VinFast Auto (VFS) Q3 2025 earnings summary

Executive summary

• Delivered 38,195 EVs in Q3 2025, up 74% year-over-year and 7% quarter-over-quarter; nine-month global deliveries reached 110,362 EVs, up 149% year-over-year.

• Surpassed 100,000 vehicle sales in the first three quarters of 2025, maintaining leadership in Vietnam and expanding internationally.

• E-scooter and e-bike deliveries surged 535% year-over-year, driven by policy shifts favoring electric two-wheelers.

• Four models ranked among Vietnam's top 10 best-selling cars in 9M 2025, reinforcing market leadership.

• Expanded global presence with new showrooms and partnerships in India, Indonesia, the Philippines, the U.S., Europe, and the Middle East.

Financial highlights

• Q3 2025 revenue was $719 million (VND18,100.2 billion), up 47% year-over-year and 9% quarter-over-quarter.

• Cost of goods sold was $1.1 billion, up 85% year-over-year; gross margin was -56.2%, impacted by delayed revenue recognition and higher warranty costs.

• Adjusted EBITDA was -$576 million; net loss was -$953 million, with net loss margin at -132.7%.

• Cash and cash equivalents stood at $349 million as of September 30, 2025.

• CapEx reached $261 million, up 24% quarter-over-quarter and 108% year-over-year.

Outlook and guidance

• On track to at least double 2025 volumes; expect 30,000 vehicle deliveries per month soon.

• 2026 guidance to be released early next year, with strong growth trajectory anticipated.

• Two-wheeler deliveries targeted at 1.5 million units in Vietnam for 2026, about 50% of new sales.

• Expanding annual designed capacity to 600,000 cars with new plants in Vietnam, India, and Indonesia.

• Growing charging infrastructure and mobility ecosystem across Vietnam and international markets.