Group 1 - VinFast Auto Ltd. has signed a Memorandum of Understanding with Exposure SARL to potentially supply green taxi services in Kinshasa, marking a significant step in its international expansion strategy [1][2] - The partnership will focus on developing a rollout for the first batch of electric vehicles (EVs), including commercial models like Limo Green and Herio Green, aimed at establishing an all-electric taxi fleet to reduce urban emissions [2] - VinFast aims to deliver 300,000 electric vehicles in fiscal 2026, with two-wheeler vehicle deliveries expected to be at least 2.5 times higher than those in 2025 [4] Group 2 - VinFast is a Vietnamese electric vehicle manufacturer, part of Vingroup, dedicated to designing and producing smart electric cars, e-scooters, and electric buses for global markets, with a focus on making EVs accessible through premium features and sustainable mobility solutions [5]

Core Viewpoint - VinFast Auto Ltd (NASDAQ:VFS) is advancing its international expansion strategy by signing a Memorandum of Understanding (MOU) with Exposure SARL for the supply of electric vehicles for green taxi services in Kinshasa, Democratic Republic of the Congo [1]. Group 1: MOU Details - The MOU involves discussions for developing a plan to supply the first batch of VinFast electric vehicles, including Limo Green and Herio Green models, for electric taxi services in Kinshasa [2]. - Exposure SARL intends to act as a distributor of VinFast vehicles in the Congolese market and will collaborate on a business plan tailored to local conditions [3]. Group 2: Company Overview - VinFast Auto Ltd is engaged in the design and manufacture of electric vehicles, including electric buses and scooters, and is building an e-mobility ecosystem focused on community, customers, and connectivity [4].

Group 1 - VinFast Auto delivered 196,919 vehicles globally in 2025, marking a 102% increase from 97,399 units in 2024 [1] - The company also delivered 406,498 e-scooters and e-bikes in 2025, representing a 473% increase over 2024 [1] - Local sales in Vietnam nearly doubled to 175,099 units in 2025, accounting for about one-third of total vehicle sales in the country, with the total market exceeding 550,000 units [2] Group 2 - VinFast sold 21,820 vehicles overseas in 2025, having established local production in India and Indonesia while expanding in other Asian markets, Europe, and the US [3] - Indonesia was the largest overseas market with 10,890 deliveries, primarily from imports before the local assembly plant began operations in December 2025 [4] - The company introduced the Limo Green battery-powered MPV in August 2025, which became the best-selling model in Vietnam, while the compact VF3 remained the top seller with 44,585 deliveries [5]

Core Viewpoint - VinFast Auto Ltd (NASDAQ:VFS) has achieved significant growth in vehicle deliveries in Vietnam, marking it as a strong investment opportunity under $50 [1][2]. Group 1: Delivery Performance - In 2025, VinFast delivered a total of 175,099 vehicles, with the VF3 and VF5 being the top-selling models [1][2]. - The company reported nearly double the number of deliveries in 2025 compared to 2024, indicating robust growth in its core market [2]. Group 2: Market Position and Challenges - VinFast has faced challenges in North America and other international markets due to intense competition and slow consumer adoption [3]. - Despite these challenges, the company benefits from strong brand recognition and increasing domestic demand for electric vehicles in Vietnam [3]. Group 3: Analyst Insights - Chardan Capital analyst James Mcllree has maintained a Buy rating on VinFast stock, setting a price target of $5.50 [3]. Group 4: Company Overview - VinFast is a Vietnamese electric vehicle manufacturer under Vingroup, focusing on smart electric cars, e-scooters, and electric buses, aiming to provide accessible EVs with premium features and sustainable mobility solutions [4].

Core Insights - VinFast Auto achieved record sales in Vietnam, delivering 27,649 battery electric vehicles (BEVs) in December 2025, leading to a total of 175,099 units sold for the year, nearly doubling sales compared to 2024 [1][5] - The company captured approximately one-third of the total vehicle sales in Vietnam, with the overall market exceeding 550,000 units, positioning Vietnam as one of the fastest-growing BEV markets globally [1] Sales Performance - The compact VF3 was the best-selling model for VinFast in 2025, with 44,585 deliveries, followed closely by the VF5 at 43,913 units and the Limo Green at 27,127 units [3] - In addition to domestic sales, VinFast delivered 11,000 BEVs in Indonesia and over 1,000 units in India after starting deliveries in August [5] Product and Service Expansion - VinFast expanded its model lineup with the introduction of the Limo Green MPV in August, which became the best-selling model in the fourth quarter with 10,981 units delivered in December [2] - The company has enhanced its aftersales network to 400 outlets and established over 150,000 charging points across 34 provinces and cities in Vietnam [4] Marketing and Customer Engagement - VinFast launched the 'Boundless Drive for a Green Future' campaign, offering incentives such as zero-down-payment financing, discounts of 6% to 10% on popular models, and free charging at V-Green stations until June 2027 [4] - The Deputy CEO of Global Automotive Sales at VinFast emphasized the company's commitment to quality and service, highlighting its leadership role in Vietnam's transition to electric vehicles [5]

Core Insights - VinFast has set a new benchmark in the Vietnamese automotive industry by delivering 175,099 electric vehicles (EVs) in 2025, doubling the previous record held by foreign brands [1] - The company maintained a leading market share for 15 consecutive months, with December 2025 alone seeing a record delivery of 27,600 vehicles [1] - The rapid transition of Vietnamese consumers towards electric vehicles positions Vietnam as one of the fastest-growing EV markets in the region [1] Product Performance - VinFast's diverse product matrix has allowed it to dominate most market segments, with notable sales figures for its small and personal vehicles: VF3 (44,500 units), VF5 (43,900 units), and VF6 (23,200 units) [1] - The mid-to-large SUV models VF7, VF8, and VF9 have shown stable sales, catering to family and business customers [1] - The Limo Green operational vehicle sold 2,710 units, while the Herio Green reached 1,250 units; the Limo Green MPV7 model quickly became a bestseller, delivering nearly 11,000 units in December 2025 alone [1] Infrastructure and Growth Strategy - VinFast currently operates approximately 400 service outlets and over 150,000 charging points across Vietnam [2] - To ensure sustainable growth, the company plans to expand its after-sales service system and charging infrastructure, promoting initiatives like free charging until 2027 [2] - The company aims to accelerate the transition to green transportation through favorable policies and financial support, further solidifying its leading position in the Vietnamese EV market [2]

Core Insights - VinFast Auto Ltd. (NASDAQ:VFS) is recognized as one of the best auto stocks to buy currently [1] - The company achieved its highest monthly sales volume in November 2025, delivering 23,186 electric vehicles in Vietnam, contributing to a total of 147,450 units delivered this year [2] - The Limo Green model was the top performer, with 9,642 units sold in November and a total of 16,146 units since its launch [2] - The VF 3 is the best-selling car in Vietnam with 40,660 units sold this year, followed by the VF 5 with 38,478 units [3] - Despite strong sales, the stock is down 19.29% year-to-date as of December 26, 2025 [4] Sales Performance - In November 2025, VinFast delivered 23,186 electric vehicles, marking the highest monthly sales for the company [2] - Total deliveries for the year reached 147,450 units, with significant contributions from the Green lineup [2] - Breakdown of November deliveries includes 4,655 VF 3 units, 3,072 VF 5 units, 2,801 VF 6 units, and 1,225 VF 7 units [2] Market Position - The VF 3 leads the market as Vietnam's best-selling car, while the VF 6 tops the B-SUV segment with 19,750 deliveries [3] - The company aims to double its worldwide sales by 2024, leveraging its strong domestic performance [3] Stock Performance - As of December 26, 2025, VinFast's stock has decreased by 19.29% year-to-date, indicating potential market challenges despite strong sales figures [4]

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]

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]