VinFast Auto Ltd.

Revenue for Q2 2026 was USD 1.2 billion, up 32.9% quarter over quarter and 85.5% year over year. Gross margin was negative 62.8%, versus negative 21.8% in the same period last year; excluding the extended free charging program, revenue deferrals, and NRV adjustments, underlying gross margin would have been negative 28.7%. Adjusted EBITDA was negative USD 1.1 billion, versus negative USD 728 million in Q1 2026 and negative USD 362 million in Q2 2025; excluding certain items, adjusted EBITDA would have been negative USD 678 million. Total net loss was USD 56 million, and total liquidity was USD 2.3 billion as of June 30, 2026. For guidance, management said 2026 deliveries are targeting 300,000 EVs, with Vietnam expected to contribute more than 75% of that target and the second half supported by new launches and seasonal demand.

CEO Quan Anh Pham said VinFast has built significant momentum through new products, in-house ADAS, international expansion, and its broader ecosystem, including the Hanoi real estate investment and GSM. He framed the next 18 to 24 months around scaling the core auto business with capital discipline, improving profitability through vehicle cost reduction and an asset-light model, and continuing technology and product innovation. His tone was confident and strategic, while emphasizing sustainable growth and a clearer path to profitability.

CFO Anh Thi Nguyen highlighted that Q2 revenue growth was helped by higher volumes, but margins were pressured by an approximately USD 88 million revenue deduction tied to the extended free charging program, plus revenue deferrals and overseas sales incentives. She said R&D was USD 154 million, SG&A was USD 209 million, CapEx was USD 233 million, and liquidity was USD 2.3 billion, including cash and remaining funding commitments. She also said there was no change to the breakeven plan, with EBITDA breakeven still targeted in the medium term and Vietnam expected to be the first market to get there; BOM cost for the VF 6 fell by more than 20% in 2025 and should improve another 10% to 15% over 2026 to 2027.

Analysts pressed management on liquidity, asking how the company will handle contracts expiring before year-end; management said it is exploring market financing options and expects to announce something in the coming months, while also pointing to real estate cash generation. On autonomy and robotaxis, management said L4 development is advancing, with prototypes improved and a mass-scale pilot of about 20 robotaxis planned for Vinhomes Green Paradise in late 2027. Questions on the manufacturing spin-off and real estate strategy were answered with repeated assurances that VinFast remains an EV company, that the asset-light structure is meant to redeploy capital, and that the Hanoi project is intended to add cash flow rather than signal a broader pivot into other businesses.