VinFast</a > (stock code on Nasdaq (USA): VFS), a member company of Vingroup, has just announced its independent financial report for the first quarter of 2024 with strong revenue results.
Specifically, in the first quarter of the year, VinFast achieved revenue of 7,264 billion VND, an increase of 269.7% over the same period in 2023 thanks to the handover of nearly 9,700 units electric cars increased by 444% over the same period.
Although Therefore, the company still recorded a gross loss of VND 3,619 billion. Gross profit margin improved from negative 172 9% in the first quarter of 2023 to negative 49 8%.
The domestic market contributes largely to sales</ p>
The company said that in the first quarter of the year, it followed its growth roadmap including launching brands in Indonesia and Thailand, establishing a presence in the Middle East region, starting factory construction in India and Thailand. expanding sales network globally.
The domestic market is said to continue to contribute the majority of the company’s first quarter sales. The company has also started recording encouraging growth in the US market and a number of new dealers have started recording sales.
In addition to current markets, VinFast continues to establish presence and promote sales activities in potential markets in the region. Recently, the company launched its brand in Thailand and signed a letter of intent to cooperate with 15 agents to operate 22 stores in Bangkok. In the Indonesian market, VinFast officially opened its first dealership store and opened for sale the C-segment electric SUV VF e34.
In March, the company also officially handed over the C-segment electric SUV VF 7 to customers in Vietnam. The company also expanded its global footprint with distribution agreements in Oman Ghana and Micronesia.
Keeping target of delivering 100,000 electric cars this year</ p>
In the context of macroeconomic fluctuations leading to adverse impacts on the electric vehicle industry in general, VinFast sets clear plans and keeps the target of delivering 100,000 electric cars in 2024.</p >
Accordingly, sales will mainly be recorded in the second half of the year thanks to the rapidly expanding retail network with new car models targeting a larger customer base and penetrating new markets.
Regarding products, the company plans to bring to the Vietnamese market the mini-SUV VF 3 model and launch the VF 9 and VF 7 in the North American market. The company will also complete a complete product range for global markets.
Regarding charging station infrastructure in March, Mr. Pham Nhat Vuong – founder and General Director of VinFast – announced announced the establishment of V-Green Global Charging Station Development Company to develop a global network of charging stations to provide charging services for VinFast vehicles. By reducing capital expenditure (Capex) for infrastructure, VinFast can focus heavily on promoting business growth.
On the stock market, VFS shares are closed April 16 session at the price of 3 07 USD, down 5 83% compared to the previous session.
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