VinFast Auto .(US:VFS)2025-09-04 10:16Financial Performance - Quarterly revenues reached VND16,609.3 billion (US$663.0 million), representing a 91.6% increase year-over-year and a 1.9% increase quarter-over-quarter[18]. - Vehicle sales amounted to VND14,984.0 billion (US$598.1 million), a 94.6% increase from Q2 2024 but a 1.5% decrease from Q1 2025[5]. - Total revenues for the first half of 2025 amounted to VND 32,915,685 million, up 116.7% from VND 15,196,102 million in the same period of 2024[33]. - Vehicle sales revenue for Q2 2025 reached VND 14,983,978 million, a 94.5% increase from VND 7,698,685 million in Q2 2024[33]. - Operating loss for the first half of 2025 was VND 25,180,238 million, an increase of 7.5% from VND 23,425,676 million in the first half of 2024[33]. Losses and Expenses - Net loss for Q2 2025 was VND20,341.6 billion (US$812.0 million), an increase of 8.4% year-over-year and 15.0% quarter-over-quarter[5]. - Gross loss was VND6,824.9 billion (US$272.4 million), increasing by 25.5% year-over-year and 19.0% quarter-over-quarter[5]. - Gross loss for Q2 2025 was VND 6,824,890 million, compared to a gross loss of VND 5,436,449 million in Q2 2024, indicating a worsening of 25.5%[33]. - Net loss was VND20,341.6 billion (US$812.0 million) in Q2 2025, an increase of 8.4% from Q2 2024 and 15.0% from Q1 2025[25]. - Selling, general and administrative expenses decreased to VND3,400.5 billion (US$135.7 million) in Q2 2025, down 11.4% year-over-year and 9.3% quarter-over-quarter[25]. Production and Deliveries - EV deliveries totaled 35,837 units in Q2 2025, a 172% increase year-over-year, with cumulative deliveries of 72,167 EVs in the first half of 2025, up 223% year-over-year[4]. - E-scooter and e-bike deliveries were 69,580 units in Q2 2025, reflecting a 432% increase year-over-year and a 55% increase quarter-over-quarter[4]. - The Ha Tinh plant, inaugurated in June 2025, has a design capacity of up to 200,000 vehicles per year, focusing on compact urban EV models[10]. - The company aims to at least double its global EV deliveries in 2025, monitoring macro-economic conditions[25]. Research and Development - R&D costs were VND2,335.1 billion (US$93.2 million) in Q2 2025, down 12.3% from Q2 2024 but up 15.9% from Q1 2025[25]. - Research and development costs for Q2 2025 were VND 2,335,125 million, a decrease of 12.3% from VND 2,662,530 million in Q2 2024[33]. Cash Flow and Financing - As of June 30, 2025, cash and cash equivalents were VND13,772.6 billion (US$549.8 million)[23]. - The company reported a net cash outflow from operating activities of VND 26,685,973 million for the first half of 2025, compared to VND 20,289,220 million in the same period of 2024[35]. - The company experienced a net cash flow from financing activities of VND 49,647,012 million (approximately USD 1,981.8 million) for the six months ended June 30, 2025, an increase from VND 30,025,677 million in 2024[36]. - VinFast's capital contribution from owners increased to VND 23,000,000 million (approximately USD 918.1 million) in 2025, compared to VND 16,994,659 million in 2024[36]. - The company received government grants totaling VND 151,161 million (approximately USD 6.0 million) during the six months ended June 30, 2025[36]. Strategic Initiatives - VinFast's strategic transition to a dealer-led distribution model includes the opening of its first authorized dealership in California on August 19, 2025[9]. - VinFast is evaluating opportunities to expand into new markets in Europe, Asia, the Middle East, and Africa[27]. - The company plans to enhance production capacity through existing infrastructure and new projects[27]. - The company is focused on expanding its market presence in Asia, North America, and Europe, producing a range of electric vehicles including SUVs, e-scooters, e-bikes, and e-buses[42].