Vietnamese automaker VinFast Auto Ltd. (NASDAQ:VFS) shares fell Friday after the company reported third-quarter fiscal 2025 results.
Details
The company reported a quarterly loss per share of 41 cents, which missed the analyst consensus estimate of a 29-cent loss.
The quarterly sales of $718.6 million missed the street view of $823.433 million.
Revenue increased 47% year over year (Y/Y) on stronger EV demand in Vietnam, with the VF 3 and VF 5 models representing 47% of total deliveries and the Green series contributing 25%.
Also Read: Vietnam’s VinFast Hits Over 20,000 Monthly EV Deliveries
Other Key Metrics
The company delivered 38,195 electric vehicles, representing a 74% Y/Y increase. E-scooter and e-bike deliveries were 120,052 in the quarter, representing an increase of 535% Y/Y.
The gross margin loss in the quarter was 56%, compared to the 24% margin loss Y/Y.
Loss from operations was $690 million in the quarter of 2025, versus a loss of $322 million a year ago quarter.
The company burned $444 million in operating cash flow for the nine months ended September 30.
The company held $478 million in cash, cash equivalents, and restricted cash, with total available liquidity of $3.7 billion as of September 30, 2025.
Geographic Expansion
VinFast accelerated its global expansion in 2025. In India, it operated 20 dealer stores, secured financing partnerships with major banks, and ranked Top 8 in EV registrations in October.
In Indonesia, the company grew to 33 dealers, captured about 5% of the battery electric vehicle (BEV) market, and ranked among the Top 5 BEV brands. In the Philippines, it expanded to nine showrooms.
Globally, VinFast opened its first U.S. dealership in California, entered Europe’s commercial vehicle market with its new EB 8 and EB 12 electric buses, and strengthened Middle East aftersales support through a regional roadside assistance partnership.
Management Commentary
Madame Thuy Le, Chairwoman of VinFast, said, “This quarter, VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, following thirteen consecutive months as the nation’s best-selling carmaker.”
“Our sustained market leadership at home, combined with continued progress across Asia, including being ranked among the top 8 for EV registrations in India in October 2025 and among the top 5 BEV brands in Indonesia for the first nine months of 2025, demonstrates the growing strength of our brand and the effectiveness of our regional expansion strategy.”
Outlook
VinFast aims to at least double global vehicle deliveries in 2025, supported by steady growth and strong fundamentals.
E-scooter sales are expected to rise further, fueled by favorable government policies for two-wheeler electrification in Vietnam and VinFast’s ongoing support for the transition.
Price Action: VFS shares were trading lower by 12.71% to $3.025 at last check Friday.
Read Next:
Photo by Kittyfly via Shutterstock
