Latest news with #PhamNhatVuong
Yahoo
10 hours ago
- Automotive
- Yahoo
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
Yahoo
14 hours ago
- Automotive
- Yahoo
Vietnam's VinFast Burns More Cash To Spur EV Growth
Vietnamese automaker VinFast Auto (NASDAQ:VFS) shares are trading higher on Monday after the company reported its first-quarter results. The company reported a quarterly loss per share of 30 cents, which missed the analyst consensus estimate of 28 cents loss. The quarterly sales of $656.54 million (up 149.9%) beat the street view of $520.01 million. Also Read: Vehicle sales were $612.6 million, up by 164.4% Y/Y. As of April 30, 2025, the company had 388 showrooms globally for EVs and 357 showrooms and service workshops for e-scooters, including VinFast's and dealer showrooms. The company delivered 36,330 electric vehicles, representing a 296% Y/Y increase. E-scooter deliveries were 44,904 in the quarter, representing an increase of 473% Y/Y. The gross margin loss in the quarter was 35.2%, compared to the 58.7% margin loss Y/Y, which was primarily driven by the low base resulting from the recognition of a one-time expense related to VinFast's free charging program. Loss from operations was $485.6 million in the quarter of 2025, representing an increase of 20.3% Y/Y. The company burned $607.38 million in operating cash flow, up 21.39% Y/Y. The company held $180.98 million in cash and equivalents as of March 31, 2025. In its overseas operations, VinFast is optimizing its retail strategy in Europe and North America by closing some direct-to-customer showrooms and transitioning towards a dealership model, having recently signed new partners in France and Germany. The company is also expanding its service network through partnerships in Germany, France, and the Netherlands. In Asia, VinFast is strengthening its presence by launching the VF 6 in Indonesia with deliveries starting in the second quarter of 2025, and is set to significantly grow its service network in the Philippines by adding over 70 authorized workshops. Furthermore, its assembly plant in Tamil Nadu, India, is scheduled to begin operations in July 2025. To support this growth, VinFast continues to receive substantial funding from its parent company, Vingroup, and its Founder, Pham Nhat Vuong. As of May 31, 2025, Vingroup has disbursed over $1.2 billion in loans, and Pham has provided $825.4 million in grants. The company maintained its target of at least double its global deliveries in 2025 and will continue to monitor the evolving macroeconomic situation. Price Action: VFS shares are trading higher by 12.0% to $3.83 premarket at last check Monday. Read Next:Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Vietnam's VinFast Burns More Cash To Spur EV Growth originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Times
16 hours ago
- Automotive
- Business Times
EV maker VinFast's Q1 loss widens on higher spending as deliveries rise
[BENGALURU] Vietnamese electric vehicle maker VinFast on Monday (Jun 9) reported its sixth consecutive quarterly net loss as it continues to ramp up spending to boost sales volumes. VinFast reported a net loss of US$712.4 million for the first quarter, less than the US$1.3 billion loss in the previous quarter but 15 per cent more than a year earlier. Analysts' average forecast was for a US$616.3 million loss, according to LSEG data. Revenue jumped 150 per cent to US$656.5 million in the January-to-March period, compared with analysts' average estimate of US$520 million. Deliveries leapt nearly 300 per cent to 36,330 vehicles during the quarter, mainly driven by sales in Vietnam, its biggest market. Backed by Vietnam's largest conglomerate, Vingroup, VinFast continues to face challenges due to weak consumer demand, stiff competition, and a 25 per cent tariff the US has imposed on imported vehicles. VinFast previously identified the US as a key growth market. '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 VinFast chair Thuy Le. The firm is intensifying promotional efforts domestically, shifting to a dealership model from the costlier option of its own showrooms, and redirecting its focus to Asia, with its new assembly plant in India set to begin operations in July. VinFast, which has reported a loss every quarter since it went public in August 2023, has received around US$2 billion in financial support from its founder and CEO Pham Nhat Vuong and Vingroup, as of May. REUTERS
The Star
17 hours ago
- Automotive
- The Star
Vietnam top carmaker VinFast's revenue surges as EV deliveries jump
HANOI (Agencies): Vietnam's VinFast said its first-quarter revenue more than doubled as deliveries of its electric vehicles jumped nearly four times in the three-month period. Revenue grew 150% to US$656.5 million in the January-March period compared with analysts' average estimate of US$520 million, according to data compiled by LSEG. The EV startup made the statement at a conference on expanding localization and developing supplier systems that it organised on Monday. Accordingly, the manufacturer will offer a 50% discount on land rental fees for the first three years and 20% for the next five years for businesses that are its suppliers when developing factories at two VinFast complexes in Hai Phong city and Ha Tinh province. In addition to support in terms of premises, VinFast commits to buying its suppliers' all products per plans agreed with them. It will also connect the domestic suppliers with foreign companies according to their demand. "As a result, VinFast's suppliers can receive technology and experience transfer, gradually improve international competitiveness and proactively participate in the global supply chain," it said in a release. The carmaker aims to have the localization rate of its products rise to 80% by 2026. At the end of 2024, Le Ngoc Anh, director of VinFast Vietnam, had disclosed that the localization of its EVs was more than 60%, including the body, engine, roof, and shock absorbers. Compared to internal combustion engine vehicles assembled in Vietnam, this rate is quite high, because the highest localization rate of gasoline and diesel vehicles in the country is about 40%, according to VinFast. The company noted that its method of calculating the localization rate is similar to that of the Ministry of Industry and Trade and other car companies in Vietnam. VinFast was founded in 2017 by billionaire Pham Nhat Vuong, who is currently the company's CEO. In 2022, it switched to the production and sales of EVs. In 2025, the firm aims to sell 200,000 cars. In the first four months of this year, it sold nearly 44,700 cars, completing about 22.3% of the year's plan and leading the domestic market. In 2024, VinFast reaped over VND44,000 billion ($1.8 billion) in revenue, up 58% from 2023. However, the company suffered a net loss of more than VND77,354 billion (over $3 billion) last year. - Reuters
Hindustan Times
01-06-2025
- Automotive
- Hindustan Times
VinFast eyes Indian bank loan as it prepares for local EV plant launch: Reports
The VinFast VF6 and VF7 will be thedebutante products for the carmaker in India Notify me Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India's state-owned banks for a major loan, its first big financing push in the country. The action follows as VinFast ramps up plans to get established in India's fast-expanding EV space. A report by Bloomberg stated that VinFast is reportedly negotiating with the Central Bank of India and Union Bank of India to secure a loan of up to $200 million. This loan would be part of the initial phase of VinFast's proposed $500 million investment in India. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon. It marks the first time VinFast has tapped the Indian financial system for its expansion activities; this indicates that the company is serious about investing for the long-term in the local market. Also Read : Does the VinFast VF 7 electric SUV have what it takes to compete in India? VinFast also has a new timeline for its EV manufacturing facility in Tamil Nadu. Previously slated for a June launch, the facility will now officially open July 30. The VinFast facility is a key part of VinFast's Indian strategy and will be vital to local production and distribution. Strategic Pivot Toward Asia VinFast's expansion into India comes after it made a deliberate geographical shift away from North America and Europe because of high logistics costs. Pham Nhat Vuong, founder and CEO of VinFast, recently confirmed that the entity was now turning its focus away from North America and Europe, and concentrating on Vietnam, as well as key Asian markets (India, Indonesia and the Philippines). VinFast is rounding out its distribution system just as it prepares to take reservations on the VF6 and VF7 model. The smallest EV, the VF3 is set to go live in 2026. Also watch: VinFast showcases entire EV lineup at Auto Expo 2025 | VF 3, VF 6, VF 7, VF 8, VF 9, e-scooters VinFast's global ambitions are largely bolstered by cash on hand. Vuong has individually committed close to $1 billion since 2023, and a further $2 billion through 2026. Parent company Vingroup have pledged loans of up to $1.4 billion to support growth. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 01 Jun 2025, 09:23 AM IST
