VFS: Record EV growth and strong liquidity, but margins remain negative amid global expansion
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Q3 2025 saw record EV and e-scooter deliveries, 47% revenue growth, and a strong order backlog, though gross margin remained negative due to timing and cost factors. International expansion is underway, with Vietnam as the anchor market and significant liquidity secured for future growth.
Based on VinFast Auto Ltd. [VFS] Q3 2025 Audio Transcript — Nov. 21 2025
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