VinFast Auto Ltd. announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, on April 24, 2025. The company reported 53,139 EV deliveries in Q4 2024, a 143% increase quarter-over-quarter, bringing full-year 2024 EV deliveries to 97,399 units, which exceeded its 2024 target of 80,000 vehicles.
Total revenues for Q4 2024 reached $677.9 million, up 69.8% year-over-year, and full-year 2024 revenues were $1,808.9 million, a 57.9% increase from 2023. However, the company reported a Q4 net loss of $1.3 billion and a full-year net loss of $3,178.8 million, with Q4 losses widening due to a one-time $242.5 million free charging program fee recognized as a revenue deduction.
Despite the widened losses, VinFast highlighted significant financial backing, with its founder disbursing $410.9 million in grants and Vingroup disbursing over $27 billion in loans as of March 31, 2025. The company also announced a strategic shift to a full dealer franchise model in North America and Europe, closing existing direct-to-consumer showrooms in California, and outlined plans to at least double global vehicle deliveries in 2025.
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