VinFast revenue climbs 42% as EV deliveries surge in first quarter

VinFast Auto (NASDAQ:VFS) reported a 41.7% increase in first-quarter revenue, boosted by a sharp rise in electric vehicle deliveries and aggressive international retail expansion.

The Vietnamese electric vehicle manufacturer generated global revenue of VND 23,111.1 billion ($920.7 million) for the quarter, according to its unaudited financial results.

Total EV deliveries reached 58,577 units during the three-month period, representing a 61% increase compared to the first quarter of the previous year.

Growth was also pronounced in the company's two-wheeler segment, where deliveries of e-scooters and e-bikes surged 219% year-over-year to 143,136 units.

To accommodate the accelerating volume and broaden its market reach, VinFast expanded its global retail network to 447 showrooms by the end of the quarter.

Alongside scaling its delivery volumes and retail infrastructure, the automaker advanced its technology integration.

VinFast deepened its global corporate partnerships during the quarter, highlighted by a joint collaboration with Nvidia and Autobrains.

The venture is aimed at developing Level 4 autonomous driving capabilities, signaling an increased focus on software-driven competitive advantages as the company rolls out its vehicles across international markets.