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- First quarter income rose 269.7% year-over-year (YoY) to $302.6 million.
- Deliveries rose 444% YoY to just about 9,700 automobiles.
- Launching in new key markets in Southeast Asia, together with Indonesia and Thailand, getting into the Center East & Africa, beginning development of a producing facility in India, and rising gross sales community worldwide.
- Reaffirmation of the 100,000 automobile deliveries goal in 2024.
VinFast VF 8 mannequin
Madam Thuy Le, Chairwoman of the Board of Administrators, mentioned: “Whereas VinFast acknowledges ongoing international financial and geopolitical uncertainties, we view them as momentary hurdles. With our various product vary, fast-rising international gross sales community, excellent after-sales coverage, and our groundbreaking battery subscription coverage, VinFast has outlined a transparent roadmap for the remainder of the yr and stays dedicated to our goal of delivering 100,000 electrical automobiles in 2024.”
Ms Anh Nguyen, VinFast Chief Monetary Officer, added: “We stay steadfastly dedicated to driving steady enhancements throughout our enterprise. Our concentrate on supplies optimization, scale benefits, and disciplined price administration shall be key to delivering sustained worth for our shareholders.”
Deliveries and Revenues Soar within the First Quarter In comparison with the Identical Interval in 2023
VinFast delivered a complete of 9,689 automobiles within the first quarter of 2024, marking a rise of 444% year-over-year (YoY).
Complete revenues had been US$302.6 million, representing a rise of 269.7% from the primary quarter of 2023. This progress was pushed by profitable new campaigns just like the enlargement of VinFast’s dealership community and buyer curiosity in new electrical automobile fashions.
Gross loss within the first quarter of 2024 was US$150.8 million, whereas gross margin improved from damaging (172.9%) within the first quarter of 2023 to damaging (49.8%) within the first quarter of 2024.
VinFast is Constructing Robust Foundations to Assist H2 Development
Within the first quarter of 2024, VinFast continued to carefully observe its international progress roadmap by launching its model in Thailand and Indonesia, establishing a presence within the Center East, starting development of its manufacturing facility in India, and ramping up its gross sales community globally.
Whereas home gross sales nonetheless drove many of the revenues this quarter, VinFast recorded encouraging progress within the U.S. market, with a number of new sellers reporting gross sales figures.
Within the first quarter of 2024, VinFast has additionally secured partnerships with 10 new sellers, bringing its whole U.S. community to 16 sellers throughout 7 states, together with North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. These newly signed dealerships will start operations within the second quarter.
Past present markets, VinFast can be ramping up its presence and gross sales efforts in markets throughout Southeast Asia. On the 2024 Bangkok Worldwide Motor Present, the Firm formally launched its model in Thailand and signed Letters of Intent with 15 sellers, with a goal of working 22 shops in Bangkok.
In Indonesia, VinFast formally opened its first supplier retailer and began gross sales of the VF e34, a C-segment electrical SUV. Notably, the Firm has carried out a novel battery subscription coverage inside the market, particularly designed to incentivize Indonesian shoppers to modify to electrical automobiles by providing decrease preliminary and working prices.
In March, VinFast formally began deliveries of its C-segment electrical SUV VF 7 to prospects in Vietnam.
The Firm additionally expanded its international footprint with first distribution agreements signed in Oman, Ghana, and Micronesia.
VinFast Stays Dedicated to the Aim of Delivering 100,000 Autos in 2024
Regardless of marco-economic challenges going through the electrical automobile trade, VinFast has established clear plans and stays dedicated to the goal of delivering 100,000 electrical automobiles in 2024, with the vast majority of deliveries anticipated within the second half of the yr. This aim shall be primarily pushed by the Firm’s quickly increasing distribution community, the introduction of recent fashions concentrating on a broader buyer base, and entry into new markets.
In regards to the product lineup, VinFast plans to ship the a lot awaited and reasonably priced VF 3 mannequin in Vietnam. The Firm can even launch the VF 9 and VF 7 in North America and plans to finish its full electrical automobile lineup for international markets.
Concerning charging infrastructure, Mr. Pham Nhat Vuong, Founder and CEO of VinFast, introduced the institution of V-GREEN in March 2024, to develop a worldwide community of charging stations particularly for VinFast automobiles. By lowering capital expenditures (Capex) on infrastructure, VinFast can keep its unwavering concentrate on driving enterprise progress.
Convention Name
The Firm’s administration will host its first quarter 2024 earnings convention name at 8:00 AM U.S. Jap Time on April 17, 2024.
Stay Webcast: https://edge.media-server.com/mmc/p/jy88a8z3
For added data, please go to ir.vinfastauto.us.
Investor Relations E-mail: [email protected]
Media Relations E-mail: [email protected]
Hashtag: #VinFast #financialresults
The issuer is solely chargeable for the content material of this announcement.
About VinFast
VinFast – a subsidiary of Vingroup JSC – is Vietnam’s main automotive producer dedicated to its mission of making a inexperienced future for everybody. VinFast manufactures a portfolio of electrical SUVs, e-scooters and e-buses in Vietnam and exports to the US, and shortly, Europe. Study extra at 
www.vinfastauto.us.
VinFast deliveries symbolize just one measure of the corporate’s monetary efficiency and shouldn’t be relied on as an indicator of quarterly monetary outcomes, which rely upon quite a lot of elements, together with the typical promoting worth and numerous price elements.
Ahead-Trying Statements
Ahead-looking statements on this announcement, which aren’t historic information, are forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1955. These statements embody statements relating to our future outcomes of operations and monetary place, deliberate services and products, enterprise technique and plans, targets of administration for future operations of VinFast, market dimension and progress alternatives, aggressive place and technological and market tendencies and contain recognized and unknown dangers which are tough to foretell. In consequence, our precise outcomes, efficiency or achievements might differ materially from these expressed or implied by these forward-looking statements. In some circumstances, you’ll be able to determine forward-looking statements as a result of they comprise phrases equivalent to “might,” “will,” “shall,” “ought to,” “expects,” “plans,” “anticipates,” “may,” “intends,” “goal,” “tasks,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “aim,” “goal,” “seeks,” or “proceed” or the damaging of those phrases or different comparable phrases or expressions that concern our expectations, technique, plans, or intentions. Such forward-looking statements are essentially based mostly upon estimates and assumptions that, whereas thought of affordable by us and our administration, are inherently unsure. Elements which will trigger precise outcomes to vary materially from present expectations embody, however aren’t restricted to: (i) the impact of the consummation of the enterprise mixture and the general public itemizing of the Firm’s securities on its enterprise relationships, efficiency, monetary situation and enterprise usually, (ii) the danger that the Firm’s securities might expertise a fabric worth decline and volatility within the worth of such securities as a consequence of quite a lot of elements, (iii) the adversarial affect of any authorized proceedings and regulatory inquiries and investigations on the Firm’s enterprise, (iv) the Firm’s potential incapacity to keep up the itemizing of its securities on Nasdaq, (v) the danger related to the Firm’s restricted working historical past, (vi) the power of the Firm to attain profitability, constructive money flows from working actions and a internet working capital surplus, (vii) the power of the Firm to fund its capital necessities via further debt and fairness financing below commercially affordable phrases and the danger of shareholding dilution because of further capital elevating, if relevant, (viii) dangers related to being a brand new entrant within the EV trade, (ix) the dangers of the Firm’s model, popularity, public credibility and shopper confidence in its enterprise being harmed by damaging publicity, (x) the Firm’s capacity to efficiently introduce and market new services and products, (xi) competitors within the automotive trade, (xii) the Firm’s capacity to adequately management the prices related to its operations, (xiii) the power of the Firm to acquire elements and uncooked supplies based on schedule at acceptable costs, high quality and volumes acceptable from its suppliers, (xiv) the Firm’s capacity to keep up relationships with present suppliers who’re essential and essential to the output and manufacturing of its automobiles and to create relationships with new suppliers, (xv) the Firm’s capacity to ascertain manufacturing services outdoors of Vietnam and develop capability in a well timed method and inside finances, (xvi) the danger that the Firm’s precise automobile gross sales and income may differ materially from anticipated ranges based mostly on the variety of reservations acquired, (xvii) the demand for, and shoppers’ willingness to undertake, EVs, (xiii) the supply and accessibility of EV charging stations or associated infrastructure, (xix) the unavailability, discount or elimination of presidency and financial incentives or authorities insurance policies that are favorable for EV producers and consumers, (xx) failure to keep up an efficient system of inside management over monetary reporting and to precisely and well timed report the Firm’s monetary situation, outcomes of operations or money flows, (xxi) battery pack failures within the Firm or its competitor’s EVs, (xxii) failure of the Firm’s enterprise companions to ship their providers, (xxiii) errors, bugs, vulnerabilities, design defects or different points associated to expertise used or concerned within the Firm’s EVs or operations, (xxiv) the danger that the Firm’s analysis and improvement efforts might not yield anticipated outcomes, (xxv) dangers related to autonomous driving applied sciences, (xxvi) product remembers that the Firm could also be required to make, (xxvii) the power of the Firm’s controlling shareholder to regulate and exert important affect on the Firm, (xxiii) the Firm’s reliance on monetary and different assist from Vingroup and its associates and the shut affiliation between the Firm and Vingroup and its associates, (xxix) conflicts of pursuits with or any occasions impacting the popularity of Vingroup associates or unfavorable market situations or adversarial enterprise operations of Vingroup and Vingroup associates and (xxx) different dangers mentioned in our reviews filed or furnished to the Securities and Change Fee.
All forward-looking statements attributable to us or individuals appearing on our behalf are expressly certified of their entirety by the cautionary statements set forth above. You might be cautioned to not place undue reliance on any forward-looking statements, that are made solely as of the date of this announcement. VinFast doesn’t undertake or assume any obligation to replace publicly any of those forward-looking statements to replicate precise outcomes, new data or future occasions, modifications in assumptions or modifications in different elements affecting forward-looking statements, besides to the extent required by relevant legislation. If VinFast updates a number of forward-looking statements, no inference must be drawn that it’ll make further updates with respect to these or different forward-looking statements. The inclusion of any assertion on this announcement doesn’t represent an admission by VinFast or every other individual that the occasions or circumstances described in such assertion are materials. Undue reliance shouldn’t be positioned upon the forward-looking statements.
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