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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.
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Q2 2025 earnings summary4 Sep, 2025

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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Frequently asked questions

VinFast Auto Ltd. is a Vietnam-based automotive manufacturer that has quickly emerged as a significant player in the electric vehicle (EV) industry. The company's operations span across several segments, including the design, development, manufacturing, and sale of cars and electric buses, as well as e-scooters.The company is headquartered in Hai Phong City, Vietnam, with legal and financial headquarters in Singapore, and its shares are listed on the NASDAQ.

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