VinFast Reports Unaudited Second Quarter 2024 Financial Results
VinFast Auto (Nasdaq: VFS) reported its Q2 2024 financial results, showing significant growth in EV deliveries and revenue. The company delivered 13,172 EVs in Q2, up 44% QoQ and 43% YoY, bringing the H1 2024 total to 22,348 vehicles, a 101% YoY increase. Q2 revenue reached $357 million, up 33% QoQ and 9% YoY.
VinFast's growth was primarily driven by increasing EV adoption in Vietnam, with a 108% YoY increase in B2C deliveries. The company expanded its global footprint, operating in eight U.S. states and entering the Indonesian market. VinFast reaffirmed its target to deliver approximately 80,000 units in 2024, with Vietnam expected to play a key role in driving revenue for the remainder of the year.
VinFast Auto (Nasdaq: VFS) ha riportato i suoi risultati finanziari del Q2 2024, mostrando una crescita significativa nelle consegne di EV e nei ricavi. L'azienda ha consegnato 13.172 EV nel Q2, con un aumento del 44% rispetto al trimestre precedente e del 43% su base annua, portando il totale del H1 2024 a 22.348 veicoli, con un incremento del 101% su base annua. I ricavi del Q2 hanno raggiunto $357 milioni, in aumento del 33% rispetto al trimestre precedente e del 9% rispetto all'anno precedente.
La crescita di VinFast è stata principalmente guidata dall'aumento dell'adozione degli EV in Vietnam, con un incremento del 108% nelle consegne B2C su base annua. L'azienda ha espanso la sua presenza globale, operando in otto stati degli Stati Uniti e entrando nel mercato indonesiano. VinFast ha riaffermato il suo obiettivo di consegnare circa 80.000 unità nel 2024, con il Vietnam previsto come un attore chiave per guidare i ricavi nel resto dell'anno.
VinFast Auto (Nasdaq: VFS) reportó sus resultados financieros del Q2 2024, mostrando un crecimiento significativo en las entregas de EV y los ingresos. La compañía entregó 13,172 EV en el Q2, un aumento del 44% respecto al trimestre anterior y del 43% en comparación interanual, llevando el total del H1 2024 a 22,348 vehículos, un incremento del 101% en comparación interanual. Los ingresos del Q2 alcanzaron $357 millones, un aumento del 33% respecto al trimestre anterior y del 9% en comparación interanual.
El crecimiento de VinFast fue impulsado principalmente por el aumento de la adopción de EV en Vietnam, con un aumento del 108% en las entregas B2C interanuales. La compañía ha expandido su huella global, operando en ocho estados de EE. UU. y entrando en el mercado indonesio. VinFast reafirmó su objetivo de entregar aproximadamente 80,000 unidades en 2024, con Vietnam esperado para desempeñar un papel clave en los ingresos durante el resto del año.
빈패스트 오토(Nasdaq: VFS)는 2024년 2분기 재무 실적을 발표하며, 전기차(EV) 인도 및 수익에서 유의미한 성장을 보여주었습니다. 이 회사는 2분기에 13,172대의 EV를 인도하여 전분기 대비 44% 및 전년 대비 43% 증가한 수치를 기록하였으며, 2024년 상반기 총 인도 대수는 22,348대로, 전년 대비 101% 증가했습니다. 2분기 수익은 $357백만에 달하며, 전분기 대비 33% 및 전년 대비 9% 증가했습니다.
빈패스트의 성장은 주로 베트남에서의 EV 채택 증가에 기인하며, B2C 인도에서 전년 대비 108% 증가했습니다. 이 회사는 미국 8개 주에서 운영하고 있으며 인도네시아 시장에도 진출하였습니다. 빈패스트는 2024년에 약 80,000대를 인도할 목표를 재확인했으며, 베트남은 올해 남은 기간 동안 수익을 주도하는 중요한 역할을 할 것으로 예상됩니다.
VinFast Auto (Nasdaq: VFS) a rapporté ses résultats financiers du Q2 2024, montrant une croissance significative des livraisons de véhicules électriques (VE) et des revenus. L'entreprise a livré 13.172 VE au Q2, soit une augmentation de 44% par rapport au trimestre précédent et de 43% par rapport à l'année précédente, portant le total du H1 2024 à 22.348 véhicules, affichant une hausse de 101% par rapport à l'année précédente. Les revenus du Q2 ont atteint 357 millions de dollars, en hausse de 33% par rapport au trimestre précédent et de 9% par rapport à l'année dernière.
La croissance de VinFast a été principalement impulsée par une adoption accrue des VE au Vietnam, avec une augmentation de 108% des livraisons B2C par rapport à l'année précédente. L'entreprise a élargi sa présence mondiale en opérant dans huit États américains et en entrant sur le marché indonésien. VinFast a réaffirmé son objectif de livrer environ 80.000 unités en 2024, le Vietnam étant prévu pour jouer un rôle clé dans l'augmentation des revenus pour le reste de l'année.
VinFast Auto (Nasdaq: VFS) hat seine Finanzergebnisse für das Q2 2024 veröffentlicht, die ein signifikantes Wachstum bei den EV-Auslieferungen und den Einnahmen zeigen. Das Unternehmen lieferte 13.172 EVs im Q2 aus, was einem Anstieg von 44% gegenüber dem vorherigen Quartal und 43% im Jahresvergleich entspricht. Die Gesamtzahl für das erste Halbjahr 2024 beträgt 22.348 Fahrzeuge, ein Anstieg von 101% im Jahresvergleich. Die Einnahmen im Q2 beliefen sich auf 357 Millionen US-Dollar, was einem Anstieg von 33% gegenüber dem vorherigen Quartal und 9% im Jahresvergleich entspricht.
Das Wachstum von VinFast wurde hauptsächlich durch die steigende EV-Akzeptanz in Vietnam getrieben, mit einem Anstieg von 108% bei B2C-Auslieferungen im Jahresvergleich. Das Unternehmen erweiterte seine globale Präsenz, indem es in acht US-Bundesstaaten tätig ist und in den indonesischen Markt eintritt. VinFast bekräftigte sein Ziel, im Jahr 2024 etwa 80.000 Einheiten auszuliefern, wobei Vietnam eine Schlüsselrolle bei der Umsatzsteigerung im Rest des Jahres spielen soll.
- EV deliveries increased 44% QoQ and 43% YoY to 13,172 units in Q2 2024
- Revenue grew 33% QoQ and 9% YoY to $357 million in Q2 2024
- H1 2024 total deliveries reached 22,348 vehicles, a 101% YoY increase
- B2C deliveries in Vietnam increased 108% YoY in Q2 2024
- Expanded global footprint to eight U.S. states and entered the Indonesian market
- Reaffirmed target to deliver approximately 80,000 units in 2024
- Gross loss of $224 million in Q2 2024, with a gross margin of -62.7%
- Impairment charge on Net Residual Value (NRV) of $104 million in Q2, compared to $5 million in Q1
Insights
VinFast's Q2 2024 results show mixed signals. EV deliveries increased by 44% QoQ and 43% YoY, reaching 13,172 units, which is positive. Revenue grew to
The
VinFast's expansion strategy is ambitious but faces hurdles. The company's strong performance in Vietnam, with a
The introduction of the VF 3 mini electric SUV and the success of the VF 5 model in Vietnam are encouraging. The battery subscription model gaining traction in Indonesia and the Philippines is an innovative approach. However, VinFast needs to address profitability concerns and scale production efficiently to compete with established EV manufacturers globally.
VinFast's market strategy reveals both strengths and weaknesses. The company's strong performance in Vietnam demonstrates its ability to capitalize on home market advantages. The expansion into Southeast Asian markets like Indonesia and the Philippines shows promise, particularly with the battery subscription model resonating with consumers.
However, the North American market remains challenging. While VinFast has expanded to eight U.S. states, brand awareness and market penetration are still in early stages. The establishment of a Dealer Advisory Council is a smart move to gain market insights. The
VinFast VF 8 model (Photo: Business Wire)
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VinFast delivered 13,172 EVs in Q2, up by
44% QoQ and43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a101% increase compared to the same period last year. -
The Company recorded
$357 million 33% QoQ and9% YoY. -
Vietnam , where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.
Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in
VinFast EV Deliveries Rose
During the quarter, VinFast delivered 13,172 vehicles, a
One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a
VinFast reported
The Company’s gross loss for Q2 was
Expanding Global Footprint to Drive Sales
VinFast’s strategic expansion through dealership network has shown progress.
As of August 31, VinFast had 155 showrooms across all markets, of which around
Strengthening Presence in Key Markets
VinFast achieved its highest year-over-year growth for
In the second quarter of 2024, VinFast continued to build its foundation in the
In
VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including
VinFast’s innovative battery subscription offer has been a key driver of sales in
Building on the positive response from dealers in
Outlook for the Remainder of 2024
VinFast reaffirms its target to deliver approximately 80,000 units in 2024.
While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.
VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence.
Conference Call
The Company's management will host its second quarter 2024 earnings conference call at 8:00 AM
Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations - Email: ir@vinfastauto.com
Media Relations - Email: info@vingroup.com
About VinFast
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, 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
Forward-Looking Statements
Forward-looking statements in this announcement, 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 effect of the consummation of the business combination and the public listing of the Company's securities on its business relationships, performance, financial condition and business generally, (ii) 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, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company's business, (iv) the Company's potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company's limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) 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, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company's ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company's ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) 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, (xv) the Company's ability to establish manufacturing facilities outside of
All forward-looking statements attributable to us or persons 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 of this announcement. 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 in this announcement 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.
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Investor Relations - Email: ir@vinfastauto.com
Media Relations - Email: info@vingroup.com
Source: VinFast Auto Ltd.
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