VinFast Delivers 58,577 Vehicles, Reports 41.7% Revenue Growth and 73.6% Gross Margin Loss
VFS•VinFast Auto Ltd achieved a 41.7% year-over-year revenue increase in Q1 2026, driven by a 61% rise in vehicle deliveries to 58,577 units and a 219% surge in two-wheeler shipments. Gross margin swung to negative 73.6% after a $192 million free-charging deduction, while liquidity reached $2.6 billion.
1. Q1 Financial Performance
In Q1 2026, VinFast’s revenue climbed 41.7% year-over-year, while gross margin plunged to negative 73.6% following a $192 million deduction for free charging programs. R&D expenses rose 25.8% to $101 million (11% of revenue), SG&A fell 32.3% to $101 million, adjusted EBITDA loss widened sequentially by 29.9% to $783 million, net loss margin reached 121.6%, EPS improved 25% to negative $0.783, and total liquidity stood at $2.6 billion as of March 31, 2026.
2. Record Vehicle Deliveries
Vehicle deliveries jumped 61% year-over-year to 58,577 units in Q1, including a new daily sales high of 3,520 EVs in Vietnam on March 28. Electric two-wheeler shipments soared 219% to approximately 143,000 units, led by AVO and PLI models accounting for 81% of volumes, while the company expands its Southeast Asia and India footprints.
3. Strategic Partnerships and Market Challenges
VinFast formed a strategic financing partnership with GSM to support a capital-light model and plans to double its dealership network in India by year-end. The spin-off of Vietnamese manufacturing assets raises operational uncertainties, and litigation in North Carolina, alongside halted U.S. vehicle shipments, highlights challenges in the American market.
