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.

• Achieved over 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 favorable policies in Vietnam.

• Four models ranked among Vietnam's top 10 best-selling cars in 9M'25, 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; 9M 2025 revenue reached $2,025 million.

• Cost of goods sold rose to $1.1 billion (VND28,267.8 billion), up 85% year-over-year, leading to a gross margin of -56.2%.

• Net loss was $953 million (VND24,011.1 billion), up 81% year-over-year; net loss per share was $0.41.

• Adjusted EBITDA for Q3 2025 was -$576 million; adjusted EBITDA margin -80.2%, or -33.1% excluding timing impacts.

• Cash and cash equivalents stood at $349 million (VND8,800.1 billion) as of September 30, 2025; total liquidity was $3.7 billion including commitments.

Outlook and guidance

• On track to at least double 2025 global EV deliveries; Vietnam expected to account for 70%-80% of 2026 deliveries.

• 2026 guidance for delivery volumes and EBITDA to be released early next year; strong growth trajectory expected.

• Two-wheeler deliveries targeted at 1.5 million units in Vietnam for 2026.

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

• ASP expected to remain roughly flat as product mix balances between affordable and higher-end models.