VinFast misses earnings forecasts in Q2, keeps 2025 delivery goal

Investing.com -- VinFast (NASDAQ:VFS) reported second-quarter earnings that missed analyst expectations, while revenue for the period came in above estimates, driven by strong electric vehicle (EV) sales.

The carmaker posted Q2 loss per share of $0.35, wider than the loss per share of $0.26 that analysts estimated.

Revenues surged 91.6% year-on-year to VND16,609.3 billion ($663 million), driven mainly by EV sales, above the $639.5 million consensus estimate.

Compared to the prior quarter, revenues were up 1.9%.

The company posted a net loss of VND20,341.6 billion ($812 million), widening both from a year ago and sequentially, 15% higher than in the prior quarter.

Vehicle sales accounted for nearly VND15,000 billion ($598 million), rising 95% year-on-year but slipping slightly versus the first quarter.

Gross margin improved to negative 41.1% from negative 62.7% a year earlier, though it deteriorated from negative 35.2% in the previous quarter.

EV deliveries totaled 35,837 in the period, more than doubling from last year, while first-half deliveries reached 72,167, up 223% year-on-year.

The e-scooter and e-bike business showed even sharper growth, with second-quarter deliveries jumping 55% from the first quarter and 432% from a year earlier to 69,580. First-half deliveries were 114,484, a 447% year-on-year surge.

Looking ahead, VinFast reiterated its target to at least double global EV deliveries in 2025.

It also expects continued momentum in e-scooter sales, supported by government incentives for two-wheeler electrification in Vietnam.

VinFast chairwoman Thuy Le said the company “delivered another strong quarter with robust year-on-year growth, underscoring the continued momentum behind our growth and the global shift to electric mobility.”

She added that while macroeconomic conditions and regulatory changes are posing new challenges, VinFast is “committed to delivering high-quality, accessible EVs that meet the needs of customers around the world.”

Related articles

VinFast misses earnings forecasts in Q2, keeps 2025 delivery goal

Clients buying into summer rally, bracing for later pullback, says BofA's Hartnett

If Powell goes, does Fed trust go with him?

View Comments