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Sep 30, 2025
VinFast Q3 2025 Earnings Report
VinFast reported a significant increase in revenue driven by EV deliveries, though losses widened year-over-year.
Key Takeaways
VinFast's Q3 2025 results showed strong top-line growth from EV sales, yet the company continued to face deep losses as gross margin remained negative and R&D spending increased.
Revenue grew to $719 million, up from $489 million in Q3 2024.
EV deliveries surged to 38,195 units, driven by strong demand for VF 3 and VF 5.
Net loss widened to $953 million despite improved operating metrics.
Adjusted EBITDA margin improved year-over-year, but remains deeply negative.
Forward Guidance
VinFast remains focused on scaling production capacity and expanding its regional presence, while continuing to invest in R&D and charging infrastructure.
Positive Outlook
- Plans to double 2024 EV deliveries in 2025 remain on track
- Expansion of manufacturing footprint with three new plants
- Strong growth in Southeast Asian markets
- Broadened product range across vehicle segments
- Enhanced mobility ecosystem with charging and taxi networks
Challenges Ahead
- Gross margins remain negative despite revenue growth
- High operating losses continue to weigh on financials
- Cash position declined sharply from prior quarter
- Heavy reliance on financing and fundraising activities
Historical Earnings Impact
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Avg. Return Before/After Earnings
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