Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and 9% quarter-over-quarter growth [18] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [19] - Gross margin was negative 56.2% in Q3 2025, compared to negative 24% in Q3 2024 and negative 41.1% in Q2 2025 [19] - Net loss for the quarter was negative $953 million, with a net loss margin of negative 132.7% [22] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, VinFast delivered 110,362 EVs globally, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries reached 120,052 units, a 535% increase year-over-year and 73% quarter-over-quarter [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales [7] - In India, VinFast's sales exceeded internal forecasts, ranking within the top eight for EV registration in the country [9] - In Indonesia, VinFast captured approximately 5% of the BEV market year-to-date, despite an overall market decline [10] Company Strategy and Development Direction - VinFast aims to strengthen its leadership in Vietnam by broadening its EV e-scooter lineup and expanding its B2B fleet channel [5] - The company is investing in innovation, focusing on vehicle platforms, electrical architecture, and autonomy [6] - VinFast plans to introduce three distinct brands by 2026, targeting different market segments [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving 2025 guidance, with expectations to reach 30,000 vehicle deliveries per month soon [54] - The company acknowledges the need for continued investment in R&D to strengthen long-term competitiveness [16] - Management expects the two-wheeler business to grow significantly in 2026, targeting 1.5 million two-wheeler deliveries in Vietnam alone [72] Other Important Information - As of September 30, total available liquidity was $3.7 billion, providing approximately 18 months of operational runway [23][76] - CapEx for Q3 2025 was $261 million, an increase of 24% quarter-over-quarter and 108% year-over-year [23] - Battery costs have continued to decline, with an average decrease of approximately 10% to 12% year-over-year [63] Q&A Session Summary Question: What is the expected timeline and cost expectations for developing the autonomy stack? - Management plans to launch a low-cost version for robotaxi in 2026, with further developments expected around 2028 [26] Question: What are the capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [28] Question: What percentage of sales in Q4 is expected to come from outside Vietnam? - A slight increase in sales from outside Vietnam is anticipated in Q4, primarily from India and Indonesia [32] Question: How much R&D increase is expected to support the new platform? - The target for R&D spending is about $1.6 billion for the year, with a significant portion allocated to the new platform [35] Question: What models are seeing the strongest demand within the order backlog? - The Green Series, particularly the Limo Green and Mini Green, make up about 50% of the total backlog [53]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and a 9% quarter-over-quarter increase [19] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [20] - Gross margin was negative 56.2%, compared to -24% in Q3 2024 and -41.1% in Q2 2025 [20][22] - Net loss for the quarter was -$953 million, with a net loss margin of -132.7% [23] - Total available liquidity as of September 30 was $3.7 billion, providing approximately 18 months of runway for operations and growth plans [24][76] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, total EV deliveries reached 110,362, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries totaled 120,052, reflecting a 535% increase year-over-year and 73% quarter-over-quarter [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales compared to Q3 2024 [7] - In India, VinFast ranked within the top eight for EV registration in its first month, with sales exceeding internal forecasts [9] - In Indonesia, VinFast captured approximately 5% of the BEV market year-to-date, ranking fifth among top BEV brands [10] Company Strategy and Development Direction - VinFast aims to broaden its EV e-scooter lineup and deepen its presence in the B2B fleet channel in Vietnam [5] - The company is investing in innovation, focusing on vehicle platforms, electrical and electronic architecture, and autonomy [6] - VinFast plans to introduce three distinct brands by 2026, targeting different market segments [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of balancing growth and cost rationalization as a long-term priority [6] - The company remains optimistic about achieving its 2025 guidance, with expectations of reaching 30,000 vehicle deliveries per month soon [56] - Management acknowledged the need for time to mature its brand and green mobility ecosystem in international markets [13] Other Important Information - The company plans to launch new e-scooter models with extended range in 2026 [8] - VinFast's R&D expenses for Q3 2025 were $106 million, marking a 15% increase quarter-over-quarter [22] - The Ha Tinh factory is ramping up production and is expected to be the main production site for several models [61] Q&A Session Summary Question: What is the expected timeline and cost expectations for developing your autonomy stack? - Management plans to launch a low-cost version for robotaxi in 2026, with further developments expected around 2028 [27] Question: What are your capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [30] Question: What percentage of sales in Q4 is expected to come from outside of Vietnam? - A slight increase in sales from outside Vietnam is anticipated in Q4, primarily from India and Indonesia [34] Question: Can you provide an update on the production ramp-up at Ha Tinh Plant? - The Ha Tinh factory is currently producing 15 jobs per hour, with plans to increase production for various models [61] Question: How is battery cost tracking and expected to trend? - Battery costs have declined by approximately 10% to 12% year-over-year, with further cost optimization expected [64] Question: What is the outlook for the two-wheeler business in 2026? - The target is to deliver 1.5 million two-wheelers in Vietnam in 2026, representing about 50% of total new sales [72]

Core Insights - VinFast Auto Ltd. reported a revenue of USD 719 million for Q3 2025, marking a 47% increase year-over-year and a 9% increase quarter-over-quarter [1][3] - The company delivered 38,195 electric vehicles (EVs) in Q3 2025, representing a 74% growth compared to Q3 2024 and a 7% increase from Q2 2025 [2][3] - Cumulatively, VinFast delivered 110,362 EVs in the first nine months of 2025, reflecting a 149% year-over-year increase [2] Financial Performance - Total revenues for Q3 2025 were VND 18,100.2 billion (approximately USD 718.6 million), up 46.8% from Q3 2024 [3] - The company also reported a significant increase in e-scooter and e-bike deliveries, with 120,052 units delivered in Q3 2025, a 535% increase year-over-year [3] Market Leadership - VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, maintaining its position as the best-selling carmaker in the country for thirteen consecutive months [4] - The company ranked among the top 8 for EV registrations in India and among the top 5 battery electric vehicle (BEV) brands in Indonesia for the first nine months of 2025 [4][10] Strategic Initiatives - VinFast is investing in technology to enhance competitiveness, focusing on three pillars: vehicle platform, electric-electronic architecture, and advanced driver-assistance systems (ADAS) [6][8] - The company is re-engineering its electric-electronic system into a zonal architecture, allowing for rapid over-the-air updates and improved system stability [7] International Expansion - VinFast has expanded its dealer network in India to 20 locations and in Indonesia to 33 locations, capturing approximately 5% of Indonesia's BEV market [9][10] - The company opened its first dealership in California, aiming to strengthen brand visibility in the U.S. market [11] Financial Support - During Q3 2025, VinFast secured a loan facility of USD 100 million with MUFG Bank and a USD 150 million loan from Barclays Bank to support its international expansion and working capital needs [14] Business Outlook - VinFast aims to double its global vehicle deliveries in 2025 and expects continued growth in the e-scooter business due to favorable government policies in Vietnam [15] - The company plans to prioritize top-line growth through strategic investments while focusing on cost rationalization as a medium-term priority [16]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and a 9% quarter-over-quarter increase [17] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [18] - Gross margin was negative 56.2%, compared to negative 24% in Q3 2024 and negative 41.1% in Q2 2025 [18] - Net loss for the quarter was negative $953 million, with a net loss margin of negative 132.7% [21] - Total available liquidity as of September 30 was $3.7 billion, providing approximately 18 months of operational runway [22] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, total EV deliveries reached 110,362, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries totaled 120,052, reflecting a 535% year-over-year increase and 73% quarter-over-quarter growth [4] - The VF3 and VF5 models contributed 47% of total deliveries, while the Green Series accounted for 25% [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales [7] - In India, VinFast ranked within the top eight for EV registration in October, with sales exceeding internal forecasts [9] - In Indonesia, VinFast captured approximately 5% of the BEV market, ranking fifth among top BEV brands year-to-date [10] - In the Philippines, VinFast opened 13 showrooms and is expanding its marketing efforts [11] Company Strategy and Development Direction - VinFast is focused on growth both domestically and internationally, with a strategy to broaden its EV e-scooter lineup and deepen its presence in the B2B fleet channel [5] - The company is investing in innovation, particularly in vehicle platforms, electrical architecture, and autonomy [5][16] - VinFast aims to balance top-line growth with cost rationalization as a medium-term priority [5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of continued investment in R&D to strengthen long-term competitiveness [16] - The company remains optimistic about achieving its 2025 guidance and expects to reach 30,000 vehicle deliveries per month soon [34] - Management acknowledged the challenges in the U.S. market but emphasized the need to cultivate relationships with existing dealers [31] Other Important Information - The company plans to introduce three distinct brands by 2026, targeting different market segments [15] - VinFast is expanding its battery infrastructure through VGreen, which is emerging as a significant player in the charging network [12][42] Q&A Session Summary Question: What is the expected timeline and cost for developing the autonomy stack? - The plan for launching is next year in 2026 for the low-cost version for robotaxi [23] Question: What are the capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [24] Question: What percentage of sales in Q4 will come from outside Vietnam? - A slight increase in sales from outside Vietnam is expected in Q4, primarily from India and Indonesia [25] Question: How much will R&D increase to support the new platform? - The target for R&D spending is about $1.6 billion for the year, with a significant portion capitalized for new models [26] Question: What is the outlook for the two-wheeler business in 2026? - The target is to deliver 1.5 million two-wheelers in Vietnam in 2026, representing about 50% of total new sales [45]

Business Performance - VinFast delivered 38,195 EVs in Q3'25, a 74% year-over-year increase[3] - The company delivered 110,362 EVs in the first nine months of 2025, up 149% year-over-year[3] - VinFast's two-wheeler deliveries reached nearly 120,052 in Q3'25, a 535% year-over-year increase[4] - Two-wheeler deliveries for the first nine months of 2025 totaled 234,536, up 489% year-over-year[4] - VF 3 and VF 5 models accounted for 47% of total EV deliveries in Q3'25[31] - Green series models represented 25% of total EV deliveries in Q3'25[31] Financial Highlights - Total revenue for Q3'25 was $719 million, a 47% increase compared to Q3'24[28] - Gross loss for Q3'25 was $404 million, with a gross margin of -56%[28] - Net loss for Q3'25 was $953 million, or $041 per share[28] - Cash and cash equivalents stood at $349 million as of September 30, 2025[28] Market Expansion - VinFast ranked 5th among the Top 5 BEV brands in Indonesia year-to-date, capturing approximately 5% of Indonesia's BEV market[8] - In Vietnam, VinFast outpaced the market with 82% year-over-year growth[6]

Core Insights - VinFast reported a significant increase in third-quarter revenue, driven by robust sales of electric cars and bikes [1] Company Summary - The company's growth in revenue is attributed to strong demand for its electric vehicles, indicating a positive market response [1] - VinFast is leveraging this growth to support its expansion plans, suggesting a strategic focus on scaling operations in the electric vehicle sector [1] Industry Summary - The rise in electric vehicle sales reflects a broader trend in the automotive industry towards electrification, highlighting the increasing consumer interest in sustainable transportation options [1]

Core Insights - VinFast reported a significant increase in net loss for the third quarter, amounting to 24 trillion dong ($910.85 million), compared to 13.25 trillion dong in the same period last year, indicating challenges in its expansion strategy amid intense competition [3] - The company's shares fell by 12% following the earnings report, reflecting investor concerns over its financial performance and growth strategy [1] Financial Performance - The total revenue for the quarter reached 18.1 trillion dong, representing a nearly 47% increase from the previous year [5] - The quarterly gross margin was negative 56.2%, worsening from negative 24% a year ago, primarily due to higher warranty provisions and costs associated with vehicles sold [4] Strategic Initiatives - VinFast secured two loan facilities totaling $250 million to support its ambitious growth strategy and international expansion, despite facing tariff pressures and subdued demand in the U.S. market [2] - The company is shifting its focus from the U.S. and Europe to other Asian markets, particularly India, where it launched a factory earlier this year, aiming to increase vehicle sales from international locations [3][5] Market Challenges - VinFast faces significant competition from established players like Tesla and Chinese electric vehicle manufacturers, with its premium pricing strategy posing a major hurdle [3] - The company is transitioning to a dealership-based model and optimizing its supply chain to cut costs amid ongoing financial losses [2]

Financial Performance - Quarterly revenues reached VND 18,100.2 billion (US$718.6 million), representing a 46.8% increase year-over-year and a 9.0% increase quarter-over-quarter[20]. - Vehicle sales amounted to VND 16,695.2 billion (US$662.9 million), reflecting a 48.4% increase year-over-year and an 11.4% increase quarter-over-quarter[8]. - Total revenues for the nine months ended September 30, 2025, were VND 51,015,903 million, up 85.0% from VND 27,522,639 million in the same period of 2024[33]. - Vehicle sales revenue for Q3 2025 reached VND 16,695,205 million, a 48.5% increase from Q3 2024's VND 11,251,190 million[33]. Delivery and Sales Growth - EV deliveries totaled 38,195 units in Q3 2025, a 74% increase year-over-year and a 7% increase quarter-over-quarter, with cumulative deliveries of 110,362 EVs in the first nine months of 2025, up 149% year-over-year[7]. - E-scooter and e-bike deliveries reached 120,052 units in Q3 2025, marking a 535% increase year-over-year and a 73% increase quarter-over-quarter[7]. - VinFast aims to double its global EV deliveries in 2025, maintaining strong growth momentum in the e-scooter business due to favorable government policies in Vietnam[30]. Losses and Financial Challenges - The gross loss was VND 10,167.6 billion (US$403.7 million), representing a 243.7% increase year-over-year and a 49.0% increase quarter-over-quarter, with a gross margin of negative 56.2%[25]. - Net loss for Q3 2025 was VND 24,011.1 billion (US$953.3 million), an increase of 81.2% year-over-year and 18.0% quarter-over-quarter[25]. - Gross loss for Q3 2025 was VND 10,167,565 million, compared to a gross loss of VND 2,957,886 million in Q3 2024, indicating a significant increase in losses[33]. - Net loss for Q3 2025 was VND 24,011,091 million, a 81.2% increase from VND 13,251,944 million in Q3 2024[34]. - As of September 30, 2025, VinFast reported accumulated losses of VND 329,732,860 million (approximately USD 13,091,390,797)[32]. Research and Development - Research and development costs were VND 2,679.1 billion (US$106.4 million), up 28.1% year-over-year and 14.7% quarter-over-quarter, driven by costs for new vehicle platforms[25]. - Research and development costs for Q3 2025 were VND 2,679,109 million, up from VND 2,091,725 million in Q3 2024, representing a 28.0% increase[33]. Assets and Liabilities - As of September 30, 2025, VinFast's total current assets amounted to VND 87,809,930 million (approximately USD 3,486,319,530), an increase from VND 64,781,629 million as of December 31, 2024[31]. - The company's total assets reached VND 183,183,797 million (approximately USD 7,272,950,212) as of September 30, 2025, up from VND 155,966,496 million as of December 31, 2024[32]. - Current liabilities totaled VND 174,284,917 million (approximately USD 6,919,637,789) as of September 30, 2025, compared to VND 171,508,908 million as of December 31, 2024[32]. Funding and Financial Strategy - The company secured additional funding commitments, including VND 35,000 billion (US$1.4 billion) from Vingroup to support growth initiatives[19]. - VinFast is exploring various funding sources, including loans, grants, and capital markets, to support its growth strategy[29]. - The company plans to capture available tax incentives and subsidies to reduce investment and operational costs[29]. Expansion and Market Strategy - As of September 30, 2025, VinFast operated 381 showrooms globally, expanding its reach in various markets[7]. - VinFast is focused on expanding its manufacturing and distribution capacity through existing infrastructure and new projects to support future operations[28]. - VinFast is continuously monitoring its global expansion strategy and can adjust its plans for distribution, manufacturing, and marketing as needed[28]. - VinFast is evaluating a full spectrum of vehicle types for future product development while focusing on the mini- through E-segments of the electric SUV market[28]. Cash Flow and Financial Instruments - The company reported a net cash flow used in operating activities of VND 37,871,624 million for the nine months ended September 30, 2025, compared to VND 31,481,587 million for the same period in 2024[35]. - For the nine months ended September 30, 2025, VinFast reported a net cash flow used in investing activities of VND (19,245,393) million, equivalent to approximately USD (764,100,250)[36]. - The company experienced a net cash flow from financing activities of VND 62,382,327 million, which translates to approximately USD 2,476,766,864[36]. - As of September 30, 2025, cash, cash equivalents, and restricted cash at the end of the period totaled VND 12,037,477 million, or approximately USD 477,924,207[36]. - The company experienced a net loss on financial instruments at fair value through profit or loss of VND 503,390 million in Q3 2025, compared to VND 251,088 million in Q3 2024, indicating increased financial losses[33]. Risks and Forward-Looking Statements - VinFast's forward-looking statements indicate potential risks associated with being a growth-stage company in the EV industry, including competition and supply chain challenges[38].

Core Insights - VinFast's VF 8 has transitioned from a national experiment to a global success, showcasing the rapid growth of a Vietnamese automaker in the electric vehicle market [1] - The company has effectively combined fast learning, user feedback, and bold expansion strategies to establish its electric SUV as a reliable everyday vehicle across multiple continents [1] - By 2025, VinFast became the best-selling car brand in Vietnam, delivering over 100,000 units [1]

Group 1 - Oaklo has received approval from the US Department of Energy for the nuclear safety design agreement for its Aurora fuel fabrication facility at Idaho National Laboratory, establishing a faster authorization pathway for US nuclear fuel production [1][2] - The Vinfast VF9 has established a presence in Canada's electric vehicle market as a full-size luxury electric SUV, offering a range of up to 518 km and 42 horsepower, appealing to families and professionals [2] - Hessi technology has been selected by Lee Auto as the exclusive lighter supplier for its next generation assisted driving platform, enhancing intelligent driving safety through automotive grade LAR technology [3] Group 2 - Wallbox has introduced the Supernova Power Ring, a modular fast charging system capable of delivering up to 400 kW per vehicle and a total shared capacity of 720 kW for destination and semi-public sites, maximizing efficiency and cost-effectiveness [3][4] - The Supernova Power Ring allows for intelligent power distribution across multiple chargers, providing scalable configurations to meet varying site demands [4]