VinFast Auto Ltd. Q4 FY2025 earnings call

2025 was a landmark year with disciplined investment. Fourth quarter 2025 had strongest financial metrics. VinFast is a vertically integrated software-defined EV platform. 2026 strategic investment focuses on scale and unit cost optimization, supported by overseas capacity expansion, next-gen vehicle commercialization, and AI integration. Operates 4 manufacturing facilities globally. 2026 plans include strengthening manufacturing capacity, resuming North Carolina factory construction, completing EV portfolio launch, introducing new models, developing range extender EVs, expanding dealer network, and collaborating with technology companies for smart manufacturing and autonomy.

Full year 2025, VinFast delivered 196,919 EVs, exceeding guidance to at least double 2024's deliveries. Q4 alone saw 86,557 EV deliveries, a new quarterly record. Full year 2-wheeler deliveries grew 5.7x to 406,496 units. 2026 guidance targets at least 300,000 EV deliveries and 2-wheeler deliveries at least 2.5x 2025 volume. In Vietnam, VinFast ended 2025 with an estimated 36% market share, VF-3 and VF-5 accounting for 51% of domestic volumes, and was #1 electric scooter player. Overseas markets contributed 18% of Q4 2025 deliveries and 11% for full year 2025. India ranked #4 in December 2025, Indonesia was #3 BEV brand, and Philippines was #2 BEV brand.

2026 scale is key to operational efficiency. Revenue growth driven by higher volumes, modest ASP improvement, and product mix evolution. Targets at least 300,000 EV deliveries and 2-wheeler deliveries at least 2.5x 2025 volume, supported by new models in international markets, dealer network expansion, and international market expansion.

Q: Rumors of launching hybrid vehicle.

A: VF-8 REEV planned, leverages existing BEV platforms, limited impact on R&D.

Q: Drivers of narrowing gross profit loss and export market results.

A: BOM optimization, production scale, etc. International markets saw strong ramp-up, India strategic for long-term growth.

Q: Oil prices influencing EV adoption.

A: Higher oil prices reinforce EV value proposition, structural drivers remain affordability, etc.

Q: North Carolina factory decision and impairment charge.

A: Committed to U.S. market, impairment charge one-off reflecting revised project timing.

Q: ADAS strategy cost reduction.

A: Next-gen ADAS stack combines simplifying hardware and tailoring features.

Q: 2026 CapEx plans.

A: Around USD 1.6 billion for R&D, USD 400 million domestic and USD 600 million international CapEx.

Q: VF-7 North America status.

A: Preparing for U.S. launch, regulatory approvals done, production to start soon, dealership network expansion planned.

Q: Robotics manufacturing timeline.

A: Humanoid robot trials planned for second half 2026 in Vietnam factories.

Q: E-scooter growth geographic breakdown.

A: Most growth expected from Vietnam initially, expanding to 5 Asian markets, battery swapping network helps.

Q: Markets/models contributing to 300,000 EV target.

A: Primary growth from Vietnam and core Asian markets, new model launches, GSM operations expansion.