VinFast Auto Ltd. ( (VFS) ) has released its Q3 earnings. Here is a breakdown of the information VinFast Auto Ltd. presented to its investors.
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VinFast Auto Ltd., a subsidiary of Vingroup JSC, is a Vietnamese electric vehicle manufacturer that specializes in producing electric SUVs, e-scooters, and e-buses, with a focus on expanding its global distribution and increasing manufacturing capacities.
In its unaudited financial results for the third quarter of 2024, VinFast reported a significant increase in revenues and vehicle deliveries. The company’s quarterly revenues reached VND12,326,537 million (US$511.6 million), while EV deliveries were 21,912 units, marking a substantial increase from both the previous quarter and the same period last year.
Key highlights from the report indicate a 66% increase in EV deliveries from the second quarter of 2024 and a 115% increase from the third quarter of 2023. Despite these gains, VinFast reported a gross loss of VND2,957,886 million (US$122.8 million) and a net loss of VND13,251,944 million (US$550.0 million), though these losses had decreased compared to previous quarters. The company also announced plans to expand its manufacturing capabilities with a new facility in Ha Tinh, Vietnam, and progress in its market expansion in North America, Indonesia, the Philippines, India, and the Middle East.
Looking forward, VinFast remains committed to achieving its target of delivering 80,000 EVs by the end of 2024, while continuing to expand its global footprint and improve profitability. The company’s leadership is optimistic about future growth, driven by strategic investments and an ongoing focus on enhancing operating efficiencies and production capacities.
