A model of VF9 produced by VinFast. the company reported strong third-quarter results, delivering 21,912 vehicles, a 115 per cent year-over-year increase. Revenue reached US$511.6 million. - Photo courtesy of VinFast

 

 VinFast Auto Ltd., a pure-play electric vehicle (EV) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the third quarter ending September 30.

 

The company reported strong third-quarter results, delivering 21,912 vehicles, an increase of 66 per cent compared to the second quarter and up a substantial 115 per cent year-over-year. Revenue reached US$511.6 million, up 49.3 per cent year-over-year.

 

VinFast became the top-selling automotive brand in Vietnam for September, October, and for the first ten months of 2024 while continuing to make strides in its global expansion.

 

The firm said it remains committed to its growth strategy and has secured capital commitments to support its expansion plans, adding that it is focused on balancing revenue growth and optimising costs.

 

Thuy Le, Chairwoman of VinFast, said: "The third quarter's result was underpinned by a robust September, as we recorded the highest monthly deliveries in our home market, Việt Nam. This marks a historic milestone for Việt Nam's automotive industry where, for the first time since we were established seven years ago, a domestic OEM has outperformed international competitors to become the market leader across the passenger vehicle market. We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as the momentum in Q3 has continued into Q4."

 

"Producing high-quality electric vehicles is a complex task, one that requires unwavering dedication and fortitude to navigate ongoing uncertainties," she added. "Every day we are learning how to make durable and exciting EVs that will be a key part of the global transition to green mobility. The path to green mobility is challenging, but our commitment to this future is resolute — because the future is, without question, electric."

 

Notably, direct deliveries to customers experienced a considerable quarterly increase of 163 per cent, highlighting strong market demand for VinFast's EVs.

 

Total revenues were VNĐ12.32 trillion ($511.6 million) in the third quarter, representing an increase of 42.2 per cent from this year's second quarter and an increase of 49.3 per cent from the third quarter of 2023.

 

Gross loss was VNĐ2.95 trillion ($122.8 million) in the third quarter of 2024, representing a decrease of 45.6 per cent from the second quarter.

 

The gross margin in the third quarter was negative 24 per cent. This represents a significant improvement compared to the negative 27 per cent margin in the same quarter of the previous year and the negative 62.7 per cent margin in the second quarter of 2024.

 

Net loss was VNĐ13.2 trillion ($550 million) in the third quarter of 2024, representing a decrease of 14.8 per cent from the third quarter of 2023 and a decrease of 29.4 per cent from the second quarter of 2024. — VNS