Market Trend - Malaysian automaker Perodua launched its first electric car [1] Business Strategy - Perodua will sell the vehicle separately to the battery to reduce upfront costs [1] - The strategy aims to appeal to middle-income earners [1]

Core Insights - The U.S. electric vehicle (EV) market is experiencing volatility, with significant sales fluctuations influenced by the expiration of the $7,500 tax credit [2][6][9] - Major automakers like Ford, GM, and Stellantis are facing substantial losses in their EV divisions, despite record sales in certain periods [3][5] Sales Performance - U.S. EV sales reached a record market share of 10.5% in 2025, driven by a rush to purchase before the tax credit expiration [2][7] - In October 2025, EV sales dropped sharply, with only 74,835 units sold, marking a 48.9% year-over-year decline [5][9] - The Tesla Model Y and Model 3 were the top sellers, with over 114,000 and 53,000 units sold, respectively, while the Chevy Equinox sold just under 25,000 [4][10] Financial Impact on Automakers - Ford's Model e division reported a loss of $1.4 billion in Q3 2025, with expectations of increasing losses to $5.5 billion in 2025 [3] - GM and Stellantis are also incurring significant losses in their EV segments, leading to production scale-backs despite high sales volumes [3][5] Market Dynamics - The majority of EV models are selling at low volumes, with many selling less than 2,000 units per month, which poses challenges for profitability [5] - The expiration of the federal EV tax credit has cooled demand significantly, reversing the previous sales momentum [6][9]

Core Viewpoint - Ford Motor Company is experiencing a stock increase of over 17% this year, but faces significant challenges and opportunities primarily related to its electric vehicle (EV) strategy [1] Financial Performance - Ford's Model e business is heavily loss-making, with a revenue of $5.4 billion and an earnings loss of $3.6 billion in the first nine months of 2025 [4] - The Ford Pro segment generated $51.4 billion in revenue with earnings before interest and taxation of $5.6 billion, while Ford Blue had $74.8 billion in revenue and $2.3 billion in earnings [4] Electric Vehicle Strategy - Ford's strategy of releasing EV versions of successful internal combustion engine (ICE) vehicles has faced setbacks, particularly with disappointing sales of the F-150 Lightning pickup truck, leading to considerations of ending its production [2] - The goal of having commercial self-driving cars by 2021 has not been realized, and Ford is no longer a primary developer in that market [3] Market Position and Future Outlook - Ford's value is primarily in its commercial, government, and rental customer business through the Pro segment, which provides a competitive advantage as EV adoption in these sectors is slow due to operational challenges [5] - CEO Jim Farley's commitment to invest $5 billion in a universal EV platform and a $30,000 pickup by 2027 indicates Ford's recognition of the need to remain relevant in the evolving EV market [7] - Ford's stock trades at 12.5 times its estimated 2025 earnings, which may appear cheap but could be costly if the company's EV strategy fails [8]

Li Auto’s fourth-quarter forecasts fell short of expectations, adding to investor concerns about its ability to navigate China’s electric vehicle market https://t.co/x4aj1nfqhk ...

Core Insights - Rivian Automotive's stock experienced a boost after strong Q3 results, but market enthusiasm has since declined due to concerns about the sustainability of sales growth [1][8] Financial Performance - Rivian reported a 78% year-over-year increase in revenue for Q3, totaling $1.56 billion, but also incurred a net loss of $1.17 billion, or approximately $0.96 per share [3] - The company achieved a positive gross profit of $24 million in Q3, marking a profitability milestone, although maintaining this in Q4 may be challenging [3] Market Dynamics - The EV industry saw a temporary sales boost due to the U.S. federal tax credit expiration on October 1, leading to a pull-forward of purchases [4] - Rivian's gross margin improvement was also aided by technology licensing revenue from its partnership with Volkswagen [5] Investment Considerations - Rivian's market capitalization of $18.2 billion is heavily influenced by market sentiment regarding its future prospects, indicating potential volatility in stock prices [5] - For long-term investors, there may be an opportunity to buy at a lower price as the debut of Rivian's lower-priced R2 electric SUV is still months away [6]

Group 1 - Tesla is the largest electric vehicle stock globally with a market cap of $1.2 trillion, and 2026 is anticipated to be a pivotal year for the company [1] - Approximately 80% of Tesla's sales come from electric vehicles, with over 90% of those sales generated by the Model Y and Model 3 [2][3] - The Model Y and Model 3 are Tesla's cheapest options, both starting below $50,000, and they significantly influence the company's financial performance [3][4] Group 2 - Competition in the EV market is expected to intensify in 2026, with over a dozen new models anticipated, including several priced under $50,000 [4][5] - Tesla's sales growth stagnated in 2025, raising concerns about potential sales pressure on its best-selling models due to increased competition [5] - Tesla's stock trades at 15 times sales, significantly higher than Rivian's 3 times sales, largely due to its potential in the robotaxi market, which could be valued between $5 trillion and $10 trillion [7][8]

Core Insights - Polestar's stock is currently trading below 1 dollar, reflecting a year-to-date decline of over 36 percent and a 46 percent loss over the past year, indicating significant volatility and uncertainty regarding its profitability [2][5] - The company faces challenges from rising manufacturing costs, competitive pricing pressures, and mixed demand for new electric vehicle (EV) offerings, which have contributed to fragile investor confidence [2][5] - Analysts project a consensus price target of 2.34 dollars for Polestar, with significant variability in estimates, highlighting the uncertainty surrounding the company's financial stability and market conditions [8] Trading Behavior and Market Conditions - Technical indicators show that Polestar's stock is near key moving-average support levels, while overall sentiment remains bearish [1] - The stock's 52-week range has been between 0.12 and 0.80 dollars, underscoring persistent volatility [2] - Tariff exposure, particularly concerning EV imports and battery components, poses additional risks, as shifts in trade policy could increase production costs or limit market access [1][5] Financial Performance and Projections - Despite steady growth in the EV sector, Polestar has struggled with ongoing operational losses and high debt levels, complicating its long-term outlook [5] - Analysts predict limited upside for Polestar in 2025, with projections indicating a bearish trend continuing into 2030, reflecting concerns over elevated input costs and tariff risks [13][14] - Long-term projections show wide variability influenced by regulatory changes and global EV demand, with sustainable revenue expansion being essential for meaningful appreciation [17] Bull and Bear Cases - The bull case for Polestar emphasizes its potential to carve out a niche in the global EV market through expansion and new model introductions, supported by majority owner Geely [11] - The bear case highlights significant macro and operational risks, including rising tariffs, supply chain disruptions, and competition from larger automakers, which could hinder profitability and lead to further stock depreciation [12]

Core Insights - The 2026 Hyundai IONIQ 9 has been awarded the title of 2026 EV of the Year by the Hispanic Motor Press, recognizing its appeal to Hispanic consumers based on various factors including technology and safety features [1][3]. Group 1: Award Recognition - The Hispanic Motor Press Awards program, now in its 16th year, highlights vehicles that excel in driving satisfaction, technology advancements, cleaner mobility, safety, infotainment, styling, and value [1][3]. - The award was presented at the 2025 Los Angeles Auto Show, where a jury of Hispanic automotive journalists and industry experts selected the IONIQ 9 for its versatility and family-friendly features [3]. Group 2: Company Commitment - Hyundai Motor America's COO, Claudia Marquez, emphasized the company's dedication to producing electric vehicles that prioritize safety and innovation for families, aligning with the needs of the Hispanic community [4]. - The IONIQ 9 is designed with long-range capability, ultra-fast charging, and a spacious interior, making it a practical choice for consumers [4]. Group 3: Economic Impact - Hyundai Motor America contributes $20.1 billion annually to the U.S. economy and supports 190,000 jobs through its operations, including manufacturing and R&D facilities [5].

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]