VinFast Auto (VFS) Q1 2025 earnings summary

Executive summary

• Q1 2025 EV deliveries reached 36,330 units, up 296% year-over-year but down 32% sequentially; e-scooter deliveries rose 473% year-over-year and 44% sequentially, driven by network expansion and product focus.

• Maintained #1 position in Vietnam's auto market, with Q1 2025 deliveries surpassing the next three competitors combined.

• Expanded presence in Southeast Asia and India, with a new CKD factory in India opening July 2025 and a shift to a dealer-led model in Europe and North America.

• B2C deliveries made up over 70% of sales for three consecutive quarters; related party deliveries accounted for 21% in Q1 2025.

• Investing in next-generation EV platforms and E/E architecture to drive cost optimization and scalability, with launches starting Q3 2025.

Financial highlights

• Q1 2025 net revenue was $657 million (VND16,306.4 billion), up 150% year-over-year and flat sequentially.

• Gross margin improved to -35% from -59% year-over-year and -79% in Q4 2024; adjusted gross margin (excluding NRV and one-offs) was -28%.

• Net loss was $712 million (VND17,693.8 billion), improved 42% sequentially but up 20% year-over-year.

• EBITDA was -$396 million (-60% margin), a significant improvement from -130% margin a year ago.

• CapEx was $147 million, down 24% year-over-year and 40% sequentially.

• Operating cash flow was -$607 million; cash burn was 115% of revenue, improved from 256% a year ago.

Outlook and guidance

• Targeting to at least double 2024 deliveries (97,000) in 2025, with new CKD facilities in Indonesia, India, and Vietnam increasing capacity by up to 300,000 vehicles per year.

• Full-year 2025 ASP expected to remain under $20,000, with smaller models contributing about 50% of deliveries.

• Break-even gross margin targeted for 2026, with ongoing BOM optimization and scale improvements.

• CapEx for 2025 planned at $1.4 billion, with over 50% allocated to R&D.

• Total cash burn for 2025 expected at $2–2.5 billion.