Could you provide an update on autonomy, robotaxis, and humanoids, including key KPIs and catalysts for investors?

VinFast showcased new L4 robotaxi prototypes with improved functions, including LiDAR and radar. They are focusing on data and continuous validation, leveraging the GSM fleet for accelerated learning. A mass-scale pilot of 200 L4 robotaxis is planned for late 2027 in Vietnam. Regarding robotics, they are working with Vingroup ecosystem companies, with robots already performing tasks in their Hai Phong plant, aiming for more complex procedures. “And as you know, right, we announced that next year, we'll have a mass-scale pilot about 20 different L4 robotaxi in the Vinhomes development in Vietnam. So that is truly something to look forward to.”

What are the drivers behind strong growth in Indonesia, a competitive market, and what lessons are being applied to other early-stage growth markets?

Indonesia is a top-tier priority due to similarities with Vietnam (large, growing, tech-savvy population). Success is attributed to creative go-to-market strategies, including free charging, battery subscriptions, and focus on B2B/corporate fleet channels. VinFast offers a wide product range there. The key lesson is the need to be mindful of direct competitors, including Chinese OEMs and global players like Tesla. “I think the biggest takeaway for us so far in Indonesia is that this is a country where we really need to be mindful not only about our capability, but also about the move of the direct competitors, right? And we are talking not only about the Chinese OEM, but also the likes of Tesla and the globally renowned OEMs as well.”

Which global markets are most exciting for organic growth and expansion over the next two years?

The primary focus remains Vietnam, Southeast Asia, and India, where organic growth and EV adoption are expected to accelerate. VinFast aims to apply appropriate go-to-market strategies, offering better vehicles with advanced technology at lower prices. They are also exploring opportunities in the Americas and Europe, with potential announcements in coming quarters. “So it's clear that our focus will continue to be Vietnam, Southeast Asia and India. So these are where the organic growth and accelerated adoption of EV will take place in the coming years, right?”

VFS

VinFast (VFS) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Consumer Discretionary· Oct 19, 2026

Source: earnings call transcript

Executive summary

VinFast Q2 FY26 — Strong Delivery Growth and Strategic Real Estate Investment

VinFast reported significant delivery and revenue growth in Q2 FY26, driven by strong performance in both 4-wheelers and 2-wheelers, particularly in Vietnam and emerging international markets. The company is strategically shifting to an asset-light manufacturing model and investing in a real estate project to enhance its financial profile and support long-term EV business growth, aiming for EBITDA breakeven in the medium term.

Highlights

Electric 4-wheeler deliveries increased 20% QoQ and 96% YoY to 70,085 units in Q2 FY26.
Electric 2-wheeler deliveries increased 100% QoQ and 311% YoY to 286,000 units in Q2 FY26.
Revenue grew 32.9% QoQ and 85.5% YoY to USD 1.2 billion in Q2 FY26.
Secured over 28,700 preorders for the VF 2 within three days and 12,700 for the new VF 8 within eight days.
Total liquidity stood at USD 2.3 billion as of June 30, 2026, including funding commitments.

Concerns

Gross margin was negative 62.8% in Q2 FY26, compared to negative 21.8% in Q2 FY25.
Adjusted EBITDA was negative USD 1.1 billion in Q2 FY26, an increase from negative USD 728 million in Q1 FY26.
Net loss from continuing operations was approximately USD 1.2 billion, representing a net loss margin of 102.8% in Q2 FY26.
SG&A expenses increased 116.9% QoQ to USD 209 million, primarily due to sales programs and incentives in overseas markets.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year EV target achievement	43% of full-year target delivered medium materiality	H1 FY26	High
Vietnam EV target contribution	more than 75% of 300,000 EV target medium materiality	FY26	High
BOM cost reduction	10% to 15% reduction high materiality	over 2026 to 2027	High
Real estate project earnings and cash distributions	contributions increasing from 2027 high materiality	from 2027 · FY27	High
Asia global deliveries share	roughly 90% of the total medium materiality	by 2030 · FY30	Medium
Non-Asia global deliveries share	roughly 10% of deliveries medium materiality	by 2030 · FY30	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Electric 4-wheelers Strong growth in deliveries quarter-over-quarter and year-over-year. Deliveries: 70,085 units	—	96%	20%	—
Electric 2-wheelers Significant growth in deliveries quarter-over-quarter and year-over-year, reaching 1 million cumulative units since inception. Deliveries: 286,000 units	—	311%	100%	—
International Markets (EV deliveries) International markets are growing rapidly, with VinFast ranking #1 BEV brand in the Philippines and #5 in India by Q2 FY26. Share of total EV deliveries: 11%	—	—	—	—
Vietnam (Automotive Market Share) VinFast has maintained its leading position in the Vietnamese automotive market. Overall market share: 38% as of June 30, 2026OEM ranking: #1 since September 2024	—	—	—	—

Product announcements

Product	Type	Timeline
VF Wild REEV	launch	now available in Vietnam, international market next year
All-new VF 8	launch	start of production
VF 2	launch	during the quarter
MPV 7	launch	during the quarter

Deals & partnerships

Investors consortium developing Hanoi International Sports Urban Area Project Participation in a smart urban ecosystem development project

VinFast holds a 20% economic interest in the project through Ngoc Hoi. This participation is intended to support VinFast's long-term development and complement its core mobility strategy by integrating electric mobility into a smart connected urban environment.

Green SM (GSM) Market development channel for VinFast vehicles through mobility services

GSM is expanding internationally, operating in Kazakhstan, Denmark, the Netherlands, and the U.S., with additional markets expected. This partnership provides opportunities for customers to experience VinFast vehicles directly and offers insights into local operating conditions and customer preferences.

Bogor Regency Government Wholesale order for 4-wheelers

Secured a wholesale order for 4-wheelers from the Bogor Regency Government in Indonesia, contributing to B2B fleet sales.

Risks & headwinds

Profitability affected by revenue deferrals and investments Q2 FY26

Gross margin negative 62.8%; Adjusted EBITDA negative $1.1B

Mitigation:Transition to asset-light manufacturing model, BOM optimization, scaling volumes, and real estate contributions from 2027.

Increased operating expenses Q2 FY26

SG&A expenses up 116.9% QoQ to $209M; R&D expenses up 52.8% QoQ to $154M

Mitigation:SG&A increase related to sales programs in overseas markets where revenue not yet recognized; R&D expected to moderate over medium to long term as platforms are shared across more models.

Liquidity contracts expiring before year-end 2026

Yorkville ELOC facility and founder/Vingroup commitments expire by November 1, 2026

Mitigation:Exploring opportunities in the market with international bank lenders and investors; strong cash generation and inflows expected from real estate business segment.

Competition in international markets ongoing

Indonesia is a very competitive market with Chinese OEMs, Tesla, and globally renowned OEMs

Mitigation:Applying creative go-to-market strategies, offering initiatives like free charging and battery subscriptions, focusing on B2B and corporate fleet channels, and offering a wide product range.

What to watch in Q3 FY26

Liquidity position and new funding sources

coming months / next quarter

Current $2.3B as of June 30, 2026, with contracts expiring by Nov 1, 2026

Target Announcement of new funding sources or extension of existing contracts

Why it matters

Ensuring sufficient capital to support ongoing operations and growth initiatives as current funding commitments expire.

But everything there, except for the cash and equivalents on the balance sheet expires before year-end 2026. It expires in the next two to three months. So is the plan to expand those contracts? Or are you looking at alternative funding sources?

Find out whether VFS delivers this. Inve re-checks your case every morning.

Q&A highlights

What is the plan for maintaining liquidity beyond year-end 2026, given that current funding contracts expire soon, and will real estate cash flows be sufficient to cover the cash burn?

Management confirmed $2.3 billion in liquidity as of June 30, 2026, including available facilities and founder commitments. They are exploring new market opportunities and expect strong cash generation from the real estate business to reinforce liquidity, which they believe will be sufficient to support the current cash burn, primarily a matter of timing.

“Based on our projection, yes. It's more a matter of timing. So probably you will be able to see the impact of it more immediately in the coming quarters. I hope that addresses your question.”

asked by Jesse Sobelson · answered by Unknown Executive

2 min read 5 chapters

Detailed narrative

Strategic Shift to Asset-Light Manufacturing and Real Estate Investment

VinFast has restructured its Vietnam manufacturing operations, classifying them as discontinued operations to create a more capital-efficient operating model. This move is expected to reduce fixed costs, capital burden, and financing expenses, allowing VinFast to reallocate capital towards product development, technology, and commercial expansion.

Concurrently, the company has acquired a 20% economic interest in the Hanoi International Sports Urban Area Project, viewing it as a strategic investment to generate complementary earnings and cash flow from 2027, supporting the core EV business.

Product Roadmap and Technology Advancement

The company expanded its product portfolio with the launch of the VF Wild REEV, offering over 1,000 km of total driving range, and began production of the all-new VF 8, featuring in-house developed ADAS Level 2 technology. This in-house development significantly reduces previous licensing costs and establishes a scalable technology foundation for future models.

VinFast also showcased improved Level 4 robotaxi prototypes, with a pilot of 200 units planned for late 2027 at Vinhomes Green Paradise.

Market Expansion and International Growth

VinFast delivered 70,085 electric 4-wheelers and 286,000 electric 2-wheelers in Q2 FY26, with 11% of EV deliveries to international markets. The company expanded its electric 2-wheeler business in Indonesia and the Philippines, opening 20 and 21 new dealerships, respectively. VinFast ranked as the #1 BEV brand in the Philippines and #5 in India by Q2 FY26.

GSM, VinFast's mobility services partner, is expanding internationally, operating in Kazakhstan, Denmark, the Netherlands, and the U.S., serving as a market development channel.

Profitability and Breakeven Path

Despite strong revenue growth, profitability remained challenged by revenue deferrals, continued R&D investments, and the manufacturing transition. Gross margin was negative 62.8%, and adjusted EBITDA was negative USD 1.1 billion. The company remains committed to reaching EBITDA breakeven in the medium term, driven by BOM optimization (expecting 10-15% reduction over 2026-2027), higher volumes, leaner cost structure from the asset-light model, and contributions from the real estate segment starting in 2027.

Liquidity and Funding Strategy

Total liquidity as of June 30, 2026, was USD 2.3 billion, including USD 968 million from the Yorkville ELOC facility and approximately USD 1 billion in commitments from Vingroup and the founder, alongside USD 281 million in cash and equivalents.

Management is exploring alternative funding sources and expects strong cash generation from the real estate business segment to reinforce liquidity, especially as existing contracts expire towards year-end 2026.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.