VinFast reports Q4 and total 2023 revenue growth
Vietnamese electric vehicle maker VinFast on February 22 announced its Q4 revenue of 437 million USD, up 26% from the previous quarter and 133% year-on-year. This growth was driven by both higher sales volumes and an improved product mix.
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| VinFast VF 8 All-Electric SUV. (Source: VinFast) |
The company reported 1.2 billion USD in revenue for fiscal year 2023, representing an increase of 91% from 2022. Gross loss was 174.9 million USD in Q4/2023, and 551.6 million USD in FY 2023.
VinFast’s gross profit margin showed significant improvement compared to the previous fiscal year. Gross margin was negative (46%) in FY 2023, compared to negative (82%) in FY 2022. In the fourth quarter of 2023, gross margin reached negative (40.1%), compared to negative (82.6%) in the fourth quarter of 2022.
Le Thi Thu Thuy, Chairwoman of the Board of Directors, said 2023 was a whirlwind of first for VinFast, culminating in a strong public debut. They launched exciting new products, expanded their distribution network, and solidified their presence in existing markets while opening doors to promising new ones. These moves laid a strong foundation for 2024 to be a year of global expansion and cost optimisation.
VinFast delivered a total of 34,855 electric vehicles in FY 2023, marking a 374% increase compared to the previous year. This included 13,513 electric vehicles in the Q4, up 35% from the third quarter of 2023.
Despite a slight decrease in Q4/2023 compared to the third quarter, e-scooter deliveries also saw significant growth of 48% year-on-year for a total of 72,468 units in 2023.
(Source: VNA)
