- VinFast Auto (VFS, Financial) delivered 53,139 electric vehicles (EVs) in Q4 2024, marking a 143% increase from Q3.
- Total revenue for 2024 reached US$1.81 billion, up 57.9% from the previous year.
- VinFast aims to double its global vehicle deliveries in 2025 while continuing international expansion.
VinFast Auto Ltd. (VFS) has announced its unaudited financial results for Q4 and the fiscal year 2024, showcasing substantial growth in electric vehicle (EV) deliveries. In Q4 2024, the company delivered 53,139 EV units, which is a robust 143% increase from Q3 2024. For the full year, VinFast's EV deliveries reached 97,399 units, up 192% from 2023, demonstrating strong market demand.
Despite impressive sales growth, VinFast reported a gross loss of US$1.04 billion and a net loss of US$3.18 billion for the year, highlighting ongoing profitability challenges. The Q4 gross margin was negatively impacted by a US$242.5 million charge related to a free charging program. Total revenue for 2024 amounted to US$1.81 billion, a significant 57.9% increase from the previous year.
To facilitate its global expansion, VinFast has secured financial support from its founder, Pham Nhat Vuong, who has provided US$410.9 million in non-refundable grants, as part of a larger US$2.1 billion commitment. The company is actively building its dealer network internationally, with 22 stores in Indonesia, 6 in the Philippines, and 38 dealers across 16 states in the US. VinFast plans to transition to a full dealer franchise model in the US and is aiming to at least double its global vehicle deliveries in 2025.
In pursuit of its aggressive expansion strategy, VinFast is committed to optimizing its operations and expanding its market presence globally, with a focus on key markets in North America, Europe, and Asia. The company continues to explore opportunities to meet the rising demand for eco-friendly transportation solutions.
