ratio of 0.38, indicating potential liquidity challenges. Detailed analysis of VinFast’s financial position is available in the comprehensive Pro Research Report, along with expert insights on the company’s growth trajectory.
VinFast has expanded its product ecosystem, launching the EC Van, a compact electric cargo vehicle, and announcing the EB 6, a 6-meter electric bus platform, with expected market availability in late 2025. The company also plans to introduce next-generation EV platforms and a new Electrical/Electronic architecture starting in Q3 2025.
Internationally, VinFast is extending its presence in Indonesia, the Philippines, and India, with various partnerships and brand launches. In North America and Europe, the company is optimizing operations by transitioning to dealers’ showrooms and partnering with reputable service providers.
VinFast aims to double global vehicle deliveries in 2025 and is actively evaluating potential new markets. The company’s management will hold a live webcast to discuss its performance and strategy.
This report is based on a press release statement from VinFast. The company’s forward-looking statements are subject to various risks and uncertainties, and there can be no assurance that future results will meet expectations. The financial figures are converted from Vietnam Dong to U.S. dollars at the rate quoted by the State Bank of Vietnam as of March 31, 2025.
In other recent news, VinFast Auto Ltd. reported first-quarter revenue that exceeded analyst expectations, reaching VND16.31 trillion ($656.5 million). Despite this revenue beat, the company’s earnings fell short, with a loss per share of $0.30 compared to the anticipated $0.28 loss. VinFast delivered 36,330 electric vehicles in the first quarter, marking a 296% increase year-over-year, although this was a decrease from the previous quarter. E-scooter deliveries saw a significant rise of 473% year-over-year, totaling 44,904 units. The company maintained its ambitious goal to double global deliveries in 2025 relative to 2024. VinFast also reported an improvement in gross margin, which increased to negative 35.2% from negative 58.7% a year earlier, as it continues to scale production. At the end of the quarter, VinFast had $96.6 million in cash and cash equivalents, with ongoing financial support from its parent company, Vingroup, and its founder.
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