VinFast Auto (NASDAQ:VFS) shares dropped more than 11% intra-day today following the announcement of first-quarter results that did not meet analyst expectations. The electric vehicle (EV) manufacturer reported a larger-than-expected loss per share of 6,340 dong, against analysts' forecasts of a 5,582 dong loss. Revenue for the quarter was also below expectations, totaling 7.26 trillion dong compared to the anticipated 11.71 trillion dong.

Of the total revenue, vehicle sales contributed 6.49 trillion dong but with a significant negative gross margin of -49.8%. The company's EV deliveries for the quarter reached 9,689 units, down 28% from the previous quarter, yet representing a 444% increase from the first quarter of 2023.

Despite the challenges and market fluctuations in some regions, VinFast reaffirmed its target to deliver 100,000 EVs in 2024. Thuy Le, Chairwoman of VinFast, expressed strong confidence in the medium- and long-term prospects of the EV industry.