1. Key Financial Highlights
| Metric | Q1 2026 Value | YoY Change (vs. Q1 2025) | FY 2025 Context |
|---|---|---|---|
| Total Revenue | VND 23,111.1B (~$920.7M USD) | 📈 +41.7% | $3.6 Billion USD (+105.4% YoY) |
| Net Loss | VND 28,108.0B (~$1,119.8M USD) | 📉 Loss expanded | Heavy investment phase |
| Gross Margin | -73.6% (Reported)<br>-22.5% (Adjusted)* | Impacted by one-offs | Gradual improvement trend |
> [!NOTE]
> \* The reported gross margin of -73.6% includes a $192 million revenue deduction associated with VinFast's extended free charging programs. Excluding one-time items, the adjusted gross margin stood at -22.5%.
2. Vehicle Deliveries & Sales Breakdown
Electric Vehicles (EVs) & E-Mobility Volume
- Q1 2026 EV Deliveries: 58,577 units globally (a 61% YoY increase).
- International Share: International markets accounted for approximately 8% of total Q1 EV deliveries.
- Q1 2026 Two-Wheeler Deliveries: 143,136 e-scooters and e-bikes (a 219% YoY surge).
- FY 2025 Benchmark: Delivered 196,919 EVs in FY 2025 (+102% YoY), hitting its corporate target of doubling 2024 volume.
Top-Selling EV Models (Q1 2026)
- Limo Green: 12,693 units
- VF 3 (Mini-SUV): 11,088 units
- VF 5 (Compact SUV): 8,490 units
- Vietnam (Domestic Market): Holds market leadership in Vietnam across EV passenger cars and commercial taxi fleet conversions.
- India: Advanced rapidly to become the 4th largest EV brand in India as of early 2026.
- Southeast Asia: Scaling footprint across Indonesia, Thailand, and the Philippines.
- Global Retail Footprint: Expanded total showroom and service center network to 447 showrooms globally by the end of Q1 2026.
- GSM Fleet Deal: Under a massive supply agreement with GSM (Green & Smart Mobility, 95% owned by Vingroup Chairman Pham Nhat Vuong), VinFast is set to supply up to 1 million electric cars and 4 million electric scooters between 2026 and 2030.
- Shift to Asset-Light Strategy: VinFast is accelerating its pivot toward an asset-light dealership/franchise model to improve capital efficiency, cut fixed overhead, and speed up global distribution.
- Delivery Target: Reiterated global EV delivery target of at least 300,000 units for full-year 2026.
- Capital Discipline & Break-even Focus: Management focus is on improving gross margins through scale, supply chain optimization, and expanding high-margin model deliveries while controlling capex.
3. Market Position & Global Expansion
4. Strategic & Manufacturing Updates
> [!IMPORTANT]
> Subang Plant (Indonesia) Active:
> Officially inaugurated in December 2025 with an initial ~$200M investment and 50,000-unit annual capacity. Produces Right-Hand Drive (RHD) models (VF 3, VF 5, VF 6, VF 7) for local and regional ASEAN markets.
> [!WARNING]
> Chatham County, North Carolina (US) Plant Rescheduled:
> Construction plans resumed in March 2026 after prior delays. The target operational timeline has been pushed to 2028 (from the original 2024 plan). Hiring scope was adjusted to ~1,400 workers (~80% reduction from original 7,500 headcount targets).
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