VinFast Auto Earnings Call Transcripts
Fiscal Year 2026
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Clean energy leaders presented growth strategies: Aptera is scaling solar EVs with capital-light manufacturing; Zeo Energy is expanding solar and storage for homes and data centers; XCharge is growing global EV charging with strong margins; VinFast is rapidly scaling EV sales in Asia, cutting costs, and shifting to a dealership model.
Fiscal Year 2025
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Record Q4 and full-year deliveries drove revenue up 105% year-over-year, with improved margins and expanding global manufacturing. 2026 guidance targets at least 300,000 EV deliveries and significant e-scooter growth, supported by new models and international expansion.
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Q3 2025 saw record EV and e-scooter deliveries, 47% revenue growth, and a strong order backlog, though gross margin remained negative due to timing and cost factors. International expansion is underway, with Vietnam as the anchor market and significant liquidity secured for future growth.
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Q2 2025 saw 172% delivery and 92% revenue growth year-over-year, led by Vietnam and supported by international expansion and new factories. Gross margin improved year-over-year but remains negative, with strong liquidity from a $1.6B R&D asset spin-off and founder support.
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Q1 2025 saw 36,330 EV deliveries (up 296% year-over-year), $657M revenue (up 150%), and improved margins, with ongoing cost optimization and a shift to a dealer-led model in Europe and North America. Liquidity stands at $2.4B, and 2025 targets include doubling deliveries and major CapEx for R&D and new facilities.
Fiscal Year 2024
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Global deliveries exceeded targets in 2024, with strong growth in Vietnam and Asia, and a shift to a dealer-focused model internationally. Financial discipline improved margins and reduced cash burn, while 2025 guidance targets doubling deliveries, driven by new models and expanded manufacturing.
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Q3 2024 saw record deliveries and revenue growth, with significant improvements in gross margin and net loss. Vietnam remains the core market, but international expansion is accelerating. Liquidity is bolstered by a $3.5B capital injection, supporting growth and profitability plans.
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Q2 2024 saw 13,172 EV deliveries, 44% growth quarter-over-quarter, and $357M in revenue, with Vietnam as the main growth driver. Gross margin was -62.7% due to a $104M NRV write-down, but cost optimizations are underway. 2024 delivery target of 80,000 vehicles is reaffirmed.
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A broad EV lineup, innovative battery subscription, and robust after-sales support drive global expansion, with rapid market entries in Asia, North America, and Europe. High automation, integrated supply chain, and Vingroup backing position the company for scale and resilience.