VinFast Auto Ltd. VFS shares are weakening in the premarket session on Thursday.
The company revealed fourth-quarter earnings per share of $(0.28) loss, wider than the Wall Street view of $(0.23) loss.
VinFast reported quarterly sales of $436.5 million, failing to meet the analyst consensus of $570.929 million.
Quarterly vehicle sales were $396.3 million, marking a 161.8% increase year over year.
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EV deliveries were 13,513 in the fourth quarter of 2023, representing a 35% increase from the third quarter of 2023.
E-scooter deliveries were 24,309 in the fourth quarter of 2023, indicating a 14% decrease from the third quarter and a 48% increase year over year.
Gross margin was negative (40.1%) in the fourth quarter, compared to negative (82.6%) in the year-ago period.
VinFast had cash and equivalents worth $167.7 million as of December 31, 2023.
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As of December 31, 2023, the company said it had 123 showrooms globally for EVs and 246 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.
Notable Developments: In December 2023, VinFast opened orders in Vietnam for the VF 7, its C-segment EV model.
In the U.S., the company said it had signed agreements with six dealers in five states – New York, Texas, Kansas, Florida, and North Carolina. Including those, the company received 75 applications from the dealer groups.
In India, the company signed an MoU with the State of Tamil Nadu to establish an integrated EV manufacturing facility with an intended commitment of up to $500 million for phase 1 of the project.
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The groundbreaking ceremony is scheduled for February 25, 2024.
Outlook: VinFast said it is seeing positive signs in key markets like the U.S. and Indonesia.
“Fueled by this momentum and a recovering consumer sentiment, we’re setting an ambitious target of delivering 100,000 vehicles in 2024,” said Thuy Le, Chairwoman of VinFast.
VinFast also declared its plans of expansion efforts into high-growth markets such as Indonesia and India, and the company aims to unlock the potential of these regions to drive substantial sales growth.
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Price Action: VFS shares are trading lower by 2.47% to $5.13 premarket on the last check Thursday.
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