Latest news with #ThuyLe
Free Malaysia Today
a day ago
- Automotive
- Free Malaysia Today
Vietnam's EV maker reports US$712mil net loss in Q1
Vinfast delivered 36,330 EVs in the first three months of the year. (EPA Images pic) HANOI : Vietnam's first homegrown car manufacturer Vinfast today said it recorded net losses of US$712 million in the first quarter of the year despite more deliveries. The communist nation's electric vehicle (EV) firm is aiming to compete with global giants such as Tesla but has struggled to break into the international market. The company said today it delivered 36,330 EVs in the first three months of the year, representing a year-on-year increase of 296%. Total revenues were US$656.5 million, up by almost 150% from the same period in 2024. Vinfast chairman Thuy Le said the increase in deliveries represented an 'encouraging start to 2025 amid ongoing global uncertainties'. Last year, the company's net loss was over US$3 billion despite almost tripling deliveries of its cars. Global trade has been disrupted by a tariff blitz launched in April by US President Donald Trump. Hanoi said last week it was making progress in talks with Washington to head off Trump's threatened 46% levy against export-reliant Vietnam. VinFast's parent company Vingroup is hugely powerful in Vietnam, and its business interests span everything from healthcare to real estate and education to tech.
Business Times
a day 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
CNA
a day ago
- Automotive
- CNA
EV maker VinFast's Q1 loss widens on higher spending as deliveries rise
Vietnamese electric vehicle maker VinFast on Monday reported its sixth consecutive quarterly net loss as it continues to ramp up spending to boost sales volumes. VinFast reported a net loss of $712.4 million for the first quarter, less than the $1.3 billion loss in the previous quarter but 15 per cent more than a year earlier. Analysts' average forecast was for a $616.3 million loss, according to LSEG data. Revenue jumped 150 per cent to $656.5 million in the January-March period, compared with analysts' average estimate of $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 U.S. has imposed on imported vehicles. VinFast previously identified the U.S. 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 $2 billion in financial support from its founder and CEO Pham Nhat Vuong and Vingroup, as of May.
Time of India
25-04-2025
- Automotive
- Time of India
Vinfast triples sales but loses more than $3 bn in 2024
Vietnamese electric vehicle maker Vinfast said Thursday it had almost tripled deliveries of its cars in 2024 compared to a year earlier, but posted a loss of more than $3 billion for the year. The communist nation's first homegrown car manufacturer is aiming to compete with global EV giants such as Tesla but has struggled to break into the international market. "For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023, underscoring strong growth momentum and positive market reception," Vinfast said in a statement, adding its net loss was $3.179 billion. Vinfast shares have fluctuated wildly since debuting on the Nasdaq in August 2023, at one point soaring to a market value bigger than US auto giants Ford and General Motors before lurching downward. With more than 100 showrooms globally, Vinfast is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada. Last month, Indonesia said the firm plans to build 100,000 electric vehicle charging stations across the country. Vinfast said Thursday its fourth shipment of EVs, consisting of nearly 2,500 vehicles, was sent to Indonesia in early March. It has 22 dealerships in the country, it added. Thuy Le, chair of Vinfast, said the annual results reflected the company's "ability to navigate a dynamic and often challenging market environment". "These results highlight our continued growth and the broader momentum behind the transition to electric vehicles," she said. Vinfast has received strong backing from CEO Pham Nhat Vuong, Vietnam's richest person, as well as parent company Vingroup. The company said Thursday he had so far given more than $410 million in non-refundable grants as part of his 2024 pledge to provide up to $2.1 billion to the firm and its subsidiaries. In March, Doha-based JTA Investment Qatar signed a memorandum of understanding to explore a potential $1 billion investment in Vinfast, according to Vingroup. The partnership is aimed at supporting Vinfast's "global expansion and technological development", Vingroup said.
Yahoo
13-02-2025
- Automotive
- Yahoo
VinFast speeds up EV deliveries but struggles to sell outside Vietnam
By Phuong Nguyen HANOI (Reuters) - Vietnamese electric vehicle maker VinFast said on Thursday it delivered about 97,000 cars last year, nearly three times as many as in 2023, but sales were almost exclusively in its domestic market. The company said it planned to at least double global sales this year, buoyed by a large increase in deliveries in the last quarter of 2024, when it sold more than 53,000 cars, more than half its total annual sales. The 2024 deliveries exceeded a revised-down sales target of 80,000 units. VinFast had initially planned to sell 100,000 cars last year. "VinFast's 2024 results exceeded expectations, demonstrating resilience in the face of market fluctuations and macroeconomic volatility," said VinFast Chairwoman Thuy Le. The startup is pursuing an aggressive but costly expansion strategy in Vietnam, where it can rely on a growing market of nearly 100 million people. In the last quarter, sales were also boosted by the introduction of a much cheaper and smaller model. However, the company lost nearly $2 billion in the first three quarters of last year, latest available data show, after posting $2.4 billion in losses in 2023. That is putting pressure on its parent company, Vietnamese conglomerate Vingroup. The carmaker also wants to expand abroad but has so far struggled to attract foreign buyers. In a previous statement in January, VinFast said it had sold more than 87,000 units in Vietnam last year. Barring a revision of its own figures, that would mean only about 10,000 cars were sold abroad, around 10% of total sales. Last year the company postponed plans for a factory in the United States, in what appeared as a shift to Asian markets, and in particular to India and Indonesia, where it plans to establish two assembly factories. VinFast did not provide a breakdown of sales by market. Most of its sales in Vietnam in 2023 were to companies linked to its owner Pham Nhat Vuong, including electric taxi operator Green SM, or GSM, which in the last quarter of 2024 overtook Southeast Asian ride-hailing giant Grab as the top taxi company in Vietnam, according to research firm Mordor Intelligence. A full breakdown of domestic buyers for last year is not available, but in the third quarter about 20% of total deliveries went to VinFast's related parties, according to its quarterly earnings. The company is expected to release full-year results on April 24. Sign in to access your portfolio
