Shares of VinFast Auto Ltd. (VFS) were ticking lower in Tuesday's premarket session. It's one of those classic market moments where the story has both good news and bad news, and investors are trying to figure out which one matters more today.

On the bright side, the electric vehicle maker has some genuine momentum to talk about. Earlier this month, VinFast said its VF 8 model now qualifies for Canada's revived Electric Vehicle Affordability Program. That makes buyers eligible for up to 5,000 Canadian dollars in federal incentives. And when you stack that on top of provincial credits, the total incentives could reach as high as 18,000 Canadian dollars. That's a serious discount at the point of sale, which is exactly what car companies want.

The update comes alongside some pretty strong numbers back home. The company delivered 16,172 EVs in Vietnam in January alone. That's up 55% year over year. So there's real demand happening in its domestic market.

VinFast has also been busy positioning its larger model, the VF 9, as the electric SUV for big families. The idea is to target buyers who want a three-row vehicle but don't want to shift back to gasoline. The model has a 124-inch wheelbase and can tow up to 3,968 lbs with trailer brakes. It's basically the EV answer to the minivan or large SUV.

Now, here's the part that might be giving investors pause. In its latest quarterly report, VinFast posted a fourth-quarter loss of 60 cents per share. That was wider than the 29-cent loss analysts were expecting. So, it missed on the bottom line. But—and this is a big but—the company's revenue came in at $1.57 billion. That absolutely crushed consensus estimates of $823.4 million. It more than doubled what Wall Street was looking for.

The delivery numbers tell a similar story of growth, even if profitability is lagging. Fourth-quarter EV deliveries rose 63% year over year to 86,557 units. Meanwhile, deliveries of e-scooters and e-bikes absolutely exploded, surging 452% to 171,962. For the full year 2025, VinFast delivered 196,919 EVs globally. That more than doubled the prior year and actually exceeded the company's own guidance to at least double its 2024 deliveries of 97,399.

So, you have a company that's selling a lot more cars and bringing in a lot more money, but it's also losing more money per share than expected. That's the tension in the stock right now.

Analysts, for their part, are still generally positive. The stock carries a consensus Buy rating with an average price target of $7.58. Chardan Capital reiterated its Buy rating in March, maintaining a $5.50 price target.

Some momentum indicators also remain strong. VinFast holds a market data Momentum Score of 86.49, which suggests the stock has been outperforming the broader market and attracting investor interest.

VinFast Auto shares were down 1.17% at $4.2993 during premarket trading on Tuesday, according to market data.