Q1 2026 VinFast Auto Ltd Earnings Call Transcript
Key Points
- VinFast Auto Ltd (VFS) reported a 61% year-over-year increase in Q1 2026 deliveries, reaching 58,577 units.
- The company achieved a new daily sales high of 3,520 EVs in Vietnam on March 28, 2026.
- VinFast's two-wheeler deliveries rose 219% year-over-year, with the AVO and PLI models making up 81% of deliveries.
- VinFast has established a strategic partnership with GSM, expected to enhance financing flexibility and support a capital-light business model.
- The company is expanding its international presence, with significant growth in Southeast Asia and India, and plans to double its dealership footprint in India by year-end.
- VinFast Auto Ltd (VFS) reported a negative gross margin of 73.6% for Q1 2026, primarily due to a $192 million revenue deduction from extended free charging programs.
- The company's net loss margin for the quarter was negative 121.6%, compared to negative 95.8% in Q4 2025.
- The spin-off of Vietnam manufacturing assets may lead to uncertainties in operational efficiency and continuity.
- VinFast's financial results were impacted by revenue deferrals and NRV adjustments, representing approximately 12% and 14% of revenue, respectively.
- The company faces challenges in the US market, including litigation in North Carolina and a lack of new vehicle shipments.
Good day, and thank you for standing by. Welcome to VinFast's first-quarter 2026 financial results and Q&A webcast.
(Operator Instructions)
Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead, ma'am.
Thank you, operator, and good morning, everyone. Welcome to VinFast first-quarter 2026 earnings call. Joining me today are Chairman of the Board, Mr. Pham Quan Anh; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lan Anh Nguyen.
Before we begin this call, please note, today's call will include forward-looking statements under US federal securities law. These statements reflect our current views of future events, financial operational performance and other matters that involve risks and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC
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