VinFast Auto (VFS) Q2 2026 earnings summary

Executive summary

• Q2 deliveries reached 70,085 electric four-wheelers, up 96% YoY, and 286,039 electric two-wheelers, up 311% YoY; revenue rose 85.5% YoY to $1.204bn.

• Continuing-operations net loss was $1.237bn; a $1.181bn discontinued-operations gain brought total net loss to $56mn.

• Strategy emphasizes EV expansion, asset-light manufacturing, product and technology investment, and a 20% economic interest in a Hanoi urban project.

Financial highlights

• Revenue was $1.204bn, up 32.9% QoQ and 85.5% YoY; excluding the extended free-charging program deduction, revenue would have been $1.3bn.

• Adjusted EBITDA loss was $1.133bn; excluding specified charging, deferral, incentive and NRV impacts, it was $678mn.

• Operating loss was $1.156bn; continuing-operations net loss was $1.237bn, versus $543mn in Q2 2025.

• Q2 CapEx was $233mn, up 18.2% QoQ and 11% YoY, primarily for India and Indonesia facility expansion and Vietnam factory spending before the spin-off.

Outlook and guidance

• The 300,000-EV FY26 target remained in view; H1 deliveries represented ~43% of target, with Vietnam expected to contribute over 75%.

• Limo Green and MPV 7 are expected to account for ~35% of 2026 sales; VF 8 and VF 2 launches are also expected to support H2 volumes.

• FY26 production and delivery expectations remained in line with the business plan despite semiconductor constraints; EBITDA break-even remains a medium-term goal.

• A pilot of 200 Level 4 robotaxis at Vinhomes Green Paradise is planned for late 2027, subject to regulatory approvals.