VinFast Auto (VFS) Q4 2024 earnings summary

Executive summary

• Delivered 97,399 EVs globally in 2024, up 192% year-over-year, with 53,139 units in Q4 and 10x growth in non-Vietnam sales; achieved #1 market share in Vietnam and expanded internationally, including new models in Indonesia and the Philippines.

• Expanded dealer network to 322 showrooms globally by March 2025, up 160% from December 2023, and launched new CKD plants in Asia set to begin operations in 2025.

• Introduced a free charging program in Vietnam and discontinued battery leasing, further driving EV adoption and affordability.

• Transitioned to a dealer-focused distribution model in North America and Europe to optimize costs and market reach.

• Signed strategic MOUs to grow service networks and broke ground on new manufacturing facilities in Vietnam and India.

Financial highlights

• FY24 revenue rose 58% year-over-year to $1.81 billion; Q4 2024 revenue was $678 million, up 70% year-over-year and 34% quarter-over-quarter.

• Q4 2024 gross margin was -79% due to a one-time free charging program expense; adjusted full-year gross margin improved to -32% from -40% in 2023.

• FY24 net loss widened to $3.18 billion from $2.48 billion in FY23; Q4 net loss was $1.26 billion.

• FY24 EBITDA (non-GAAP) loss was $1.99 billion; cash burn for 2024 was $1.9 billion, down 39% year-over-year.

• Cash and cash equivalents at year-end were $136 million; total liquidity including ELOC facility was $3 billion.

Outlook and guidance

• 2025 guidance targets at least doubling 2024 deliveries, with most growth expected in the second half and Q4 as the strongest quarter.

• International markets expected to contribute more than 10% of deliveries, with significant growth from Indonesia, Philippines, and India.

• Focus on scaling volume, launching new products, and deepening market presence in Asia to drive margin improvement and move toward EBITDA profitability.

• Planned CapEx and R&D investment for 2025 is approximately $1.8 billion, with cash burn expected around $2.5 billion.

• Plans to add up to 300,000 units of capacity via new CKD facilities in Indonesia, India, and Vietnam.