以下文章来源于车东西 ，作者迩言 车东西 . 未来汽车看车东西！智能汽车产业专业新媒体车东西专注智能汽车产业创新，重点关注自动驾驶、智能 座舱、整车创新等；用专业视角，大众认知传播智能汽车新技术新体验。 -广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：车东西 一周6家车企被曝裁员，车圈降本压力大。 车东西5月23日消息，日前，多个信源显示，一汽旗下的一汽南京科技开发有限公司全员解散，100余 人"喜提"N+4。 情况相似的还有通用汽车旗下高端进口车平台——道朗格，几乎整个中国区团队都被裁，赔偿方案为 N+3，200人受到影响。 就在上周，保时捷还在股东大会上确认将裁员3900人。日产更是在全球计划裁员9000人的基础上再加裁 1.1万人，福特汽车、越南造车新势力VinFast、美国激光雷达头部企业Luminar同样都被曝光裁员，车圈 裁员风暴持续蔓延。 经过车东西汇总，最近一周，有超过7家汽车行业内的企业被曝光了裁员的消息，包含一汽、保时捷、 日产、通用、福特、VinFast 6家汽车品牌，涉及裁员超过15550人。 | 最近一周车圈裁员信息汇总 ...

| 宝马汽车 | 540.22 | 1 +4.45 | 87.21 | | --- | --- | --- | --- | | 通用汽车 | 481.01 | + -3.29 | 50.03 | | > 玛鲁蒂铃木 | 478.23 | + -0.24 | 152.11 | | 保时捷 | 467.84 | + -5.73 | 51.35 | | 马恒达汽车 | 439.44 | + -1.06 | 36.63 | | 福特汽车 | 427.48 | + -1.98 | 10.75 | | 本田汽车 1-0 | 412.46 | 1 +1.27 | 29.27 | | 1 现代汽车 | 337.27 | -0.64 | 52 | | 塔塔汽车 D | 314.49 | + -0.5 | 8.54 | | 斯特兰蒂斯 | 307.35 | + -2.29 | 10.67 | | 赛力斯 | 293.72 | ↑ +1.05 | 17.98 | | 理想汽车 | 289.01 | + -4.91 | 28.34 | | SAI 上汽集团 | 267.84 | 1 +0.48 | 2.31 | | KM 起亚汽车 ...

Group 1 - BYD reported a value of 1583.74 with a decrease of 10.36, indicating a decline in performance [2] - Ferrari's value stands at 867.42, showing a slight decrease of 2.7 [2] - Volkswagen experienced an increase of 7.49, reaching a value of 570.91 [2] - Mercedes-Benz reported a value of 565.48, with a significant increase of 19.12 [2] Group 2 - BMW's value is 560.88, reflecting an increase of 12.66 [3] - Porsche's value is 483.99, with an increase of 7.2 [3] - General Motors reported a value of 476.97, showing a notable increase of 20.28 [3] - Mahindra Automotive's value is 438.87, with an increase of 17.33 [3] - Honda's value stands at 435.85, reflecting an increase of 6.48 [3] - Ford's value is 419.53, with an increase of 10.75 [3] - Hyundai's value is 337.81 [3] - Tata Motors reported a value of 312.69, with an increase of 5.35 [3] - Stellantis' value is 301.59, reflecting an increase of 18.43 [3] - Li Auto's value is 284.75, with an increase of 17.55 [3] - SAIC Motor's value stands at 267.71, reflecting an increase of 2.73 [3] - Kia's value is 263.74, with an increase of 3.1 [3] - Suzuki's value is 245.79, showing an increase of 10.9 [3] - Geely's value is 240.91, reflecting a decrease of 4.67 [3] - Great Wall Motors reported a value of 239.73, with a slight decrease of 0.1 [3] - Xpeng Motors' value is 202.01, reflecting an increase of 14.25 [3] Group 3 - Renault's value is 153.69, with a slight increase of 0.73 [4] - Changan Automobile reported a value of 150.77, reflecting a minor decrease of 0.24 [4] - Subaru's value stands at 140.06, with an increase of 4.92 [4] - GAC Group's value is 115.22, reflecting an increase of 0.99 [4] - NIO's value is 94.59, with an increase of 5.18 [4] - VinFast Auto reported a value of 87.71, reflecting an increase of 0.7 [4] - Nissan's value stands at 84.45, with an increase of 2.62 [4] - Zeekr's value is 73.18, reflecting an increase of 1.78 [4]

VinFast Auto (VFS -1.77%) has always been an intriguing company. It's a Vietnamese automaker that dominates its home market in electric vehicles (EVs) but has ambitious plans to expand into the valuable U.S. and European markets. The company just released its fourth-quarter earnings and it had impressive growth, but also wider losses.With the stock down 20% year to date, is now the time to buy VinFast?What have you done for me lately?VinFast managed to post impressive growth in vehicle sales. EV deliveries ...

Company Expansion and Market Presence - The company delivered its first EV model in Vietnam in 2021 and commenced EV deliveries in the U.S. in early 2023, expanding into several markets including North America, Europe, Indonesia, the Philippines, India, and the Middle East[42] - The company plans to expand its manufacturing facilities internationally, including in the U.S., India, and Indonesia, and is adjusting the operational timeline for the North Carolina plant to 2028[55] - The company aims to foster a cleaner and more sustainable approach to mobility through its electric vehicle platform[224] - The company plans to expand its international market presence, targeting North America, Asia, and EMEA regions, while strengthening its position in Vietnam[232] - The company has established significant brand recognition in Vietnam, achieving leading market share in all product segments within 18 months of product launch[234] Financial Performance and Challenges - The company has experienced a history of losses, negative cash flows from operating activities, and negative working capital, requiring additional funding to support ongoing operations[44] - The company reported net losses of VND77,354.9 billion ($3,178.8 million) for the year ended December 31, 2024, compared to VND60,250.3 billion in 2023 and VND52,958.7 billion in 2022[97] - Cash flows used in operating activities were VND30,468.5 billion ($1,252.0 million) in 2024, down from VND50,270.6 billion in 2023 and VND47,867.6 billion in 2022[97] - Total current liabilities exceeded total current assets by VND106,727.3 billion ($4,385.8 million) as of December 31, 2024[97] - The company's total debt was VND61,987.0 billion ($2,547.2 million) as of December 31, 2024, with debt service obligations for 2025 amounting to approximately VND39,124.1 billion ($1,607.7 million)[97] Regulatory and Compliance Issues - The company faces challenges related to compliance with different commercial, legal, and regulatory requirements in new markets, which could impact its ability to compete effectively[45] - The company has identified material weaknesses in its internal control over financial reporting, which could impair its ability to produce timely and accurate financial statements[44] - The company faces risks related to compliance with evolving regulations as it expands into new markets, which may increase operational costs[127] - The company is subject to various labor, environmental, health, and safety laws, which may require changes in operations and incur additional costs[129] - The company is subject to international trade restrictions, including economic sanctions and export controls, which could materially affect its operations and financial results[141] Supply Chain and Production Challenges - Supply chain challenges persist, with reliance on third-party suppliers for key components such as battery cells and semiconductor chips, which may lead to production delays and increased costs[63][64] - The company has experienced a global semiconductor chip shortage, impacting delivery times and sourcing costs, which could affect production and rollout of new EV models[64] - The company expects to incur significant costs related to developing new EV models and ramping up production, which may be affected by external factors such as inflation and tariffs[108] Market Competition and Consumer Demand - The automotive market is highly competitive, with challenges in maintaining market leadership in Vietnam and establishing a global presence[61] - The company faces ongoing competitive pressures that may adversely affect margins and profitability, particularly in the EV market[62] - Demand for EVs is influenced by various economic factors, including inflation and interest rate volatility, which may dampen consumer willingness to adopt EVs[66] Technology and Innovation - The company has integrated AI technologies into its products, but faces risks related to algorithm biases and regulatory scrutiny that could impact adoption[76] - The company emphasizes operational efficiency and technological integration to continuously improve its product offerings[231] - The company aims to differentiate its vehicles through advanced technology, luxurious designs, and comprehensive smart services solutions[232] Legal and Liability Risks - The company faces potential legal liabilities and reputational harm due to employee misconduct, which could adversely affect its business and financial condition[134] - The company is susceptible to product liability claims, particularly related to defects in vehicles, which could result in substantial monetary awards and negatively impact commercialization efforts[135] - Legal proceedings could divert management's attention and resources, negatively impacting day-to-day operations and financial performance[136] Financial Support and Funding - Vingroup and its affiliates have provided approximately $14.3 billion in financial support to the company from 2017 to December 31, 2024[110] - The company has received financial support commitments of up to VND50,000.0 billion ($2.1 billion) in grants from Mr. Pham through the end of 2026, contingent on market conditions[97] - As of March 31, 2025, Vingroup has disbursed VND27,469.2 billion ($1.1 billion) in loans to the company, with an additional commitment of up to VND35,000.0 billion ($1.4 billion) in loans over 24 months starting November 12, 2024[113] Shareholder and Market Risks - The issuance of ordinary shares under the Yorkville Subscription Agreement may result in dilution of existing shareholders and downward pressure on the share price[186] - The trading price of ordinary shares may be volatile due to various factors, including revenue variations and changes in financial estimates by analysts[191] - The company does not expect to pay dividends in the foreseeable future, relying instead on price appreciation for returns on investment[202] Environmental, Social, and Governance (ESG) Considerations - The company is subject to increasing scrutiny regarding its ESG practices, which may impose additional costs and affect investor perceptions[140] - Compliance with emerging privacy laws may require significant operational changes and could expose the company to legal claims and fines[152] Intellectual Property and Security Risks - The company is involved in ongoing IP infringement proceedings, which could result in substantial costs and distract management from normal responsibilities[163] - The company may not be able to prevent unauthorized use of its intellectual property, which could harm its competitive position and revenue[161] - The company has experienced data security incidents and may face challenges in protecting sensitive information, which could result in liability and adversely impact its business[147]

Exhibit 99.1 VinFast Announces 1Q25 Global Deliveries and Date for the Release of First Quarter 2025 Results April 28, 2025 – VinFast Auto Ltd. ("VinFast" or the "Company") today announced its preliminary vehicle deliveries for the first quarter of 2025. The Company delivered 36,330 electric vehicles ("EVs") globally in 1Q25, representing a 296% increase year-over- year. Notably, VF 5 deliveries grew 153% year-over- year and VF 6 deliveries grew 453% year-over-year. VF 3 and VF 5 accounted for 67% of total ...

Group 1 - BMW leads the automotive sector with a revenue of 525.57 billion, showing a growth of 10.46% [2] - Porsche follows with a revenue of 483.05 billion, reflecting a slight increase of 1.16% [2] - General Motors reports a revenue of 455.21 billion, with a growth of 2.22% [2] - Honda's revenue stands at 437.69 billion, marking a growth of 1% [2] - Maruti Suzuki's revenue is 436.15 billion, but it has seen a decline of 9.13% [2] - Mahindra's revenue is 407.7 billion, down by 5.16% [2] - Ford's revenue is 400.04 billion, with a minor decline of 0.8% [2] - Hyundai's revenue is 326.96 billion, down by 1.61% [2] - Tata Motors reports a revenue of 287.67 billion, down by 6.23% [2] - Seres has a revenue of 286.56 billion, with a decline of 2.17% [2] - Stellantis reports a revenue of 271.34 billion, showing an increase of 2.58% [2] - SAIC Motor's revenue is 247.15 billion, down by 2.22% [2] - Kia's revenue stands at 245.62 billion, with a growth of 1.39% [2] - Li Auto reports a revenue of 236.88 billion, down by 3.44% [2] - Great Wall Motors has a revenue of 229.53 billion, down by 1.99% [2] - Suzuki's revenue is 226.11 billion, down by 1.75% [2] - Geely's revenue stands at 205.77 billion, down by 1.83% [2] - Xpeng's revenue is 194.06 billion, with a significant decline of 6.96% [2] Group 2 - Renault's revenue is 153.4 billion, with a decline of 0.43% [3] - Changan's revenue stands at 145.73 billion, down by 1.43% [3] - Rivian reports a revenue of 141.71 billion, showing a growth of 5.95% [3] - Subaru's revenue is 135.46 billion, with an increase of 2.64% [3] - GAC Group's revenue is 107.63 billion, down by 4.03% [3] - JAC Motors reports a revenue of 105.35 billion, with a growth of 0.9% [3] - Hozon Auto's revenue is 104.71 billion, down by 0.17% [3] - Isuzu's revenue stands at 96.04 billion, with a growth of 1.19% [3] - NIO's revenue is 88.28 billion, down by 3.29% [3] - Ford Otosan's revenue is 84.71 billion, with a slight increase of 0.55% [3] - Nissan's revenue is 83.36 billion, showing a growth of 2.02% [3] - VinFast's revenue is 77.65 billion, down by 1.92% [3] - Leapmotor reports a revenue of 76.44 billion, with a growth of 2.1% [3] - Lucid Motors' revenue is 75.79 billion, showing an increase of 1.52% [3] - Volvo's revenue stands at 55.76 billion, down by 0.25% [3]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - In Q4 2024, revenue was $678 million, up 34% quarter over quarter and 70% year over year, while full year revenue reached $1.8 billion, a 58% increase year over year [27] - Cost of goods sold in Q4 2024 was $1.2 billion, a 93% increase quarter over quarter, with full year cost of goods sold at $2.8 billion, up 67% versus 2023 [27] - Q4 2024 gross margin was -79%, compared to -24% in Q3, primarily due to an accounting charge related to the free charging program [28] - Full year gross margin loss improved to -32% in 2024 from -40% in 2023 when adjusted for the free charging program [29] Business Line Data and Key Metrics Changes - Total deliveries for Q4 2024 reached 53,139 electric vehicles, a 143% increase quarter over quarter and 342% year over year [12] - B2C sales grew by 140% quarter over quarter and over 20 times year over year, with 81% of EV deliveries to non-related party customers [12] - The proportion of EV deliveries from non-Vietnam sales grew tenfold year over year, increasing from 3% to 10% of total deliveries [10] Market Data and Key Metrics Changes - As of March 31, 2025, VinFast had 322 showrooms globally, with 89% being dealer stores, marking a 160% growth from 123 showrooms at the end of 2023 [10] - In Southeast Asia, the company is expanding its presence with strategic partnerships, having launched a green mobility ecosystem in Indonesia and the Philippines [13][14] Company Strategy and Development Direction - The company aims to solidify its leadership position in Vietnam while expanding into new markets, focusing on product innovation and cost optimization [86] - VinFast is committed to a three-pillar growth strategy: Product, Capacity, and Market, targeting to double 2024 volumes in 2025 [23][24] - The discontinuation of the battery leasing program is part of a strategic shift as consumer familiarity with EVs increases, complemented by a free charging program [84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite macroeconomic challenges, expecting Q1 to be the slowest quarter with a significant uptick in the second half of the year [40] - The company is focused on scaling volume through new product launches and enhancing manufacturing efficiency to drive margin improvement [46] Other Important Information - The company received approximately $800 million in capital support from its founder and Vingroup by December 31, 2024, with total disbursements exceeding $1.5 billion by March 31, 2025 [35] - Cash burn improved significantly in 2024, decreasing by 39% year over year to $1.9 billion, reflecting disciplined cost and capital management [33] Q&A Session Summary Question: What gives confidence in the 2025 guidance? - Management expects Q1 to be slow but anticipates an uptick in Q2 and significant deliveries in the second half, projecting at least double the deliveries of the previous year [40][42] Question: Path to positive gross margins? - Excluding one-off charges, the gross loss margin improved from -40% in 2023 to -32% in 2024, with a focus on scaling volume and optimizing costs [45][46] Question: Accounting treatment for EV charging credit? - A one-time charge of $242 million was recognized in Q4 for the free charging program, with future recognition aligned with vehicle sales during the program [50][51] Question: Capital spending for 2025 and 2026? - Expected cash burn for 2025 is approximately $2.5 billion, with $1.8 billion allocated for CapEx on CKD facilities across Asia [57][58] Question: Share of sales from VF3 and VF5 in 2025? - The share is expected to be less than 50% in 2025, as new models from the green series will contribute significantly [62] Question: Impact of U.S. tariffs on consumer spending? - The company believes the impact of U.S. tariffs will be less severe compared to other OEMs, with most growth expected from non-U.S. markets [82] Question: Rationale for discontinuing battery leasing? - Battery leasing was essential in early EV adoption but has decreased significantly in sales percentage, making it the right time to discontinue [84]

Financial Data and Key Metrics Changes - In Q4 2024, revenue was $678 million, up 34% quarter-over-quarter and 70% year-over-year, while full-year revenue reached $1.8 billion, an increase of 58% year-over-year [39] - Cost of goods sold in Q4 2024 was $1.2 billion, up 93% quarter-over-quarter, with full-year cost of goods sold at $2.8 billion, a 67% increase compared to 2023 [39] - Q4 2024 gross margin was minus 79%, impacted by an accounting charge related to the free charging program, compared to minus 24% in Q3 [40] - Full-year gross margin loss improved to minus 32% from minus 40% in 2023, excluding one-off charges [42] - Q4 2024 EBITDA loss was minus $928 million, with a full-year net loss of minus $3.2 billion [46][47] Business Line Data and Key Metrics Changes - Total deliveries for Q4 2024 reached 53,139 electric vehicles, a 143% increase quarter-over-quarter and 342% year-over-year [15] - B2C sales grew by 140% quarter-over-quarter and over 20x year-over-year [15] - The proportion of EV deliveries to non-related party customers increased to 81% from 78% in Q3 [16] Market Data and Key Metrics Changes - Non-Vietnam sales grew 10x year-over-year, contributing from 3% to 10% of total deliveries [11] - As of March 31, 2025, VinFast had 322 showrooms, a 160% increase from 123 showrooms at the end of 2023 [12] Company Strategy and Development Direction - The company aims to solidify its leadership position in Vietnam while expanding its market presence in Asia and other regions [34] - VinFast is focusing on product innovation, manufacturing capacity, and market reach as part of its three-pillar growth strategy [32][34] - The company plans to open three new CKD plants in Asia in 2025 to enhance production flexibility [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance despite macroeconomic challenges, expecting Q1 to be the slowest quarter [59] - The company is closely monitoring regulatory and geopolitical changes and remains agile in its operations [8][9] - Management highlighted the importance of building a green mobility ecosystem to support EV adoption [17] Other Important Information - The free charging program in Vietnam is expected to cost approximately $242 million, recognized as a revenue reduction [41] - The battery leasing program was discontinued as of March 31, 2025, due to decreased consumer reliance on it [26][110] Q&A Session Summary Question: What gives confidence in the 2025 guidance? - Management expects Q1 to be slow, with an anticipated increase in deliveries in Q2 and a strong second half due to preorders [59][61] Question: Path to positive gross margins? - Excluding one-off charges, gross loss margin improved from minus 40% in 2023 to minus 32% in 2024, with a focus on scaling and efficiency [65] Question: Accounting treatment for EV charging credit? - A one-time charge of $242 million was recognized in Q4 for the free charging program, with future recognition aligned with vehicle sales [71][72] Question: Capital spending for 2025 and 2026? - Expected cash burn in 2025 is around $2.5 billion, with approximately $1.8 billion allocated for CapEx and R&D [81] Question: Share of sales from VF 3 and VF 5 in 2025? - Expected to be less than 50% of total sales, with new models contributing significantly [88] Question: Impact of new U.S. tariffs? - Management believes the impact will be less significant compared to other OEMs, as most growth is expected from non-U.S. markets [107] Question: Rationale for discontinuing battery leasing? - Battery leasing was essential in early EV adoption but has decreased in relevance as consumer familiarity has grown [110] Question: Key priorities for 2025? - Focus on solidifying market leadership in Vietnam, enhancing manufacturing capacity, and driving product innovation [114]