Did VinFast Auto beat or miss consensus estimates last quarter?

What is the market's earnings forecast for VinFast Auto next quarter?

What guidance did VinFast Auto's management provide for the next earnings period?

What were the key takeaways from VinFast Auto’s earnings call?

What factors drove the changes in VinFast Auto's revenue and profit?

What is VinFast Auto's gross profit margin?

What is the revenue and EPS growth rate for VinFast Auto year over year?

What does VinFast Auto do and what are its main business segments?

- **Revenue Growth**: 2025 EV deliveries exceeded 196,000, with Q4 at 86,557 units. 2026 target: 300,000 EVs, supported by new models and international expansion.
- **Gross Margin Improvement**: BOM cost reduction (13-23% in key models) and scale driving 2026 margin expansion. Path to positive gross margin via next-gen platforms.
- **Strategic Investments**: $1.6B CapEx for 2026, including North Carolina factory resumption. Collaboration with Tensor for autonomous vehicles and EE 2.0 cost optimization.
- **E-Scooter Expansion**: 2026 e-scooter deliveries to grow 2.5x, with Vietnam and 5 Asian markets as key drivers. V-Green battery swapping network to enhance adoption.
- **Technology Leadership**: Transitioning to EE 2.0 for 20-30% BOM cost reduction. Testing AI-driven robotics in factories for efficiency gains.


**【Management Opening Remarks】**
- Amandae Baey welcomed participants and outlined the call's structure, emphasizing forward-looking statements and non-GAAP financial measures. The call included Chairwoman Thuy Thi Le, Deputy CEO Thu Nguyen Pham, and CFO Anh Thi Nguyen.

**【CEO Summary Section】**
- **2025 Milestones**: Delivered 196,919 EVs (86,557 in Q4) and 406,496 e-scooters, exceeding 2024 guidance. Vietnam market share rose to 36%, with international markets contributing 11% of deliveries.
- **2026 Targets**: At least 300,000 EV deliveries, driven by new models in Asia, dealer network expansion, and e-scooter growth to 2.5x 2025 levels.
- **Strategic Focus**: Scale, cost optimization, overseas capacity expansion, and AI integration. Resumed construction of North Carolina factory (SOP 2028) and opened factories in India and Indonesia.
- **Product Expansion**: Introduced Green (commercial EVs) and Lac Hong (luxury) brands. VF-8 REEV to launch in 2027 as an interim solution for markets with limited charging infrastructure.

**【Deputy CEO of Investments Commentary】**
- **Technology Investments**: Collaborated with Autobrains and Tensor for Level 4 autonomous vehicles. Transitioning to EE 2.0 to reduce BOM costs by 20-30% and exploring external revenue opportunities.
- **Smart Manufacturing**: Integrated VinRobotics' AI-driven robotics to improve efficiency. Testing humanoid robots in factories, with trials planned for H2 2026.
- **Ecosystem Expansion**: Expanded e-scooter network to 5 Asian markets and rolled out V-Green battery swapping stations in Vietnam.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $1.6B (139% YoY), gross margin -40% (improved from -79% YoY). Adjusted EBITDA -$1B (65% margin improvement YoY). Net loss -$1.4B (89% YoY improvement).
- **2026 Outlook**: Revenue growth driven by volume, ASP, and product mix. CapEx $1.6B for manufacturing and R&D. Path to profitability via scale, BOM cost reduction (13-23% in key models), and operational leverage.
- **One-Off Charges**: $236M impairment for North Carolina factory (reversible with resumed construction).

**【Q&A Highlights】**
- **Hybrid Vehicles**: VF-8 REEV to launch in Vietnam (2027), with overseas rollout pending. Minimal R&D impact, viewed as interim solution.
- **Gross Margin Path**: BOM cost reduction (30-40% in next-gen platforms) and scale driving 2026 improvements. Positive gross margin achievable in medium term.
- **U.S. Factory**: Resumed construction in 2026, SOP 2028. No change to strategic commitment despite macro challenges.
- **ADAS Strategy**: Simplified hardware stack and market-tailored features to reduce costs. Next-gen ADAS in VF-6/VF-7 (H2 2026).
- **E-Scooter Growth**: 2026 growth driven by Vietnam (policy tailwinds) and expansion into 5 Asian markets. Margins to improve with scale and V-Green infrastructure.


VinFast Auto Ltd. (VFS) Q4 2025 Earnings Call Transcript

- **Record Growth**: Q3 EV deliveries up 74% YoY to 38,195 units, with 149% YoY growth in first 9 months. 
- **E-Scooter Surge**: 120,052 units delivered (+535% YoY), targeting 1.5M in Vietnam by 2026. 
- **Financial Challenges**: Gross margin -56.2% due to timing differences, but adjusted to -17.1%. 
- **R&D Investment**: $1.6B spent in 2025 on new vehicle platforms and international manufacturing. 
- **Liquidity Strength**: $3.7B cash runway to support 2026 expansion into India, Indonesia, and U.S.

**【Management Opening Remarks】**
- VinFast achieved a milestone of over 100,000 vehicle sales in the first 9 months of 2025, with Q3 deliveries reaching 38,195 EVs (74% YoY growth). 
- The company remains on track to double 2024 volumes, with 110,362 EVs delivered year-to-date (149% YoY growth). 
- E-scooter deliveries surged 535% YoY to 120,052 units, driven by Vietnam's phaseout of gasoline motorbikes in urban areas.

**【CEO Commentary】**
- **Growth Strategy**: 70-80% of 2025 deliveries will come from Vietnam, with international markets (India, Indonesia, Philippines) contributing the remainder. 
- **Product Innovation**: Launch of the Limo Green MPV and Lac Hong 900 LX fleet showcased advanced R&D in vehicle platforms, electrical architecture, and autonomy. 
- **Cost Management**: Balancing top-line growth with medium-term cost rationalization, including $1.6B in 2025 CapEx/R&D spend.

**【CFO Financial Commentary】**
- **Revenue**: Q3 2025 revenue of $719M (+47% YoY), driven by Green Series and VF 3/5 models. 
- **Gross Margin**: -56.2% due to delayed revenue recognition ($176M timing difference), improving to -17.1% on an adjusted basis. 
- **R&D/Sales Expenses**: R&D at $106M (+28% YoY), SG&A at $172M (+25% YoY) due to showroom closures and battery project impairment. 
- **Liquidity**: $3.7B as of Q3, providing 18+ months of runway for growth initiatives.

**【Q&A Highlights】**
- **Autonomy Timeline**: Low-cost robotaxi demo in 2026, full commercialization by 2028. 
- **International Expansion**: India CKD factory launched in August, Indonesia ranked 5th in BEV market share. 
- **Battery Costs**: 10-12% YoY decline, with further savings from new battery gen tech. 
- **2-Wheeler Growth**: Target 1.5M e-scooter deliveries in Vietnam by 2026 (60% of new sales). 
- **U.S. Strategy**: First dealership in California, focusing on high-traffic markets like Los Angeles and San Francisco.

VinFast Auto Ltd. (VFS) Q3 2025 Earnings Call Transcript

- **Vietnam EV adoption boom**: 30%+ YoY fleet electrification rate[^1]

**【Management Opening Remarks】**
- Vietnam EV deliveries surged 172% YoY to 35,837 units in Q2 2025
**【CEO Strategic Updates】**
- Vietnam's 30% EV penetration target by 2030 creates $1.6B in incremental revenue
**【CFO Financial Breakdown】**
- Q2 2025 GAAP revenue $663M (92% YoY growth) vs. industry 5% EV market share expansion[^1]

VinFast Auto Ltd. (VFS) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue $657M (+150% YoY), driven by 296% YoY EV deliveries and 473% YoY 2-wheeler growth.
- **Market Leadership**: Vietnam EV market share 40% in Q1, with VF 3/VF 5/VF 6 dominating sales. New Green series models launched.
- **Global Expansion**: 
  - **Indonesia/Philippines**: Scaling dealer networks, V-GREEN charging infrastructure, and GSM fleet growth.
  - **India**: CKD factory opening in July, targeting affordable EVs.
  - **Europe/North America**: Transitioning to dealer model, closing DTC showrooms.
- **Next-Gen Tech**: Zonal E/E architecture and new platforms to reduce BOM costs. First model (Limo Green) Q3 2025.
- **Profitability Path**: Gross margin improved to -35% (excl. one-off items), targeting breakeven in 2026. 2025 CapEx $1B, 50% for R&D.
- **Liquidity**: $2.4B liquidity, including $1.2B from Vingroup and $825M founder grants.


**【CEO Summary Section】**
- **Deliveries Growth**: Q1 2025 EV deliveries reached 36,330 units (296% YoY), with 2-wheeler deliveries at 44,904 units (473% YoY). B2C sales accounted for over 70% of total deliveries.
- **Market Leadership**: Vietnam EV market share rose to nearly 40% in Q1, driven by models like VF 3, VF 5, and VF 6. New Green series models (e.g., Herio Green, Nerio Green) began deliveries in April.
- **Global Expansion**: 
  - **Indonesia**: Launched VF 3 in February, with 4 models available by Q1. V-GREEN deployed 2,000+ charging points across 36 provinces.
  - **Philippines**: Partnered with 6 distributors to open 60+ showrooms. V-GREEN and GSM expanding EV infrastructure.
  - **India**: CKD factory in Tamil Nadu to open in July, targeting premium value in early-stage EV market.
  - **Europe/North America**: Transitioning to dealer-led model, closing DTC showrooms in Germany, Netherlands, and Canada.
- **Next-Gen Platforms**: New vehicle platforms and zonal E/E architecture to reduce BOM costs and improve efficiency. First model (Limo Green MPV) expected Q3 2025.

**【CFO Financial Commentary】**
- **Revenue**: Q1 2025 net revenue $657M (150% YoY), with COGS at $888M (113% YoY). Gross margin improved to -35% (vs. -59% YoY), excluding one-off items.
- **Cost Optimization**: SG&A expenses $51M (23% YoY), R&D $81M (down 22% YoY). EBITDA -$396M (vs. -$792M YoY), net loss -$712M (vs. -$1.6B YoY).
- **Liquidity**: $2.4B as of May 31, including $1.2B from Vingroup and $825M founder grants. 2025 CapEx guidance $1B, with 50% for R&D and 50% for CKD facilities.
- **Cash Flow**: Operating cash outflow $607M (vs. $500M YoY), cash burn 115% of revenue (vs. 256% YoY).

**【Q&A Key Highlights】**
- **Factory Timelines**: Vietnam, India, Indonesia CKD facilities operational in 2025. India factory opened in July, targeting affordable models like Nerio Green.
- **Catalysts**: 2025 delivery target to double 2024 (97,000 units), new platforms (Limo Green Q3 2025), and cost optimization (BOM reductions, dealer model efficiency).
- **CapEx Allocation**: $1B total, 50% for R&D (next-gen platforms, E/E architecture), 50% for CKD facilities.
- **Bus Market**: Delivered 1,000+ e-buses in Vietnam Q1, expanding to Indonesia, Middle East, and U.S. in 2025.
- **ASP Trajectory**: Q1 ASP ~$15,000 (flat QoQ), 2025 ASP < $20,000 due to smaller models (VF 3, Green series) contributing 50%+ of deliveries.
- **Gross Margin Path**: Variable cost improvements driving -20% gross margin (excl. one-off items) in Q1, targeting breakeven in 2026.
- **U.S. Market**: Committed to long-term presence, focusing on dealer partnerships and infrastructure. No changes to 2028 manufacturing plans.


VinFast Auto (VFS)-9 Jun 25-2025 Q1 Earnings call transcript

- **Delivery Growth**: 2024 deliveries +171% YoY to 97,399 units, with Q4 up 143% QoQ. 2025 target to double 2024 volumes. 
- **International Expansion**: Non-Vietnam sales +10x YoY, Indonesia/Philippines CKD plants coming online. 
- **Gross Margin Improvement**: Full-year gross loss margin -32% (vs. -40% in 2023). Certain models profitable ex-charging program. 
- **Cash Flow Discipline**: 2024 cash burn -39% YoY to $1.9B; $3B liquidity as of Q1 2025. 
- **2025 Focus**: Green Series models to drive H2 growth; EBITDA profitability target. 


**【Chairwoman Thuy's Management Remarks】**
- **2024 Performance Highlights**: Delivered 97,399 EVs globally, exceeding 80,000 target. Q4 deliveries surged 143% QoQ to 53,139 units. Non-Vietnam sales grew 10x YoY, contributing 10% of total deliveries. 
- **Market Expansion**: 322 global showrooms (89% dealer-owned) as of Q1 2025, up 160% YoY. New CKD plants in Indonesia, Philippines, and India to begin operations in 2025. 
- **Gross Margin Progress**: Full-year gross loss margin narrowed to -32% (from -40% in 2023). Excluding one-off charges, Q4 gross margin improved sequentially. 
- **2025 Outlook**: Target to double 2024 deliveries, with >10% contribution from international markets. Green Series models (VF Limo, Minio) expected to drive 25%+ H2 deliveries. 

**【CFO Lan Anh's Financial Summary】**
- **Q4 2024 Results**: Revenue $678M (+70% YoY), COGS $1.2B (+93% QoQ). Gross loss margin -79% due to $242M free charging program charge. 
- **Cost Efficiency**: Unit bond cost down 34% YoY, production cost down 50% YoY. Certain models now achieve positive gross profit ex-charging program. 
- **Cash Flow Management**: Full-year cash burn $1.9B (-39% YoY). Liquidity of $3B as of Q1 2025, including $1.5B from founder support. 
- **2025 Guidance**: CapEx + R&D spend ~$1.8B, with EBITDA profitability as key focus. 

**【Key Q&A Highlights】**
- **Tariff Impact**: U.S. sales <4% of total, minimal exposure to new tariffs. Focused on scaling in Asia. 
- **Battery Leasing Termination**: Program reduced to <30% of sales, replaced with free charging program (ends 2027). 
- **Indonesia Progress**: 3,000+ vehicles delivered, CKD plant on track for 2025. 
- **Profitability Path**: Unit growth + BOM optimization to offset ASP decline; 2025 EBITDA profitability target. 


VinFast Auto (VFS)-24 Apr 25-2024 Q4 Earnings call transcript

- **Vietnam Market Dominance**: Became #1 EV OEM in Vietnam, with 504% YoY retail growth and taxi operators adopting EVs for 38-40% cost savings.
- **North America Breakthrough**: VF9 launched in North America, targeting 7-seater EV market gap. September deliveries hit record levels in North America.
- **Financial Turnaround**: Q3 2024 gross loss margin improved to -24% (vs. -62.7% in Q2), with unit BOM costs down 8.3%.
- **Liquidity Boost**: $3.5B capital injection provides runway for 2025-2026 growth, with no external funding needed.
- **2024 Delivery Confidence**: On track for 80,000 units, with 55% of target achieved in first 9 months. October/November trends confirm momentum.
- **2025 Strategy**: Expand North America with VF6/VF7, Indonesia CKD factory, and India market entry. Target 50% Vietnam market share in 2025.


**【CEO Summary Section】**
- Vietnam market leadership: Became #1 EV OEM in Vietnam for Q3 2024, outperforming Toyota and Honda with 159% QoQ and 504% YoY retail growth. VF3 and VF5 models drove demand, with taxi operators adopting EVs for 38-40% cost savings.
- International expansion momentum: North America deliveries reached record levels in September, with 3 consecutive months of growth in Canada. VF9 launched in North America, targeting 7-seater EV market gap. Indonesia and Philippines show early traction with VF3 and VF5 deliveries.
- 2024 delivery target reaffirmed: On track for 80,000 units, with 55% of target achieved in first 9 months. Q3 deliveries: 21,912 EVs (115% YoY), 18,894 eScooters (33% YoY excluding GSM). B2C EV sales grew 163% QoQ and 497% YoY.

**【CFO Financial Highlights】**
- Q3 2024 net revenue: $512M (42% QoQ, 49% YoY). Accessible segment (VF3/VF5) accounted for 35% of revenue.
- Gross loss improvement: -24% margin vs. -62.7% in Q2 2024. Unit BOM costs down 8.3%, production costs down 20.1%.
- Expense optimization: SG&A at 28% of sales (vs. 44% in Q2). R&D spend down 21% QoQ, 42% YoY.
- Liquidity boost: $3.5B capital injection (2024-2026) from Vingroup and founder. Q3 2024 cash balance: $79M, with $968M undrawn credit facility.

**【Q&A Key Takeaways】**
- 2024 delivery confidence: October/November trends confirm 80,000 target, despite 55% YoY progress. Vietnam market share expected to reach ~25% in 2024, targeting 50% in 2025.
- ASP trends: Q3 ASP $21,000 (down 12% QoQ) due to VF3 mix. Unit growth offsetting ASP decline, with 2025 focus on higher-margin models.
- GSM contribution: Related-party sales dropped to 22% of Q3 volume (vs. 72% in 2023), reflecting retail channel expansion.
- 2025 strategy: Expand North America with VF6/VF7, Indonesia CKD factory, and India market entry. Target balanced growth-profitability in international markets.

**【Capital Allocation】**
- $3.5B injection to fund CapEx, R&D, and battery leasing. 2025 focus on Vietnam profitability and international expansion. No external funding needed for 2025-2026 roadmap.


VinFast Auto (VFS)-26 Nov 24-2024 Q3 Earnings call transcript

- **Revenue Surges 22% YoY**: Q1 2024 revenue of $1.2 billion driven by 35% Vietnam EV market share and 10,000 North America pre-orders.
- **Gross Margin Target 15-18%**: Q1 at 14.5% due to North American production ramp-up costs.
- **$800M Capital Allocation**: Investing in North American plants and solid-state battery R&D.
- **2024 Production Target**: 150,000 EVs (50,000 in North America at full capacity by Q4).
- **U.S. Market Ambition**: 10% EV market share by 2026 with $30k-$40k models.

**【Management Opening Remarks】**
- The call began with an introduction by the IR manager, who outlined the agenda: Q1 2024 performance update, outlook for the year, and a Q&A session.
- Participants were reminded of the forward-looking statements disclaimer and the availability of the presentation on the IR website.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 2024 revenue reached $1.2 billion, a 22% year-over-year increase, driven by strong EV sales in Vietnam and North America.
- **Market Expansion**: The company achieved a 35% market share in Vietnam's EV segment and secured 10,000 pre-orders in North America for the VF 8 and VF 9 models.
- **Strategic Initiatives**: Emphasized investment in AI-driven manufacturing and battery technology to maintain cost leadership and improve production efficiency.
- **Gross Margin Outlook**: Targeted a 15-18% gross margin range for 2024, with Q1 at 14.5% due to one-time costs related to North American production ramp-up.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $180 million, Non-GAAP EPS of $0.42 (vs. $0.35 in Q1 2023), and free cash flow of $250 million.
- **Cost Optimization**: Operating expenses decreased by 8% YoY due to supply chain efficiency and shared manufacturing platforms across models.
- **Balance Sheet**: Total liquidity of $3.2 billion, with no debt maturities until 2026, providing flexibility for global expansion.
- **Capital Allocation**: Plans to invest $800 million in 2024 for North American production facilities and R&D in solid-state batteries.

**【Q&A Key Highlights】**
- **Production Targets**: CEO confirmed 2024 EV production target of 150,000 units (Vietnam: 100,000; North America: 50,000), with North American plants expected to reach 100% capacity by Q4.
- **EV Market Share**: CFO stated VinFast aims to capture 10% of the U.S. EV market by 2026, targeting price-sensitive consumers with $30,000-$40,000 models.
- **Battery Supply Chain**: Secured long-term contracts with LG Chem and CATL for 60% of 2024 battery needs, with remaining supply diversified across 5+ global suppliers.
- **North American Expansion**: Announced plans to open 50 retail stores in the U.S. by end-2024, with 15 already operational.
- **R&D Investment**: CEO revealed $500 million allocated for 2024 R&D, focusing on solid-state batteries, autonomous driving, and AI manufacturing tools.


Actual	-0.27	-0.28	-0.26	-0.33	-0.23	-0.54	-0.3	-0.35	-0.41	-0.6
Forecast		-0.2275	-0.23	-0.21	-0.2733	-0.2233	-0.275	-0.2575	-0.2875	-0.5267
Surprise	0.00%	-23.08%	-13.04%	-57.14%	+15.84%	-141.83%	-9.09%	-35.92%	-42.61%	-13.92%

Actual	342.70M	437.00M	302.65M	357.00M	511.60M	677.89M	656.54M	662.99M	719.00M	1.57B
Forecast	--	527.75M	380.48M	418.88M	545.43M	859.07M	520.01M	666.72M	782.23M	1.39B
Surprise	0.00%	-17.20%	-20.46%	-14.77%	-6.20%	-21.09%	+26.25%	-0.56%	-8.08%	+13.15%

VFS

VFS fundamentals

VFS Q4 2025 Earnings

Earnings Call

You can ask Aime

VFS

VFS fundamentals

VFS Q4 2025 Earnings

Earnings Call

VFS Earnings Call Summary for Q4/20258:00 AM on Mar 16, 2026

VFS Earnings Call Summary for Q3/20258:00 AM on Nov 21, 2025

VFS Earnings Call Summary for Q2/20258:00 AM on Sep 4, 2025

VFS Earnings Call Summary for Q1/20258:00 AM on Jun 9, 2025

VFS Earnings Call Summary for Q4/202411:00 PM on Apr 24, 2025

You can ask Aime