VinFast Reports Fourth Quarter and Full Year 2024 Financial Results
VinFast Auto (Nasdaq: VFS) reported strong Q4 and full-year 2024 results, with significant growth in EV deliveries. Q4 EV deliveries reached 53,139 units (+143% QoQ), while full-year deliveries hit 97,399 units (+192% YoY). Total revenue for 2024 was US$1.81 billion, up 57.9% from 2023.
However, the company recorded a gross loss of US$1.04 billion and a net loss of US$3.18 billion for 2024. The Q4 gross margin was impacted by a one-time US$242.5 million charge related to a free charging program. To support expansion, founder Pham Nhat Vuong provided US$410.9 million in non-refundable grants, part of a larger US$2.1 billion commitment.
VinFast is expanding globally with dealer networks in Indonesia (22 stores), Philippines (6 stores), and US (38 dealers in 16 states). The company plans to transition to a full dealer franchise model in the US. For 2025, VinFast targets to at least double its global vehicle deliveries while focusing on operational optimization and market presence expansion.
VinFast Auto (Nasdaq: VFS) ha riportato risultati solidi nel quarto trimestre e per l'intero anno 2024, con una crescita significativa nelle consegne di veicoli elettrici (EV). Le consegne di EV nel Q4 hanno raggiunto 53.139 unità (+143% rispetto al trimestre precedente), mentre le consegne annuali sono arrivate a 97.399 unità (+192% rispetto all'anno precedente). Il fatturato totale per il 2024 è stato di 1,81 miliardi di dollari, in aumento del 57,9% rispetto al 2023.
Tuttavia, la società ha registrato una perdita lorda di 1,04 miliardi di dollari e una perdita netta di 3,18 miliardi di dollari nel 2024. Il margine lordo del quarto trimestre è stato influenzato da un addebito una tantum di 242,5 milioni di dollari legato a un programma di ricarica gratuita. Per sostenere l'espansione, il fondatore Pham Nhat Vuong ha fornito 410,9 milioni di dollari in sovvenzioni non rimborsabili, parte di un impegno più ampio da 2,1 miliardi di dollari.
VinFast si sta espandendo a livello globale con reti di concessionari in Indonesia (22 punti vendita), Filippine (6 punti vendita) e Stati Uniti (38 concessionari in 16 stati). L'azienda prevede di passare a un modello di franchising completo per i concessionari negli Stati Uniti. Per il 2025, VinFast punta a raddoppiare almeno le consegne globali di veicoli, concentrandosi sull'ottimizzazione operativa e sull'espansione della presenza sul mercato.
VinFast Auto (Nasdaq: VFS) reportó resultados sólidos en el cuarto trimestre y en todo el año 2024, con un crecimiento significativo en las entregas de vehículos eléctricos (EV). Las entregas de EV en el cuarto trimestre alcanzaron 53,139 unidades (+143% respecto al trimestre anterior), mientras que las entregas anuales llegaron a 97,399 unidades (+192% interanual). Los ingresos totales para 2024 fueron de 1.81 mil millones de dólares, un aumento del 57.9% respecto a 2023.
Sin embargo, la compañía registró una pérdida bruta de 1.04 mil millones de dólares y una pérdida neta de 3.18 mil millones de dólares en 2024. El margen bruto del cuarto trimestre se vio afectado por un cargo único de 242.5 millones de dólares relacionado con un programa de carga gratuita. Para apoyar la expansión, el fundador Pham Nhat Vuong aportó 410.9 millones de dólares en subvenciones no reembolsables, parte de un compromiso mayor de 2.1 mil millones de dólares.
VinFast se está expandiendo globalmente con redes de concesionarios en Indonesia (22 tiendas), Filipinas (6 tiendas) y Estados Unidos (38 concesionarios en 16 estados). La compañía planea pasar a un modelo completo de franquicia de concesionarios en EE. UU. Para 2025, VinFast apunta a duplicar al menos sus entregas globales de vehículos, enfocándose en la optimización operativa y la expansión de su presencia en el mercado.
VinFast Auto (나스닥: VFS)는 2024년 4분기 및 연간 실적에서 전기차(EV) 배송이 크게 증가하며 강력한 성과를 보고했습니다. 4분기 EV 배송량은 53,139대(+전분기 대비 143%)에 달했으며, 연간 배송량은 97,399대(+전년 대비 192%)를 기록했습니다. 2024년 총 매출은 18억 1천만 달러로 2023년 대비 57.9% 증가했습니다.
하지만 회사는 2024년 총손실 10억 4천만 달러, 순손실 31억 8천만 달러를 기록했습니다. 4분기 총마진은 무료 충전 프로그램과 관련된 일회성 비용 2억 4,250만 달러의 영향으로 감소했습니다. 확장을 지원하기 위해 창립자 팜 냇 부옹은 4억 1,090만 달러의 환불 불가 보조금을 제공했으며, 이는 총 21억 달러 약속의 일부입니다.
VinFast는 인도네시아(22개 매장), 필리핀(6개 매장), 미국(16개 주에 38개 딜러)에서 딜러 네트워크를 확장하고 있습니다. 미국에서는 완전 딜러 프랜차이즈 모델로 전환할 계획입니다. 2025년에는 글로벌 차량 배송을 최소 두 배로 늘리고 운영 최적화와 시장 확장에 집중할 예정입니다.
VinFast Auto (Nasdaq : VFS) a publié des résultats solides pour le 4e trimestre et l'année complète 2024, avec une croissance significative des livraisons de véhicules électriques (VE). Les livraisons de VE au 4e trimestre ont atteint 53 139 unités (+143 % par rapport au trimestre précédent), tandis que les livraisons annuelles ont atteint 97 399 unités (+192 % en glissement annuel). Le chiffre d'affaires total pour 2024 s'est élevé à 1,81 milliard de dollars, en hausse de 57,9 % par rapport à 2023.
Cependant, la société a enregistré une perte brute de 1,04 milliard de dollars et une perte nette de 3,18 milliards de dollars pour 2024. La marge brute du 4e trimestre a été impactée par une charge exceptionnelle de 242,5 millions de dollars liée à un programme de recharge gratuite. Pour soutenir son expansion, le fondateur Pham Nhat Vuong a apporté 410,9 millions de dollars en subventions non remboursables, dans le cadre d’un engagement plus large de 2,1 milliards de dollars.
VinFast s'étend à l'international avec des réseaux de concessionnaires en Indonésie (22 magasins), aux Philippines (6 magasins) et aux États-Unis (38 concessionnaires dans 16 États). L'entreprise prévoit de passer à un modèle complet de franchise de concessionnaires aux États-Unis. Pour 2025, VinFast vise à doubler au moins ses livraisons mondiales de véhicules tout en se concentrant sur l'optimisation opérationnelle et l'expansion de sa présence sur le marché.
VinFast Auto (Nasdaq: VFS) meldete starke Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 mit einem signifikanten Wachstum bei den Auslieferungen von Elektrofahrzeugen (EV). Die EV-Auslieferungen im vierten Quartal erreichten 53.139 Einheiten (+143 % gegenüber dem Vorquartal), während die Auslieferungen im Gesamtjahr 97.399 Einheiten (+192 % gegenüber dem Vorjahr) betrugen. Der Gesamtumsatz für 2024 lag bei 1,81 Milliarden US-Dollar, ein Anstieg von 57,9 % gegenüber 2023.
Das Unternehmen verzeichnete jedoch einen Bruttoverlust von 1,04 Milliarden US-Dollar und einen Nettoverlust von 3,18 Milliarden US-Dollar im Jahr 2024. Die Bruttomarge im vierten Quartal wurde durch eine einmalige Belastung von 242,5 Millionen US-Dollar im Zusammenhang mit einem kostenlosen Ladeprogramm beeinträchtigt. Zur Unterstützung der Expansion stellte Gründer Pham Nhat Vuong nicht rückzahlbare Zuschüsse in Höhe von 410,9 Millionen US-Dollar bereit, Teil einer größeren Verpflichtung von 2,1 Milliarden US-Dollar.
VinFast expandiert weltweit mit Händlernetzwerken in Indonesien (22 Filialen), den Philippinen (6 Filialen) und den USA (38 Händler in 16 Bundesstaaten). Das Unternehmen plant, in den USA auf ein vollständiges Händler-Franchise-Modell umzusteigen. Für 2025 strebt VinFast an, die globalen Fahrzeugauslieferungen mindestens zu verdoppeln und sich dabei auf operative Optimierung und Marktausweitung zu konzentrieren.
- Q4 EV deliveries surged 143% QoQ to 53,139 units
- Full-year 2024 revenue increased 57.9% to US$1.81 billion
- Strong B2C sales growth with 140% increase QoQ
- Rapid expansion of dealer network across multiple markets
- Secured US$2.1 billion funding commitment from founder
- Full-year 2024 net loss of US$3.18 billion
- Gross loss of US$1.04 billion with negative margin of 57.4%
- One-time charge of US$242.5 million impacting Q4 gross margin
- Closing all direct-to-consumer showrooms in California
Insights
VinFast shows strong revenue growth but faces severe profitability challenges with $3.18B annual loss, requiring continued significant founder funding.
VinFast's Q4 and full-year 2024 results present a picture of impressive growth paired with concerning profitability. The company delivered 53,139 EVs in Q4 (up 143% QoQ) and 97,399 EVs for the full year (up 192% YoY). This translated to annual revenue of $1.81 billion, representing 57.9% YoY growth.
However, the profitability metrics reveal significant challenges. VinFast reported a gross loss of $1.04 billion with a negative gross margin of 57.4% and a net loss of $3.18 billion for 2024. This means for every dollar of revenue, the company is losing approximately $1.75 when all expenses are considered.
The company remains heavily dependent on capital injections from its founder and parent company. CEO Pham Nhat Vuong has committed up to $2.1 billion in non-refundable grants (with $410.9 million already disbursed) while Vingroup has provided over $1.1 billion in loans with commitments for more. This substantial financial support is keeping operations afloat while the company pursues scale.
VinFast's strategic shift to a dealer franchise model in the US signals a more capital-efficient approach to market expansion. By closing its direct-to-consumer showrooms in California and developing a network of 38 dealers across 16 states, the company aims to reduce operating expenses while expanding market reach.
The 2025 guidance to at least double global vehicle deliveries appears ambitious but aligns with current growth trajectory. However, scaling alone won't solve the fundamental profitability issues — VinFast needs significant improvements in manufacturing efficiency and cost structure to narrow the substantial gap between revenue and expenses.
VinFast's rapid delivery growth and global expansion strategy show ambition, but transition to franchise model indicates early D2C challenges.
VinFast's dramatic delivery growth demonstrates significant market momentum, particularly in its B2C segment which grew 20-fold year-over-year. The 192% annual growth in EV deliveries showcases strong product-market fit in its core segments, though e-scooter sales remained essentially flat with just 1% YoY growth.
The company's global expansion strategy is aggressive but methodical. In Indonesia, VinFast has established 22 dealer stores and recently shipped nearly 2,500 additional vehicles. The Philippines strategy includes partnerships with six local dealers to establish over 60 stores by end-2025, while offering five different vehicle models to address various market segments.
Most notably, VinFast is abandoning its direct-to-consumer approach in the US by closing all existing showrooms in California and transitioning to a full dealer franchise model. This represents a significant strategic pivot that acknowledges the challenges of the D2C approach pioneered by Tesla. The capital-intensive nature of building a sales and service network from scratch appears to have proven too costly given VinFast's financial situation.
The introduction of the new "Green" product line targeting transportation services is strategically sound. Fleet sales typically offer more predictable revenue streams, less sensitivity to consumer financing constraints, and potentially lower customer acquisition costs. With prices ranging from $11,100 to $30,800, these purpose-built models cover key commercial segments from minicars to MPVs.
VinFast's target to double deliveries in 2025 aligns with its demonstrated quarterly growth trajectory but will require maintaining production ramp-up while successfully executing the new dealer-based distribution strategy across multiple markets simultaneously.
Impressive Revenue Growth Driven by Strong Vehicle Deliveries
EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of
VinFast experienced robust growth in its business-to-consumer (B2C) sales, marking a
For the full year 2024, EV deliveries were 97,399, representing an increase of approximately
E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of
Total revenues were
Total revenues were
Gross loss was
The decrease of gross margin over the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time free charging program fee as a reduction from revenue in the estimated amount of
With a strategic vision and a strong aspiration to shape a green future globally, Vingroup and Mr. Pham Nhat Vuong remain steadfast in their mission to make electrified mobility more accessible to everyone, striving towards a "zero-emission" transportation landscape.
Demonstrating astrong commitment to VinFast's expansion, Mr. Pham Nhat Vuong has disbursed
This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to
As of March 31, 2025, Vingroup had also disbursed over
Madam Thuy Le, Chairwoman of VinFast, said: "VinFast had an outstanding Q4 and full year 2024, reflecting 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. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape."
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performance electric vehicles to our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings."
Global Footprint Grows as Vietnam Leadership Solidifies
VinFast is actively pursuing expansion in promising markets and optimizing performance in its key focus markets.
The Company also announced partnerships with six local dealers to establish over 60 additional dealer stores in the country by end of 2025. As of March 31, 2025, VinFast has 6 dealer stores in
To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in
As of today, VinFast has already developed a network of 38 operational and to-be-operational dealers in 16 states across the US, including one dealer in
In addition, the Company has launched and started deliveries of the VF 6, its second model introduced in
In its domestic market of
Deliveries are expected to start in the second quarter of 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August this year.
Business Outlook
Building on a foundation of steady growth and established fundamentals, VinFast has set a target of at least doubling its global vehicle deliveries in 2025. The Company intends to maintain a flexible approach to its business strategy and objectives, continuously evaluating market dynamics and macroeconomic conditions, while remaining steadfast in its vision to advance the global transition to sustainable mobility.
Throughout 2025, VinFast will continue to explore opportunities to increase its market presence. Simultaneously, the Company is focused on further enhancing its capabilities and optimizing operations spanning production, assembly, sales, and distribution to effectively meet the accelerating global demand for green transportation.
Conference Call
VinFast management will hold a live webcast to discuss the Company's business performance and strategy. Details for the call are below:
Language: English
What: VinFast Q4 2024 Financial Results and Q&A Webcast
Date: 24 April 2025
Time: 08:00 Eastern Standard Time
Live Webcast: https://edge.media-server.com/mmc/p/czdght4i
A replay of the webcast will also be made available on the Company's website.
For additional information, please visit http://ir.vinfastauto.us.
Investor Relations Email: ir@vinfastauto.com
Media Relations Email: info@vinfastauto.com
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 that the Company's securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (ii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company's business, (iii) risks associated with the Company's limited operating history, (iv) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus, (v) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (vi) risks associated with being a new entrant in the EV industry, (vii) the risks of the Company's brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity, (viii) the Company's ability to successfully introduce and market new products and services, (ix) competition in the automotive industry, (x) the Company's ability to adequately control the costs associated with its operations, (xi) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes acceptable from its suppliers, (xii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xiii) the Company's ability to establish manufacturing facilities outside of
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
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of
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SOURCE VinFast
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