VinFast Auto Ltd. reported third‑quarter 2025 revenue of US$718.6 million, a 46.8 % year‑over‑year increase that still fell short of the consensus estimate of US$805.92 million. The company delivered 38,195 electric vehicles, up 74 % from the same period last year, and shipped 120,052 e‑scooters and e‑bikes, a 535 % jump that helped lift top‑line growth despite broader market softness.
Earnings per share were a loss of US$0.41, wider than the consensus estimate of a loss of US$0.26. Gross margin deteriorated to a negative 56.2 % from a negative 24 % in Q3 2024, reflecting a sharp rise in cost of goods sold—up 85 % year‑over‑year—combined with heavy investment in production capacity and marketing.
The surge in e‑scooter and e‑bike shipments was driven by supportive Vietnamese government policy, including a planned ban on petrol‑powered motorbikes, which accelerated demand for low‑cost electric alternatives. While the company’s flagship cars (VF 3 and VF 5) continued to dominate domestic sales, the scooter segment’s explosive growth offset the modest margin pressure in the car business.
Management highlighted liquidity and financing as key pillars of the strategy. Chairwoman Thuy Le noted that VinFast had reached 100 000 vehicle sales in Vietnam within the first three quarters, underscoring domestic market leadership. Chief Financial Officer Lan Anh Nguyen emphasized that the company’s available liquidity stood at US$3.7 billion as of September 30, and that it had secured US$250 million in new loan facilities during the quarter to support expansion in India, Indonesia, and the Philippines.
Investors reacted negatively to the earnings miss and margin deterioration, citing concerns over the company’s widening net loss, the negative gross margin, and the additional debt load. The broader electric‑vehicle sector was also under pressure, amplifying scrutiny of VinFast’s profitability trajectory.
The results signal that while VinFast’s top‑line growth remains robust—particularly in the e‑scooter market—the company faces significant headwinds in achieving profitability. Cost inflation, aggressive capital spending, and a challenging macro environment are likely to keep margins under pressure in the near term, even as the firm continues to expand its international footprint.
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