VinFast Auto Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 61% year-over-year delivery growth and strong two-wheeler momentum, but gross margin was impacted by a $192 million free charging program. The Vietnam manufacturing spinoff and GSM partnership support a capital-light model and future growth.
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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 gross margin and net loss margins improving significantly. 2026 guidance targets at least 300,000 EV deliveries and major international expansion, supported by new models and manufacturing capacity.
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Q3 2025 saw record EV and e-scooter deliveries, strong revenue growth, and continued international expansion, though margins remain negative due to timing of revenue recognition and high investment. Liquidity stands at $3.7 billion, supporting growth and R&D for new platforms.
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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 robust year-over-year growth in EV and two-wheeler deliveries, improved gross margin, and significant cost optimization. Expansion in Asia and a shift to dealer-led distribution in Europe and North America are underway, with new factories and next-gen platforms set to drive future growth.
Fiscal Year 2024
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Global EV deliveries more than doubled in 2024, with strong growth in Vietnam and international markets. Revenue rose 58% year-over-year, while adjusted gross margin improved and cash burn declined. 2025 guidance targets at least double deliveries, with Asia as the main growth driver.
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Record Q3 deliveries and revenue growth were driven by strong demand in Vietnam and expanding international presence. Gross loss and net loss narrowed significantly, supported by cost optimization and a $3.5 billion capital injection. The company remains confident in meeting its 2024 delivery target and expects continued growth in 2025.
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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.