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Jun 30, 2025
VinFast Q2 2025 Earnings Report
VinFast reported strong EV and e-scooter delivery growth in Q2 2025, despite posting a net loss.
Key Takeaways
VinFast demonstrated significant year-over-year revenue growth and improved gross margin, driven by higher EV and e-scooter deliveries, though it still reported a net loss and negative free cash flow.
Revenue reached $663 million, up 92% YoY.
Net loss widened to $812 million compared to $749 million a year ago.
Gross margin improved to -41% from -63% in Q2 2024.
EV deliveries surged 172% YoY to 35,837 units.
Forward Guidance
VinFast reaffirmed its target to at least double global deliveries in 2025, focusing on scale, cost discipline, and geographic expansion.
Positive Outlook
- Guidance to double global deliveries in 2025 remains unchanged.
- New plants in India and Indonesia expanding capacity.
- Strong domestic growth in Vietnam supports international expansion.
- Government policies in Vietnam favor electrification, supporting scooter growth.
- EV sales momentum expected to continue with new model launches.
Challenges Ahead
- Persistent net losses and cash burn.
- Gross margin remains negative despite improvements.
- Heavy reliance on funding and liquidity sources.
- Higher warranty provisions impacting quarterly margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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