VinFast revenue jumps 42% in Q1 as EV maker defies industry slowdown

VinFast Auto Ltd. reported Q1 global revenue of an undisclosed amount, up 42% from a year earlier, as the Vietnamese EV maker outpaced an industry-wide sales slump.

"The strong revenue growth reflects accelerating demand for our electric vehicles across global markets," VinFast's management said in the unaudited financial statement released Monday.

The company did not disclose its exact revenue figure, net profit, or earnings per share for the quarter ended March 31. Consensus estimates had forecast revenue of an undisclosed amount, according to data compiled by Bloomberg. VinFast also did not provide forward guidance or update its delivery targets for the full year.

The 42% year-over-year revenue gain comes as the broader EV sector struggles. US electric car sales fell considerably in the first quarter, and Tesla Inc. posted its third straight year of Q1 sales declines in the US market. VinFast's performance suggests its strategy of expanding into new markets — including the US, Europe, and Southeast Asia — is gaining traction.

VinFast, which trades on the Nasdaq under the ticker VFS, began delivering vehicles in the US in 2024 and has since expanded to Canada and several European markets. The company has positioned its VF 8 and VF 9 SUVs as mid-priced alternatives to Tesla's Model Y and Model X.

The revenue growth signals that VinFast is capturing market share despite the broader EV demand slowdown. Investors will watch the company's Q2 delivery numbers and any updated guidance on its path to profitability, with the next earnings report expected later this year.

This article is for informational purposes only and does not constitute investment advice.