VinFast Auto (NASDAQ:VFS) released its preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting a year of rapid industrial scaling and increasing international footprint.
The Vietnamese electric vehicle (EV) manufacturer delivered 196,919 vehicles in 2025, marking a 102% increase over the previous year.
The momentum accelerated in the final quarter, with 86,557 deliveries representing a 63% year-over-year jump.
This volume growth translated into total 2025 revenue of VND 90,427.6 billion (approximately US$3.599 billion), a 105.4% increase compared to 2024.
The revenue surge was supported by the successful launch of new models, including the VF 3 and VF 7, as well as the continued rollout of the company's dealership network in the United States and Southeast Asia.
Notably, international deliveries accounted for approximately 18% of the company's quarterly volume in the fourth quarter, a significant shift toward global diversification.
While the company remains in a period of heavy capital investment and operational ramp-up, its margins showed a positive trajectory.
The full-year 2025 gross margin improved to -42.5%, compared to -57.4% in 2024.
This narrowing of losses is attributed to improved production efficiencies at the Hai Phong manufacturing complex and lower battery component costs.
However, management noted that these results are preliminary and subject to change upon the completion of the formal audit process.