16 hours ago
, /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2025.
EV deliveries were 86,557 in the fourth quarter of 2025, representing a 127% increase quarter-over-quarter and a 63% increase year-over-year. Among those, the commercial models under the Green brand and the EC Van model accounted for approximately 49% of total deliveries during the period. International markets maintained strong growth momentum, contributing for the first time approximately 18% of the total vehicle deliveries in a quarter.
For the full year 2025, the Company delivered 196,919 EVs globally, representing a 102% increase year-over-year. The full year delivery result exceeded management's 2025 delivery guidance of at least doubling full year 2024 deliveries of 97,399 EVs and marked VinFast's highest annual deliveries since its inception.
E-scooter and e-bike deliveries were 171,962 in the fourth quarter of 2025, representing a 43% increase quarter-over-quarter and a 452% increase year-over-year. For the full year 2025, the Company delivered 406,498 e-scooters and e-bikes, representing a 473% increase year-over-year.
Revenue Maintains Strong Growth Momentum, Profit Margins Improve Significantly
As a result, total revenues were VND 39,411.7 billion (US$1,568.9 million) in the fourth quarter of 2025, representing an increase of 138.9% from the fourth quarter of 2024 and an increase of 117.7% from the third quarter of 2025.
Total revenues were VND 90,427.6 billion (US$3,599.7 million) in 2025, representing an increase of 105.4% from 2024.
Gross margin was negative 39.9% in the fourth quarter of 2025, compared to negative 79.1% in the fourth quarter of 2024 and negative 56.2% in the third quarter of 2025. The improvement in gross margin compared to the fourth quarter of 2024 and the third quarter of 2025 reflects the benefits of scale and a more optimized cost structure.
Gross margin was negative 42.5% in 2025, compared to negative 57.4% in 2024.
As of December 31, 2025, customers can purchase VinFast EVs from 424 showrooms globally.
Madame Thuy Le, Chairwoman of VinFast, said: "2025 was another landmark year for VinFast – but more importantly, it was a year of disciplined investment behind our core mission: making electric mobility and sustainable journey accessible to everyone. Every strategic decision we make is anchored to that objective, including investing in technology, industrial capabilities, and global expansion. For 2026 and beyond, scale and unit cost optimization remain the primary levers in our path to profitability. These will be supported by strategic investments to expand overseas capacity, the commercialization of our next-gen vehicles, and collaboration with partners from within Vingroup's ecosystem and other established players to further integrate the use of Artificial Intelligence inside our EVs and factories to ultimately lower the total cost of ownership for our customers."
