VinFast Auto (NASDAQ:VFS) reported first-quarter results that fell short of analyst expectations. The stock saw a volatile reaction in premarket trading Wednesday and was last up 1.6%.
The electric vehicle (EV) maker reported a loss per share of 6,340 dong, higher than the expected loss of 5,582 dong. Total revenue came in at 7.26 trillion dong, compared to the projected 11.71 trillion dong.
Vehicle sales accounted for 6.49 trillion dong of the total revenue, with a negative gross margin of -49.8%.
VinFast’s EV deliveries for the quarter stood at 9,689, marking a 28% decrease from the previous quarter but a substantial 444% increase year-over-year from the first quarter of 2023.
Looking ahead, the company reaffirmed its 2024 delivery target of 100,000 EVs.
“Despite temporary challenges and market fluctuations in certain regions, our confidence in the EV industry's medium- and long-term prospects remains strong,” said Madam Thuy Le, Chairwoman of VinFast.
“Our consistent progress places us in a favorable position to achieve our full-year delivery target of 100,000 vehicles. This is underpinned by the exponential growth of our point-of-sale channels and the introduction of new models designed to cater to a broader customer base across multiple new markets in the latter half of this year.”