VinFast Auto (VFS) Q1 2026 earnings summary

Executive summary

• Q1 2026 EV deliveries reached 58,577 units, up 61% year-over-year, with international deliveries at 8% and non-related parties at 87%.

• Electric two-wheeler deliveries surged 219% year-over-year to 143,136 units, with Evo and Feliz models comprising 81%.

• VinFast maintained its position as Vietnam's top OEM, achieving a 17% two-wheeler market share and ranking second only to Honda, while expanding in Southeast Asia and India.

• Strategic partnership with GSM to supply up to 1 million EVs and 4 million e-scooters by 2030, enhancing order visibility and brand presence.

• Announced spinoff and restructuring of Vietnam manufacturing assets to support a capital-light model and improve operational efficiency.

Financial highlights

• Q1 2026 revenue grew 41.7% year-over-year to VND23,111.1 billion (US$920.7 million), despite seasonality.

• Gross margin was -73.6%, impacted by a $192 million revenue deduction for extended free charging programs.

• Adjusted gross margin improved to -22.5% excluding one-time items, versus -47.2% in Q4 2025.

• Adjusted EBITDA was -$783 million, a 29.9% sequential decrease; margin would have been -32% excluding special items.

• Net loss was VND28,108.0 billion (US$1,119.8 million), with EPS at -$0.48, a 25% improvement from Q4 2025.

Outlook and guidance

• Reiterates global EV delivery target of at least 300,000 units for 2026, with two-wheeler deliveries expected to be at least 2.5 times 2025 levels.

• CapEx for Q1 was $198 million, mainly for manufacturing expansion.

• Post-spinoff, CapEx is expected to reduce by $400 million for Vietnam factories, with total CapEx and R&D projected at $300–$400 million per quarter in 2026.

• Targeting break-even in Vietnam by 2027, driven by higher sales and lower production costs.

• Expansion to continue in Vietnam, Indonesia, India, the Philippines, Middle East, North America, and Europe.