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]

Core Insights - VinFast Auto Ltd. (NASDAQ:VFS) is experiencing exponential growth, with significant vehicle deliveries projected through 2026 [1][2] Vehicle Deliveries - In Q3 2025, VinFast delivered 38,195 electric vehicles globally, marking a 7% increase quarter-over-quarter (QoQ) and a 74% increase year-over-year (YoY) [1] - The VF 3 and VF 5 models were the top sellers, accounting for 47% of total deliveries, while the VF 6 contributed 16% [1] - Cumulatively, in the first nine months of 2025, the company delivered 110,362 EVs, reflecting a remarkable 149% growth YoY [2] Market Opportunities - The company identifies significant opportunities in its core Asian markets, indicating a strategic focus on scaling volumes while maintaining cost discipline [3] - VinFast's path to profitability is supported by economies of scale, which are expected to enhance operating leverage [3]

Financial Performance - Total revenue reached $663 million in Q2 2025, a 92% year-over-year increase compared to $346 million in Q2 2024[31] - Gross margin improved to -41% in Q2 2025, up from -63% in Q2 2024[31] - Cash and cash equivalents totaled $550 million as of June 30, 2025, a 478% increase year-over-year from $95 million[31] - Net loss was $(812) million in Q2 2025, an 8% increase compared to $(749) million in Q2 2024[31] Deliveries and Market Position - Delivered 35,837 EVs in Q2 2025, a 172% year-over-year increase[2] - Delivered 69,580 two-wheelers in Q2 2025, a 432% year-over-year increase[2] - VinFast models accounted for three of the top five best-selling car models in Vietnam during 1H 2025[2] - VinFast VF 3 ranked as the best-selling car model in Vietnam in 1H 2025[15] Production and Expansion - Inaugurated two new factories, VinFast Ha Tinh and VinFast India, doubling production capacity to 550,000 cars per year[2] - Expects $1.6 billion in cash proceeds from completed R&D assets spinoff[2] - The company's total liquidity position is at $4.2 billion[2]

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was USD 657 million, a 150% increase year over year and largely in line with Q4 2024 [24] - Cost of goods sold for the quarter was USD 888 million, an increase of 113% year over year and down 25% quarter over quarter [24] - Q1 2025 gross margin was -35%, an improvement from -59% in the same period last year [25] - Net loss for the quarter was USD 712 million, with a net loss margin of -109%, compared to -226% in Q1 2024 [28] - Operating cash flow for the quarter was -USD 607 million, an improvement from -USD 500 million in Q1 2024 [29] Business Line Data and Key Metrics Changes - In Q1 2025, VinFast delivered 36,330 electric vehicles, a 296% increase year over year but a 32% decline quarter over quarter [6] - Two-wheeler deliveries reached 44,904 units, marking a 473% year over year increase and a 44% rise quarter over quarter [7] - B2C deliveries accounted for over 70% of total sales for three consecutive quarters through Q1 2025 [7] Market Data and Key Metrics Changes - In Vietnam, VinFast's market share of overall auto sales increased to nearly 40% in Q1 2025 from approximately 20% last year [13] - EV penetration in Vietnam reached nearly 40% in Q1, while BEV adoption in Indonesia was 7% and in The Philippines was only 3% [9] - VinFast's charging partner, V Green, has deployed over 2,000 charging locations across Indonesia, with approximately 16% operational [11] Company Strategy and Development Direction - VinFast is transitioning from a direct-to-consumer model to a dealer-based model to improve operational efficiency [26] - The company plans to double vehicle deliveries in 2025 and maintain strong momentum into 2026 [37] - New vehicle platforms and EE architecture are expected to drive long-term cost savings and operational efficiency [23][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improved operating leverage driven by economies of scale despite ongoing global macroeconomic uncertainties [5] - The company anticipates higher R&D spending in the coming periods to support the development of next-generation platforms and technologies [27] - Management highlighted the importance of scaling operations and optimizing costs as key factors for achieving profitability [37] Other Important Information - CapEx for Q1 2025 was USD 147 million, down 24% year over year and 40% quarter over quarter [28] - As of May 31, the company's liquidity stands at around USD 2.4 billion, including various loans and grants [30] Q&A Session Summary Question: Timeline for new factories in Vietnam, India, and Indonesia - All facilities in Asia are expected to start operations this year, with the India factory opening in July [34] Question: Key catalysts for investors in 2025 - Key catalysts include scaling operations, accelerating product development, and executing cost optimization [37] Question: Timing of CapEx and expected peak - The company plans to spend a total of USD 800 million in 2025, with over 50% allocated to R&D [42] Question: Expansion into the bus market - The company expects to deliver about 1,000 buses in Vietnam this year and is expanding into other markets [45] Question: Average selling price (ASP) trajectory - ASP for Q1 2025 was around USD 15,000, expected to remain under USD 20,000 for the full year [48] Question: Closing of B2C showrooms in North America and Europe - The transition to a dealership model is aimed at enhancing efficiency and scale globally [60] Question: Liquidity status - The company has disbursed USD 1.2 billion in loans and has a liquidity of approximately USD 2.4 billion [64]

Core Insights - VinFast Auto Ltd. reported significant growth in electric vehicle (EV) deliveries and revenues for the fourth quarter and full year of 2024, indicating strong market reception and business momentum [2][3][4]. Financial Performance - In Q4 2024, VinFast delivered 53,139 EVs, a 143% increase from Q3 2024, and for the full year, total EV deliveries reached 97,399, up approximately 192% from 2023 [2][3]. - Total revenues for Q4 2024 were VND16,496.4 billion (US$677.9 million), a 69.8% increase year-over-year and a 33.8% increase quarter-over-quarter. For the full year, revenues were VND44,019.6 billion (US$1,808.9 million), representing a 57.9% increase from 2023 [4]. - The company reported a gross loss of VND25,277.6 billion (US$1,038.7 million) for 2024, with a negative gross margin of 57.4% and a net loss of VND77,354.9 billion (US$3,178.8 million) [4]. Strategic Initiatives - VinFast's founder, Mr. Pham Nhat Vuong, has committed VND50 trillion (US$2.1 billion) in grants to support the company, with VND10 trillion (US$410.9 million) already disbursed as of March 31, 2025 [6][7]. - The company aims to double its global vehicle deliveries in 2025 while maintaining flexibility in its business strategy to adapt to market dynamics [16]. Market Expansion - VinFast is expanding its presence in key markets, including Indonesia, the Philippines, North America, and Europe, with plans to establish a widespread dealer network and enhance its distribution capabilities [10][11][12][13][14]. - In Vietnam, the company is launching a new "Green" product line designed for transportation services, with deliveries expected to start in Q2 2025 [14][15]. Leadership Statements - VinFast's Chairwoman, Madam Thuy Le, emphasized the company's strong performance in 2024 and its commitment to innovation and quality in EV production [8]. - CFO Ms. Lan Anh Nguyen highlighted the foundation for sustained volume growth in 2025, focusing on R&D and capital expenditure to improve vehicle quality and performance [9].