VinFast Auto Ltd. (NASDAQ: VFS) reported preliminary financial results showing EV deliveries of 196,919 units for 2025, representing a 102% increase from the prior year and exceeding the company's guidance to at least double 2024 deliveries of 97,399 units.

Fourth quarter EV deliveries reached 86,557 units, marking a 127% increase quarter-over-quarter and a 63% increase year-over-year. Commercial models under the Green brand and the EC Van model accounted for approximately 49% of total deliveries during the quarter. International markets contributed approximately 18% of total vehicle deliveries for the first time in a quarter.

Total revenues for 2025 were VND 90,427.6 billion ($3,599.7 million), representing a 105.4% increase from 2024. Fourth quarter revenues reached VND 39,411.7 billion ($1,568.9 million), up 138.9% from the fourth quarter of 2024 and 117.7% from the third quarter of 2025.

The company's gross margin improved to negative 42.5% for the full year 2025, compared to negative 57.4% in 2024. Fourth quarter gross margin was negative 39.9%, compared to negative 79.1% in the prior year quarter and negative 56.2% in the third quarter of 2025.

VinFast also reported significant growth in e-scooter and e-bike deliveries, reaching 406,498 units for 2025, a 573% increase year-over-year. Fourth quarter deliveries of these products totaled 171,962 units, up 43% quarter-over-quarter and 452% year-over-year.

The company expanded its manufacturing capacity during 2025, opening facilities in Tamil Nadu, India in August and Subang, Indonesia in December. As of December 31, 2025, VinFast operates four facilities globally with a combined maximum annual capacity of approximately 600,000 EVs.

The financial results are preliminary and unaudited, according to the company's press release statement.