VinFast Reports Unaudited Third Quarter 2024 Financial Results
VinFast reported strong Q3 2024 results with vehicle deliveries of 21,912 units, up 115% year-over-year. Revenue reached $511.6 million, increasing 49.3% YoY. The company became Vietnam's top-selling automotive brand for September, October, and the first ten months of 2024. Gross loss decreased 45.6% QoQ to $122.8 million, with gross margin improving to -24.0%. Net loss reduced by 29.4% QoQ to $550.0 million. The company secured potential funding of $3.5 billion through loans from Vingroup and grants from its Founder through 2026. VinFast maintains its 80,000-vehicle delivery target for 2024.
VinFast ha riportato risultati robusti per il terzo trimestre del 2024, con consegne di veicoli pari a 21.912 unità, in aumento del 115% rispetto all'anno precedente. I ricavi hanno raggiunto 511,6 milioni di dollari, con un incremento del 49,3% su base annua. L'azienda è diventata il marchio automobilistico più venduto in Vietnam per settembre, ottobre e i primi dieci mesi del 2024. La perdita lorda è diminuita del 45,6% rispetto al trimestre precedente, attestandosi a 122,8 milioni di dollari, con un miglioramento del margine lordo che è passato a -24,0%. La perdita netta è stata ridotta del 29,4% rispetto al trimestre precedente, raggiungendo 550,0 milioni di dollari. L'azienda ha assicurato un potenziale finanziamento di 3,5 miliardi di dollari attraverso prestiti da Vingroup e sovvenzioni dal suo fondatore fino al 2026. VinFast mantiene il suo obiettivo di consegna di 80.000 veicoli per il 2024.
VinFast reportó resultados sólidos en el tercer trimestre de 2024 con entregas de vehículos de 21,912 unidades, un aumento del 115% en comparación con el año anterior. Los ingresos alcanzaron $511.6 millones, aumentando un 49.3% interanual. La compañía se convirtió en la marca automotriz más vendida de Vietnam durante septiembre, octubre y los primeros diez meses de 2024. La pérdida bruta disminuyó un 45.6% en comparación con el trimestre anterior, a $122.8 millones, con un margen bruto que mejoró al -24.0%. La pérdida neta se redujo en un 29.4% en comparación con el trimestre anterior, alcanzando $550.0 millones. La compañía aseguró un financiamiento potencial de $3.5 mil millones a través de préstamos de Vingroup y subvenciones de su fundador hasta 2026. VinFast mantiene su objetivo de entrega de 80,000 vehículos para 2024.
VinFast는 2024년 3분기에 21,912대의 차량을 인도하며 전년 대비 115% 증가한 강력한 실적을 보고했습니다. 수익은 5억 1,160만 달러에 달해 전년 대비 49.3% 증가했습니다. 이 회사는 2024년 9월, 10월 및 처음 10개월 동안 베트남에서 가장 많이 팔린 자동차 브랜드가 되었습니다. 총 손실은 분기 대비 45.6% 감소하여 1억 2,280만 달러에 달했으며, 총 마진은 -24.0%로 개선되었습니다. 순손실은 분기 대비 29.4% 감소하여 5억 5,000만 달러로 줄어들었습니다. 이 회사는 2026년까지 Vingroup의 대출과 창립자의 보조금을 통해 35억 달러의 잠재적 자금을 확보했습니다. VinFast는 2024년 8만 대 판매 목표를 유지합니다.
VinFast a annoncé de solides résultats pour le troisième trimestre 2024, avec des livraisons de véhicules atteignant 21 912 unités, en hausse de 115 % par rapport à l'année précédente. Les revenus se sont élevés à 511,6 millions de dollars, soit une augmentation de 49,3 % d'une année sur l'autre. L'entreprise est devenue la marque automobile la plus vendue au Vietnam en septembre, octobre et au cours des dix premiers mois de 2024. La perte brute a diminué de 45,6 % par rapport au trimestre précédent, s'élevant à 122,8 millions de dollars, avec une amélioration de la marge brute à -24,0 %. La perte nette a été réduite de 29,4 % par rapport au trimestre précédent, atteignant 550,0 millions de dollars. L'entreprise a obtenu un financement potentiel de 3,5 milliards de dollars grâce à des prêts de Vingroup et des subventions de son fondateur jusqu'en 2026. VinFast maintient son objectif de livraison de 80 000 véhicules pour 2024.
VinFast berichtete über starke Ergebnisse im dritten Quartal 2024 mit Fahrzeuglieferungen von 21.912 Einheiten, was einem Anstieg von 115% im Vergleich zum Vorjahr entspricht. Der Umsatz betrug 511,6 Millionen Dollar, was einem Anstieg von 49,3% im Jahresvergleich entspricht. Das Unternehmen wurde im September, Oktober und in den ersten zehn Monaten des Jahres 2024 zur meistverkauften Automarke in Vietnam. Der Bruttoverlust ging im Quartalsvergleich um 45,6% auf 122,8 Millionen Dollar zurück, während sich die Bruttomarge auf -24,0% verbesserte. Der Nettoverlust reduzierte sich im Quartalsvergleich um 29,4% auf 550,0 Millionen Dollar. Das Unternehmen sicherte sich potenzielle Finanzierungen in Höhe von 3,5 Milliarden Dollar durch Darlehen von Vingroup und Zuschüsse seines Gründers bis 2026. VinFast hält an seinem Ziel fest, im Jahr 2024 80.000 Fahrzeuge zu liefern.
- Vehicle deliveries increased 115% YoY to 21,912 units
- Revenue grew 49.3% YoY to $511.6 million
- Achieved market leadership in Vietnam's automotive sector
- Gross margin improved from -62.7% to -24.0% QoQ
- Secured $3.5 billion in potential funding through 2026
- Net loss decreased 29.4% QoQ
- Gross loss of $122.8 million in Q3
- Net loss of $550.0 million despite improvements
- Negative gross margin of -24.0%
Insights
VinFast's Q3 results show significant progress with 115% YoY growth in deliveries to 21,912 vehicles and revenue reaching
The company's market leadership in Vietnam and expanding global footprint through dealership networks are positive indicators. However, investors should note the substantial ongoing losses (
VinFast's emergence as Vietnam's top-selling automotive brand marks a significant shift in the domestic market dynamics. The company's strategic focus on affordable EVs through the planned CKD factory for VF 3 and VF 5 models aligns well with emerging market demands. The rapid expansion into key markets like Indonesia, Philippines and UAE demonstrates strong execution of their global strategy.
The transition to a dealership model in international markets is showing early success, particularly in North America. However, the company faces intense competition from established automakers and must balance aggressive expansion with cost optimization. The 300,000 unit annual capacity target for the new factory indicates ambitious growth plans, but execution and demand realization will be critical.
- VinFast reported strong third-quarter results, delivering 21,912 vehicles, a
115% year-over-year increase. Revenue reachedUS , up$511.6 million 49.3% year-over-year. - The Company became the top-selling automotive brand in
Vietnam for September, October, and for the first ten months of 2024 while continuing to make strides in its global expansion. - VinFast remains committed to its growth strategy and has secured capital commitments to support its expansion plans. The Company is focused on balancing revenue growth and optimizing costs.
Madam Thuy Le, Chairwoman of VinFast, said: "The third quarter's result was underpinned by a robust September, as we recorded the highest monthly deliveries in our home market,
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "I am pleased to share that Q3'24 was in line with our internal forecast, driven by an acceleration in our top line and an improvement in profitability as gross loss and net loss narrowed significantly. Increasing scale, ongoing BOM and production cost optimization and improved operating efficiencies have already started to have a positive impact on gross margin and will continue to be key drivers for our path to profitability. Our overall liquidity position has been enhanced by the recently announced loans from Vingroup and grants from our Founder, whereby we expect to receive a potential of
EV Deliveries Up
In the third quarter of 2024, VinFast delivered 21,912 electric vehicles. This represents a substantial increase of
Total revenues were
Gross loss was
The gross margin in the third quarter of 2024 was negative
Net loss was
The Vietnamese Market Significantly Contributes to Revenue Growth
In September, VinFast recorded robust monthly deliveries in its home market of
In October, VinFast delivered more than 11,000 EVs to customers in
In response to increasing demand for affordable EVs and to improve production efficiencies, the Company plans to add a new completely knocked down (CKD) factory in
The factory targets a maximum capacity of 300,000 EVs per year, subject to demand and general market conditions, with a gradual ramp up in capacity and production overtime. The construction of the factory will begin in early December, and the factory is expected to commence operations in 2025.
VinFast Expands Global Footprint
VinFast continues to expand its global reach. As of October 31, 2024, the Company had 173 showrooms globally for EVs and 160 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.
The Company's acceleration towards a dealership model as part of its international strategy is starting to pay off. September was a record-breaking month for VinFast in
In
In
VinFast's Indian plant, with an annual capacity of 50,000 electric vehicles, is gearing up for equipment and machinery installation. The plant is scheduled to begin operations in 2025.
VinFast also officially launched its brand in the
VinFast Secures Significant Funding
VinFast has received financial backing from its founder and parent company. VinFast's Founder and Chief Executive Officer, Mr. Pham Nhat Vuong, and his associated companies intend to provide up to
In addition, Vingroup Joint Stock Company intends for it and its subsidiaries (collectively "Vingroup") to provide VinFast's subsidiaries incorporated in
Vingroup has approved the plan for additional capital contributions to VFTP, a direct subsidiary of VinFast holding the Company's EV manufacturing business in Vietnam, by converting up to
VinFast Poised for Strong Finish to 2024
The Vietnamese Nasdaq-listed electric vehicle manufacturer is optimistic about its performance in the fourth quarter of 2024. Building on the strong momentum from the third quarter, particularly in key markets like
To ensure sustainable growth, VinFast remains committed to prudent financial management and cost optimization. The Company is actively working to improve its profitability while continuing to expand its global footprint.
Conference Call
The Company's management will host its 3Q24 earnings conference call at 8:00 AM
- What: VinFast Q3 2024 Financial Results and Q&A Webcast
- When: Tuesday, November 26, 2024
- Time: 8:00 a.m. Eastern Standard Time
- Live webcast: https://edge.media-server.com/mmc/p/5725mupo
A replay of the webcast will also be made available on the Company's website.
For additional information, please visit https://vinfastauto.us/investor-relations
Investor Relations Email: ir@vinfastauto.com
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of
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.
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SOURCE VinFast
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