VinFast (VFS) posts biggest delivery year yet, with 86,557 EVs in the fourth quarter

In a new disclosure, VinFast Auto Ltd. (VFS) said it delivered 86,557 electric vehicles globally in the fourth quarter, bringing full-year 2025 deliveries to 196,919 — roughly double last year and its largest annual total so far.

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VFS

Big delivery gains, and why the jump matters

The headline numbers are blunt: fourth-quarter EV deliveries rose 127% from the prior quarter and 63% versus the same period a year earlier. For the full year VinFast more than doubled 2024 volume (97,399), finishing ahead of management’s guidance to at least double last year’s vehicle deliveries.

The company also reported robust micromobility results: 171,962 e-scooters and e-bikes delivered in 4Q25 and 406,498 for full-year 2025. Those units matter in markets where VinFast sells lower-cost, high-volume two-wheeled vehicles as part of a diversified portfolio.

How deliveries translate to the bottom line (and how they don’t)

Deliveries are a real operational milestone — they show cars are built, shipped and taken home by customers. But they aren’t an automatic proxy for revenue or profit. Recognition of sales depends on contracts, geographic rules, warranty/reserve accounting, and whether vehicles were sold wholesale to dealers or directly to end customers.

VinFast itself warned the figures are preliminary and subject to change after its year-end audit, and reminded investors that deliveries are only one measure of financial performance. That caveat matters: auditors can adjust counts, timing and revenue recognition after reconciling paperwork, logistics and returns, which in turn affects reported revenue and margins for the quarter or year.

Put simply: management has shown it can scale physical distribution. Now the question for investors is whether scaled deliveries will flow cleanly into revenue, higher margins or improved cash generation once accounting and audit adjustments are finalized.

Where VinFast sells and why scale helps

VinFast is a Vietnam-based maker of electric SUVs and a range of micromobility products that it exports to markets across Asia, North America and Europe. That global reach means volume gains can come from expanding dealer networks, factory output, or stronger consumer demand in specific countries — all of which have different pricing, incentives and regulatory landscapes.

Scale helps in obvious ways: higher production spreads fixed costs, better purchasing leverage lowers component costs, and a fuller shipping pipeline reduces per-unit logistics expenses. But international expansion also brings currency exposure and region-specific margin pressure, so rising unit counts aren’t a free pass to profitability.

Investor takeaways: cash, margins and the audit

For shareholders, the delivery beat is encouraging because it confirms VinFast’s operational ramp — demand and supply are there. But several levers determine whether that operational progress becomes shareholder value:

• Revenue recognition timing — Will auditors and accounting adjustments shift revenue into a different reporting period or change the amount ultimately recognized?
• Margins — Are these vehicles sold at sustainable prices after incentives, dealer discounts and logistics costs?
• Cash flow — Production scale helps, but VinFast’s mid-2025 balance sheet showed limited cash relative to long-term debt; converting deliveries into positive operating cash flow is critical.

Investors should also watch how the company converts micromobility volume into profitable, recurring revenue streams versus one-off promotional pushes in new markets.

Markets reacted with modest movement: recent trading in the stock shows VFS closing at $3.30 on Jan. 30, 2026, with an RSI around 40 and the share price sitting near its 20- and 50-day moving averages — a sign traders are still weighing fundamentals against execution risk.

Concrete watch items and next triggers

Start with the year-end audit: the company said these delivery totals are preliminary and could change after auditors complete their checks. If the audited numbers hold, the next big triggers are the company’s published financial results for the relevant quarter and any management commentary on revenue recognition, gross margins and cash flow.

Also keep an eye on monthly or quarterly delivery pacing, geographic breakdowns of sales, and whether higher volumes bring sustained margin improvement or just more promotional selling. For now, the story is one of operational progress — meaningful growth in units — but not yet a finished financial one.

If you want the complete figures and wording from the release, see the full announcement.