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SINGAPORE - VinFast Auto Ltd. (NASDAQ:VFS) reported stronger-than-expected first quarter revenue on Monday despite posting lower-than-expected earnings.
The company’s sending shares were up 6.73% in pre-market trading following the release.
The Vietnamese electric vehicle maker posted revenue of VND16.31 trillion ($656.5 million) for the quarter ended March 31, surpassing analyst estimates of VND13.5 trillion. However, the company’s loss per share of $0.30 was slightly wider than the $0.28 loss analysts had forecast.
VinFast delivered 36,330 electric vehicles in Q1, up 296% YoY but down 32% from Q4 2024. E-scooter deliveries rose 473% YoY to 44,904 units.
"Despite Q1 typically being our slowest quarter, deliveries for the first quarter of 2025 exceeded our total deliveries for the first half of last year—an encouraging start to 2025 amid ongoing global uncertainties," said Madam Thuy Le, Chairwoman of VinFast.
The company maintained its target to at least double global deliveries in 2025 compared to 2024 levels. VinFast said it is beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure.
Gross margin improved to negative 35.2% in Q1 from negative 58.7% a year earlier, though remained in negative territory as the company continues to ramp up production and sales.
VinFast ended the quarter with $96.6 million in cash and cash equivalents. The company said it continues to receive financial support from its parent Vingroup and founder to fund operations and growth.
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