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]