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VinFast Auto Ltd. (NASDAQ:VFS), the Vietnam-based automaker, disclosed its unaudited financial results for the fourth quarter and the full year ended December 31, 2024, today. The report, filed with the U.S. Securities and Exchange Commission, provides insight into the company’s performance during the last fiscal year. According to InvestingPro data, the company generated revenue of $1.52 billion in the last twelve months, with a significant revenue growth of 64.5%.
The document indicates that VinFast, which is listed on the U.S. stock exchange under the ticker symbol NASDAQ:VFST, has experienced significant developments in its financial standings. InvestingPro analysis reveals that while analysts anticipate sales growth in the current year, the company faces challenges with weak gross profit margins of -44.5% and is currently burning through cash. Get access to 10+ more exclusive ProTips and comprehensive financial metrics with InvestingPro.
VinFast, which operates in the Motor Vehicles & Passenger Car Bodies industry under the standard industrial classification code 3711, has been making strides in the global automotive market. The company’s business address is located in Singapore, with its principal executive offices in Hai Phong City, Vietnam.
The company has undergone several name changes in its history, previously known as VinFast Auto Pte. Ltd. and Vinfast Trading & Investment Pte. Ltd., with the most recent change occurring on May 8, 2023.
The 6-K filing, a form designated for foreign private issuers to provide the SEC with current information, will be incorporated by reference into VinFast’s Form S-8 registration statement, except for any documents or reports filed subsequently that may supersede this information.
This report comes at a time when the global automotive industry is navigating through various challenges, including supply chain disruptions and shifts in consumer demand towards electric vehicles. VinFast has been part of this shift, with efforts to expand its electric vehicle offerings. The company’s market capitalization stands at $7.55 billion, with its stock currently trading at $3.23, down nearly 20% year-to-date. For detailed insights into VinFast’s valuation and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro.
Investors and stakeholders are advised to review the full details of the unaudited financial results in Exhibit 99.1 of the 6-K filing for a comprehensive understanding of VinFast’s financial health. The information contained in this article is based on a press release statement.
In other recent news, VinFast Auto Ltd. reported significant developments in its operations and strategic direction. The company surpassed expectations in the fiscal year 2024 by delivering 97,399 vehicles, exceeding both its revised guidance of 80,000 and analyst estimates. This performance marks a substantial increase from the 34,855 vehicles delivered in the fiscal year 2023. VinFast anticipates that vehicle deliveries will "at least double" in the fiscal year 2025, reflecting a confident growth outlook. Cantor Fitzgerald maintained its Overweight rating on VinFast and reaffirmed a $6.00 price target, highlighting the company’s competitive advantages in the electric vehicle market. The firm’s analysts also noted a recent $3.5 billion capital infusion, which strengthens VinFast’s financial stability and extends its cash runway to mid-2026. Additionally, VinFast’s strategic expansion into new Southeast Asian markets, including India and Indonesia, is set to begin in the fourth quarter of 2025. The company has also introduced its VF (NYSE:VFC) 9 electric SUV in Canada, featuring an extensive warranty and advanced technology, aiming to capture a share of the Canadian EV market. Lastly, VinFast reported a 25% increase in domestic EV sales in Vietnam for February, emphasizing the domestic market’s role in driving revenue.
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