VinFast records net losses in Q4, plans to double EV deliveries in 2025

VinFast Auto (VFS), a Vietnamese EV maker, has declared that the net loss of the company has increased in the fourth quarter (Q4) of 2024, while emphasising that it plans to at least double the number of automobiles it delivers in 2025.

With automobile sales of VND15,441.5 billion, the company's total quarterly income was VND16,496.4 billion ($677.9 million), a 70% increase over the fourth quarter of 2023. However, the company's quarterly revenue was less than the VND21,843.2 billion analyst had predicted.

Compared to the fourth quarter of 2023, the quarter's net loss increased by 81% to VND30,594.8 billion ($1,257.2 million).

The quarter's adjusted loss per share was VND13,074 ($0.54), which was more than the $0.22 loss per share that was predicted.

In the fourth quarter, the company sold 53,139 vehicles, 19% of which were delivered to its affiliated parties.

The firm sold 97,399 cars in 2024, with 87,890 of the sales occurring in Vietnam.

The company's goal for 2025 is to at least double its worldwide deliveries. The company’s target markets include North America, Europe, Vietnam, Indonesia, the Philippines, and India.

Over the past day, VinFast's retail mood has dipped even more into the "bearish" area on Stocktwits, but the volume of messages is still at "extremely low" levels.