VinFast Auto (VFS) Q2 2025 earnings summary

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.