VinFast Auto (NASDAQ:VFS) used its fourth-quarter 2025 earnings call to emphasize what management described as a “disciplined investment” approach aimed at scaling volumes and reducing unit costs, while expanding its product portfolio and international footprint. Chairwoman Le Thi Thu Thuy said Q4 2025 was the company’s strongest quarter to date across several key financial metrics, and framed 2026 priorities around scale, cost optimization, overseas capacity expansion, and greater integration of AI across vehicles and factories.
Deliveries, guidance, and market mix
VinFast reported 196,919 EV deliveries for full-year 2025, which management said exceeded its guidance to at least double 2024 deliveries. Q4 EV deliveries reached a quarterly record of 86,557 units. The company’s two-wheeler segment also hit a new high, with full-year deliveries rising 5.7 times to 406,496 units.
VinFast said Vietnam remained its largest market and that it maintained the number-one OEM position there. The company ended 2025 with an estimated 36% market share versus 22% in 2024, and said models VF3 and VF5 represented 51% of domestic volume. For the first time since it began selling internationally, the company said overseas markets accounted for 18% of Q4 deliveries and 11% of full-year 2025 deliveries.
Management highlighted progress in several export markets, citing its ranking among BEV brands in India based on Vahan registrations—number 8 in October, 7 in November, and 4 in December—and said it has maintained that position to date. VinFast also said it ended 2025 as the number 3 BEV brand in Indonesia (per GAIKINDO) and number 2 in the Philippines (per CAMPI).
Product strategy: three brands, MPVs, next-gen platforms, and REEV
VinFast said it has repositioned its portfolio under three brands: the core VinFast passenger lineup (VF3 to VF9), the “Green” commercial line for fleet use (including Limo, Herio, Nerio, and Minio Green), and an ultra-luxury “Lac Hong” series. Thuy said the Green commercial line gained traction with fleet and B2B customers in Q4 and accounted for nearly half of total deliveries.
Management also disclosed that in 2025, approximately 27% of deliveries were to related parties, primarily ride-hailing platform GSM, with a higher share of about 33% in Q4 as GSM rapidly scaled fleets in Indonesia and the Philippines.
Looking ahead, VinFast plans to launch two 7-seat MPVs—the Limo Green and VF MPV7—across key Asian markets. It also expects the next generation of VF6 and VF7 to begin start of production in the second half of 2026, designed to lower bill-of-materials cost by reducing complexity and components through a new platform and next-generation electrical/electronic architecture.
In response to a question about hybrid rumors, management said VinFast is developing range-extender EVs starting with the VF 8 REEV, with a planned Vietnam launch in 2027 and overseas rollout “over time.” The company described REEV as a practical interim step in markets with developing charging infrastructure and said incremental R&D requirements should be manageable.
Manufacturing footprint and North Carolina update
Thuy said VinFast operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. The company highlighted utilization improvements at its Hai Phong plant, including production of nearly 26,000 EVs in December and rollout of its 200,000th vehicle of the year. VinFast also recapped the opening of a Ha Tinh facility in Vietnam, an India facility in Tamil Nadu in August, and a second overseas factory in Subang, Indonesia in December.
On the U.S., management said it expects to resume construction of its North Carolina factory in 2026 and is targeting start of production in 2028. CFO Lana Nguyen said the company recorded an approximately $236 million impairment charge related to the North Carolina project in Q4, describing it as a one-off accounting adjustment tied to changes in project timing and development assumptions, and said it did not represent a change in long-term commitment to the U.S. market. Thuy added that a U.S. manufacturing base provides flexibility as market conditions and regulations evolve.
Technology, ADAS, subscriptions, and robotics
Deputy CEO of Investments Anne Pham said VinFast continues investing in owning more of its technology stack to deliver features at lower cost over time. She referenced an autonomy roadmap shared at “Mobility Day” in November, including level 2+ and 2++ progressing toward level 4, and a self-driving Robocar demonstration in partnership with Autobrains. Pham also said VinFast entered a collaboration with Tensor, under which VinFast will serve as the manufacturing and industrialization partner for Tensor’s Robocar program; she said prototypes have been tested and the program is in pre-production.
The company also discussed a transition to “EE 2.0” as part of a structural cost initiative, citing potential BOM reductions via ECU consolidation, simplified wiring harnesses, and greater component commonality. Pham said VinFast is seeing early interest from external parties in EE 2.0 as a standalone solution, which could represent a potential longer-term revenue stream, and that the company plans to expand subscription offerings and localized voice assistance across key Asian markets.
On robotics, VinFast said it is working with sister company VinRobotics to deploy intelligent automation. Pham said humanoid robot trials are planned for the second half of 2026 across two Vietnam plants for certain operational tasks, with an emphasis on avoiding disruption to EV production.
Financial results: revenue growth and improving margins, but continued losses
Nguyen reported Q4 2025 revenue of $1.6 billion, up 118% quarter-over-quarter and 139% year-over-year. Full-year 2025 revenue was $3.6 billion, up 105% year-over-year.
- Gross margin: -40% in Q4 2025 versus -79% in Q4 2024; full-year -43% versus -57% in 2024. Nguyen noted 2024 revenue was affected by a one-time adjustment tied to the free charging program applied retrospectively through December 31, 2024.
- R&D expense: $114 million in Q4, up 7% sequentially and year-over-year; R&D was 7% of revenue, which management said was the lowest in the past five quarters.
- SG&A expense: $391 million, up 126% quarter-over-quarter and 50% year-over-year, driven by higher marketing tied to multi-market launches and including the $236 million impairment charge.
- Adjusted EBITDA: -$1.0 billion in Q4, with adjusted EBITDA margin of -65% versus -80% in Q3 2025 and -129% in the prior-year quarter.
- Net loss: -$1.4 billion in Q4; net loss margin improved to -89% from -186% a year earlier.
Capital expenditures were $304 million in Q4 and $922 million for full-year 2025. On liquidity, VinFast said total liquidity as of December 31, 2025 was $3.1 billion, reflecting cash, funding commitments from Vingroup and its founder, and an equity line of credit facility. The company said outstanding borrowings from Vingroup under a previously announced commitment totaled $413 million, and it received $1.1 billion in disbursements from its founder under a grant agreement.
In Q&A, management did not provide a specific timeline for achieving positive gross margin, but reiterated a profitability framework centered on higher volumes and BOM reductions, including next-generation vehicles expected to deliver substantially lower BOM costs. Nguyen also said 2026 capex would be concentrated on manufacturing footprint buildout, with roughly $400 million domestic and $600 million for international factories. In response to a question on macro conditions, Thuy said higher oil prices reinforce EV value propositions and that VinFast had not seen a material impact on its operating outlook at the time of the call.
About VinFast Auto (NASDAQ:VFS)
VinFast Auto, founded in 2017 as a subsidiary of Vietnam’s Vingroup, specializes in the design, development and manufacturing of electric vehicles and related mobility solutions. Headquartered in Haiphong, Vietnam, the company operates an integrated production complex that houses research and development, manufacturing and assembly facilities. Backed by Vingroup founder Pham Nhat Vuong, VinFast has rapidly expanded its product line from its first electric SUV, the VF e34, launched in late 2021, to a diverse portfolio of battery electric cars and electric scooters.
The company’s vehicle lineup includes the VF 8 and VF 9 sport utility vehicles, as well as electric passenger cars tailored for markets in Asia, North America and Europe.
