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Mar 31, 2025
VinFast Q1 2025 Earnings Report
VinFast reported higher revenues driven by strong EV and e-scooter deliveries, while narrowing losses significantly in Q1 2025.
Key Takeaways
In Q1 2025, VinFast achieved $656.5 million in revenue, mainly from EV sales, and delivered 36,330 EVs and 44,904 e-scooters. Despite still reporting a net loss, the company improved gross margins and continued to reduce costs.
Vehicle sales reached $612.6 million, forming the bulk of total revenue.
Delivered 36,330 EVs and 44,904 e-scooters in the quarter.
Gross margin improved to -35.2% from -79.1% in Q4 2024.
Operating loss reduced by nearly half compared to the prior quarter.
Forward Guidance
VinFast aims to double global deliveries in FY2025, backed by new model launches and expanded manufacturing and distribution.
Positive Outlook
- Launch of EC Van and EB 6 electric bus for new segments.
- Strong dealership momentum across Europe, India, and the Philippines.
- Increased cost-efficiency through new E/E architecture.
- India CKD plant set to begin operations in July 2025.
- Commitments of up to $3.4B in funding from shareholders and CEO.
Challenges Ahead
- Continued negative gross margin, despite improvements.
- Significant net and operating losses persist.
- Revenue concentration in EV segment with limited diversification.
- Ongoing showroom closures in Europe and North America.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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