1. VinFast's Q1 2025 EV deliveries surged 296% year-over-year. 2. Total revenues reached $656.5 million, up 149.9% from last year. 3. Vingroup will provide up to $1.4 billion in loans for future growth. 4. New EC Van and electric bus models to launch by late 2025. 5. VinFast aims to double global vehicle deliveries in 2025.
The strong growth in deliveries and revenue suggests greater market traction, encouraging investor confidence.
The notable increases in deliveries and revenues alongside planned product launches significantly enhance investor outlook and market positioning.
Continuous growth in EV sales and expansion into new markets signal sustained long-term potential.
VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the first quarter ended March 31, 2025.
EV deliveries were 36,330 in the first quarter of 2025, representing an increase of 296% from the first quarter of 2024.
Despite the typically slow first quarter for the automotive market, VinFast delivered more vehicles in Q1 2025 than in the entire first half of 2024.
E-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 473% from the first quarter of 2024.
Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024.
VinFast recorded gross and net losses of VND5,736.5 billion (US$231.0 million) and VND17,693.8 billion (US$712.4 million), respectively.
Significantly, gross profit margin improved substantially to negative 35.2%, a notable improvement compared to both Q1 2024 (negative 58.7%) and Q4 2024 (negative 79.1%). This improvement in gross margin indicates its increased operational efficiency driven by revenue growth and cost optimization.
To support VinFast's continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast.
Pursuant to a grant agreement dated November 12, 2024, VinFast's Founder and CEO, Mr. Pham Nhat Vuong ("Mr. Pham") has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025.
To drive the green revolution in cargo transport, VinFast officially launched its EC Van, a compact electric cargo vehicle. With a payload capacity exceeding 600 kg and a compact design, the EC Van offers agile operation, making it an ideal solution for short-distance deliveries for businesses and a suitable livelihood vehicle for households.
The EC Van features a two-seat cabin and a rear cargo compartment with a storage volume of up to 2,600 liters. Its 17kWh usable battery capacity provides a range of 150 km per full charge. Deliveries are expected to begin in November 2025, with a starting MSRP of VND285 million (US$11,500).
VinFast also announced the third addition to its portfolio of electric buses - the EB 6, a 6-meter electric bus platform with a battery capacity of 179.5kWh. The 30-occupant city bus model is expected to be available on the market in September 2025.
In Indonesia, VinFast is significantly expanding its presence with a growing product lineup and a widespread sales and service network. The Company has launched sales of the VF 6, its fourth model in the market, following the VF 3, VF 5, and VF e34. The first VF 6 deliveries to customers are expected to begin in Q2 2025.
In the Philippines, the Company signed collaboration agreements to establish service centers across the country.
In India, VinFast officially launched its brand at the Bharat Mobility Global Expo 2025.
In North America and Europe, VinFast is optimizing its business operations. In Canada, the Company will close five direct-to-consumer (DTC) stores.
As of April 30, 2025, the Company had 388 showrooms globally for EVs, including VinFast's showrooms and dealer showrooms.
Madam Thuy Le, Chairwoman of VinFast: "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."
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast: "Our business is at an inflection point, with economies of scale beginning to drive stronger operating leverage."
In 2025, VinFast remains steadfast in its goal to at least double global vehicle deliveries. The Company will continue to closely monitor the evolving macroeconomic landscape to adapt its strategies accordingly.
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. Learn more at http://ir.vinfastauto.us.
SOURCE Vinfast Auto LLC