VinFast to Open India Factory June 30, Indonesia Plant in October
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Vietnamese electric vehicle maker VinFast Auto Ltd. is pushing expansion into Asian markets instead of North America and Europe, founder Pham Nhat Vuong said during a Hanoi shareholders' meeting for parent Vingroup JSC.
VinFast has no current plans to boost sales in North America and Europe due to high logistic fees and will instead focus on India, Indonesia and the Philippines, as well as the Vietnam market, said Vuong, who is also the company's chief executive officer.
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VINFAST REPORTS UNAUDITED FIRST QUARTER 2025 FINANCIAL RESULTS
SINGAPORE, June 9, 2025 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the first quarter ended March 31, 2025. EV deliveries were 36,330 in the first quarter of 2025, representing an increase of 296% from the first quarter of 2024. Despite the typically slow first quarter for the automotive market, VinFast delivered more vehicles in Q1 2025 than in the entire first half of 2024. E-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 473% from the first quarter of 2024. Strong Revenue Growth, Significantly Improved Margins Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024. VinFast recorded gross and net losses of VND5,736.5 billion (US$231.0 million) and VND17,693.8 billion (US$712.4 million), respectively. Significantly, gross profit margin improved substantially to negative 35.2%, a notable improvement compared to both Q1 2024 (negative 58.7%) and Q4 2024 (negative 79.1%). This improvement in gross margin indicates its increased operational efficiency driven by revenue growth and cost optimization. To support VinFast's continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast. Pursuant to a grant agreement dated November 12, 2024, VinFast's Founder and CEO, Mr. Pham Nhat Vuong ("Mr. Pham") has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025. Leading Vietnam's Green Transformation with a Diverse Product Ecosystem To drive the green revolution in cargo transport, VinFast officially launched its EC Van, a compact electric cargo vehicle. With a payload capacity exceeding 600 kg and a compact design, the EC Van offers agile operation, making it an ideal solution for short-distance deliveries for businesses and a suitable livelihood vehicle for households. The EC Van features a two-seat cabin and a rear cargo compartment with a storage volume of up to 2,600 liters. Its 17kWh usable battery capacity provides a range of 150 km per full charge. Deliveries are expected to begin in November 2025, with a starting MSRP of VND285 million (US$11,500). VinFast also announced the third addition to its portfolio of electric buses - the EB 6, a 6-meter electric bus platform with a battery capacity of 179.5kWh. The 30-occupant city bus model is expected to be available on the market in September 2025, followed by a 20-occupant shuttle/school bus model in the fourth quarter of 2025. Furthermore, VinFast plans to introduce its next-generation platforms and new Electrical/Electronic ("E/E") architecture starting with the Limo Green model in the third quarter of 2025, and extending to various existing EV models starting in 2026. Progress on Overseas Markets Indonesia: VinFast is significantly expanding its presence with a growing product lineup and a widespread sales and service network. The Company has launched sales of the VF 6, its fourth model in the market, following the VF 3, VF 5, and VF e34. The first VF 6 deliveries to customers are expected to begin in Q2 2025. To further facilitate customers' transition to green mobility, VinFast is continuously expanding its network of dealerships and service workshops through partnerships with leading reputable partners such as Amarta, Otoklix, and BOS. The Philippines: The Company signed collaboration agreements with Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite to establish and operate service centers across the Philippines. The partnerships are expected to add over 70 authorized service workshops in 2025. India: VinFast officially launched its brand at the Bharat Mobility Global Expo 2025, introducing two electric SUV models, the VF 6 and VF 7. VinFast's CKD facility in Tamil Nadu, India, is slated to start operations in July 2025. Ongoing Operational Optimization Strategy North America and Europe: VinFast is adhering to its strategy of optimizing business operations. In Canada, the Company will close five direct-to-consumer (DTC) stores located in shopping malls and suburban areas. This decision aims to reallocate resources and enhance long-term operational efficiency. VinFast will continue to operate key showrooms in British Columbia, Ontario, and Quebec, as well as partner with reputable aftermarket service providers to ensure an excellent customer experience. In Germany and the Netherlands, the Company has started transitioning to dealers' showrooms and closed its DTC showrooms. The Company currently has two dealerships in Germany, namely Schachtschneider Automobile and Autohaus Hübsch, and has also signed an agreement with its first dealership in France, ASTRADA SIMVA. Customers in Europe can also access a network of authorized service workshops provided by VinFast partners, including ATU (Germany), Norauto (France), and LKQ (Netherlands). As of April 30, 2025, the Company had 388 showrooms globally for EVs, including VinFast's showrooms and dealer showrooms. Madam Thuy Le, Chairwoman of VinFast, said: "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. We are beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure. Looking ahead, our next-generation EV platform and E/E architecture is intended to further BOM cost optimization, enhancing product quality, performance, and affordability across our lineup." Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "Our business is at an inflection point, with economies of scale beginning to drive stronger operating leverage. We have made progress in reducing both costs of vehicles sold (COGS) and operating expenses, and continue to streamline our footprint while identifying further cost-saving opportunities." Business Outlook In 2025, VinFast remains steadfast in its goal to at least double global vehicle deliveries. The Company will continue to closely monitor the evolving macroeconomic landscape to adapt its strategies accordingly. Its focus remains on key markets including Vietnam, Indonesia, the Philippines, India, North America, and Europe. Simultaneously, VinFast is actively evaluating potential new markets across Europe, Asia, the Middle East, and Africa. Beyond its diverse range of SUVs, from compact to E-SUV segments, VinFast is continuously assessing the potential for other vehicle types. This commitment underscores its mission to make electric mobility more accessible to everyone./. VinFast's management will hold a live webcast to discuss the Company's business performance and strategy. Details for the call are below: What: VinFast Q1 2025 Financial Results and Q&A Webcast When: Monday, June 9, 2025 Time: 8:00 a.m. Eastern Standard Time Live webcast: A replay of the webcast will also be made available on the Company's website. Industry and Market Data This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company's market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties. Forward Looking Statements Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk associated with being a growth-stage company in the EV industry; (ii) the unavailability, reduction or elimination of government and economic incentives or government policies that are favorable for EV manufacturers and buyers; (iii) Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries; (iv) the Company's ability to adequately control the costs associated with its operations; (v) the risks of the Company's brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity; (vi) competition in the automotive industry; (vii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes from its suppliers;(viii) the demand for, and consumers' willingness to adopt, EVs; (ix) the availability and accessibility of EV charging stations or related infrastructure; (x) failure to remediate the Company's material weaknesses and produce timely and accurate financial statements; (xi) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus; (xii) the Company's ability to obtain commercially reasonable capital to support its business growth; (xiii) the risk of future restatements to the Company's Financial Statements; (xiv) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates; (xv) the Company's reliance on its affiliates for its EV deliveries; (xvi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company; and (xvii) other risks discussed in our reports filed or furnished to the SEC. All forward-looking statements attributable to us or people acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements. Exchange Rates This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND24,837 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of March 31, 2025. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all. VinFast Investor Relations and Media Contacts For more information, please visit: About VinFast Auto Ltd. VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, e-bikes, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across Asia, North America and Europe. Learn more at View original content to download multimedia: SOURCE Vinfast Auto LLC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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3 Japanese Car Brands Named the Least Reliable of 2025
In general, Japanese cars enjoy a reputation as the most reliable on the market. But does that mean every Japanese car manufacturer produces cars that rarely spend time in the shop? Explore More: For You: If you want a dependable Japanese car, watch out for these three brands flashing red flags in 2025. Nissan has frequently found itself in the news over the last year — for all the wrong reasons. In May, CBS News reported that Nissan is laying off 15% of its global workforce, roughly 20,000 employees, after losing $4.5 billion last year. Just a few months earlier, Moody's downgraded Nissan's stock rating to 'junk' status. 'Nissan experienced a string of CVT transmission issues that continue to plague it to this day,' explained Alex Black of car research platform EpicVIN. 'Owners complain about jerking, slipping or requiring full replacements far earlier than they should.' Sure enough, Nissan ranked dead last among Japanese automakers in this year's reliability rankings from Consumer Reports. Trending Now: Asian car companies discovered they could sell their higher-end cars for more money by marketing them under separate luxury brands. Toyota has Lexus, Honda has Acura, Hyundai has Genesis, and Nissan has Infiniti. The latter suffers from all the same reliability issues as its parent company. After all, Infinitis are manufactured in the same factories, with the same parts and processes. They just get stamped with a different logo. Andrey Smirnov, owner of Silverstone Auto Spa, sees these problems with Nissans and Infinitis firsthand. 'Infinitis have more problems than their competitors, especially on the electrical side,' Smirnov said. 'Engineering simplicity and reliability go hand in hand, and Infiniti makes more complex cars than other Japanese brands.' In WhatCar's latest reliability survey, Nissan ranked fourth among the least reliable car companies in the world. That puts it among such dubiously dependable brands as MG, Alfa Romeo and Vauxhall. Mitsubishi has also seen its share of struggles over the last few years. The automaker keeps missing its profit forecasts and adjusting projections lower. Last year, that included a 76% drop, and a 26% drop reported in May of this year by Reuters. In fact, Motor1 reports the company stopped shipping cars to the U.S. altogether amid President Donald Trump's tariffs. 'Mitsubishi has problems with aged technology and low-cost components,' added Black. 'Many analysts argue they've failed to remain current — both in driving performance and long-term reliability.' Alan Gelfand of German Car Depot also sees trouble among Mitsubishis. 'We've seen plenty of reported CVT transmission issues, on top of build quality concerns,' he said. Mitsubishi has grown so irrelevant as a brand in the U.S. that Consumer Reports didn't even include it in its annual reliability report. In JD Power's 2025 dependability report, Mitsubishi ranked last among Japanese carmakers. Steer clear of them in 2025, and consider better-rated Asian automakers like Toyota, Honda, Subaru, and Hyundai. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on 3 Japanese Car Brands Named the Least Reliable of 2025
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Heritage pork helps small farmers increase revenue by delivering delicious product
NATURAL BRIDGE, Va. (WFXR) – 'This little piggy went to the market…..' With profit margins razor thin, one of the hottest trends among small farmers these days is diversification, adding new crops or livestock to their existing operations. The practice helps to generate new revenue streams, mitigate risk, and spread operational costs. One place diversification is being embraced is the Virginia Gold Orchard in Natural Bridge. Virginia Gold grows Asian pears, produces grapes and wine at its Ramulose Ridge Vineyard, and produces cut flowers and lavender. Now, heritage breed pigs can be added to that list. Owner Thomas Vandiver says the pigs, a breed known as Idaho Pasture Pigs, integrate perfectly into his growing operation. The pigs are pastured in open grass areas and tree lots, where they can eat chestnuts, walnuts, and acorns. In addition, the pigs feed on insects and grubs. Their diet is supplemented daily with a non-GMO feed made up of field peas and barley. See the Video! View Wildlife in Your Own Backyard! Plus, at certain times of the year, there is fruit, a lot of fruit. The pigs are allowed to forage in the orchard, assisting farm operations by serving as a natural clean-up crew while fertilizing the orchard. 'They get a lot more fruit because we do finish our pigs on the fruit,' said Vandiver. 'So we have lots and lots of fruit that we produce that's not quite marketable for humans. The pigs love to eat it, and it gives a very unique flavor. So it's beneficial. The trees give to the pigs. The pigs give back to the trees.' It takes about ten months for Vandiver to raise his pigs to the 250-pound weight for market and processing. Vandiver sells cuts of pork like chops, bacon, ribs, and sausage at the orchard. He also sells whole and half hogs to individual customers. He is sold into next year. Vandiver says it is because of the quality and flavor of the pork he raises. One way to tell is by the color. 'That color is amazing,' said Vandiver as he held up a pack of chops, almost a deep red in color. 'Pasture-raised pork should have that sort of pinkish tone to the meat. That just speaks to a really healthy pig raised on a really healthy pasture.' More 'On the Farm' on Raising healthy pigs is important to Vandiver. He wants them raised and processed ethically and humanely. Vandiver says that is good for the pig and good for the product that will eventually go to a customer: 'When you take a bite of that pasture raised pork, when you take a bite of that sausage, that sausage on a bun, or a pork chop on a plate, or some ribs you're picking, in you're mind, and this is what I'm thinking, there are months of sunlight, there are dozens of thunderstorms, the rain that hits the pasture; all of that is concentrated in that pork. The animals are just amazing, the way they can concentrate all that nutritional benefit for us to enjoy.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
