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VinFast Auto (VFS) investor relations material
VinFast Auto Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 saw 35,837 EVs delivered, up 172% year-over-year, and 69,580 two-wheelers delivered, up 432% year-over-year, with Vietnam as the core market.
Revenue for Q2 2025 reached $663M (VND16,609.3 billion), up 92% year-over-year and 2% quarter-over-quarter.
International expansion advanced with new factories in Vietnam and India, doubling annual production capacity to 550,000 cars, and strategic partnerships in Indonesia and the Philippines.
Financial position strengthened by a $1.6B R&D asset spin-off to a founder-backed entity, ensuring continued technology access and boosting liquidity to $4.2B.
Three of the five best-selling car models in Vietnam during 1H 2025 were EVs from the company.
Financial highlights
Q2 2025 revenue was $663M, up 92% year-over-year and 2% sequentially; 1H 2025 revenue was $1,314M, up 117% year-over-year.
Gross margin improved to -41.1% in Q2 2025 from -62.7% in Q2 2024, but declined from -35.2% sequentially.
Adjusted EBITDA for Q2 2025 was -$419M (margin -63%), net loss was -$812M (margin -122%).
CapEx for the quarter was $212M, up 46% sequentially and 102% year-over-year.
Cash and cash equivalents stood at $550M as of June 30, 2025.
Outlook and guidance
On track to double 2024 deliveries, targeting 200,000 units in 2025, with significant ramp-up expected in H2.
Growth drivers include robust Vietnam demand, international dealer expansion, new model launches, and fleet sales.
Operating outflows expected at $400M–$600M per quarter in the near term, with improvement anticipated as scale builds.
New facilities in Indonesia, India, and Vietnam to add up to 300,000 vehicles per year in designed capacity.
Ongoing global expansion with focus on Vietnam, Indonesia, the Philippines, India, North America, and Europe.
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