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]

Group 1 - VinFast has inaugurated its fourth global electric vehicle factory in Subang, West Java, Indonesia, marking its first factory in Southeast Asia outside of Vietnam, enhancing its competitive advantage in the region and contributing to the development of Indonesia's electric vehicle industry [1][2] - The Subang factory was established in just 17 months, demonstrating VinFast's commitment to local production, with plans to increase the localization rate to over 40% by 2026, 60% by 2029, and 80% by 2030, while developing a supporting industrial ecosystem around the facility [1] - The factory occupies 171 hectares with an estimated total investment exceeding $1 billion, with the first phase involving over $300 million and an initial production capacity of 50,000 vehicles per year, expandable to 350,000 to meet domestic and export demands [2] Group 2 - The factory is expected to create between 5,000 to 15,000 direct jobs at full capacity, with initial assembly focusing on right-hand drive versions of models VF 3, VF 5, VF 6, and VF 7, and plans to include electric motorcycles and electric MPVs starting in 2026 [2] - Indonesian Economic Coordinating Minister Airlangga Hartarto praised the VinFast project for aligning with Indonesia's green industrial development strategy, emphasizing its role in boosting the local economy, job creation, and the establishment of an electric vehicle industry ecosystem [1]

Core Viewpoint - VinFast is expanding its global presence with the opening of its first factory in Indonesia, signaling its ambitions in the electric vehicle market [1][7]. Company Expansion - VinFast inaugurated a new facility in Subang, Indonesia, with participation from both Indonesian and Vietnamese government representatives [2]. - The factory was completed and became operational just 17 months after the groundbreaking ceremony, showcasing the company's commitment to rapid expansion [4]. - Initially, the factory will assemble the VF 3, VF 5, VF 6, and VF 7 models for the domestic market, with plans to produce new models for sale in Indonesia by 2026 [4]. Market Impact - Following the announcement of the factory opening, VinFast's U.S.-listed shares rose by over 5% on a generally negative day for the stock market, reflecting positive investor sentiment [1]. - The current market capitalization of VinFast is approximately $7.7 billion, with shares trading at $3.47 [5]. Industry Positioning - The new factory reinforces VinFast's role in the electric vehicle value chain in Indonesia, enhancing Southeast Asia's position in the global EV industry [7]. - Indonesia, with a population exceeding 283 million, represents a significant market opportunity for VinFast as it aims to establish a direct presence in the region [7].

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]

Business Performance - VinFast delivered 38,195 EVs in Q3'25, a 74% year-over-year increase[3] - The company delivered 110,362 EVs in the first nine months of 2025, up 149% year-over-year[3] - VinFast's two-wheeler deliveries reached nearly 120,052 in Q3'25, a 535% year-over-year increase[4] - Two-wheeler deliveries for the first nine months of 2025 totaled 234,536, up 489% year-over-year[4] - VF 3 and VF 5 models accounted for 47% of total EV deliveries in Q3'25[31] - Green series models represented 25% of total EV deliveries in Q3'25[31] Financial Highlights - Total revenue for Q3'25 was $719 million, a 47% increase compared to Q3'24[28] - Gross loss for Q3'25 was $404 million, with a gross margin of -56%[28] - Net loss for Q3'25 was $953 million, or $041 per share[28] - Cash and cash equivalents stood at $349 million as of September 30, 2025[28] Market Expansion - VinFast ranked 5th among the Top 5 BEV brands in Indonesia year-to-date, capturing approximately 5% of Indonesia's BEV market[8] - In Vietnam, VinFast outpaced the market with 82% year-over-year growth[6]

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]

Core Insights - VinFast Auto Ltd. reported a robust revenue growth of 92% year-over-year for Q2 2025, indicating strong momentum in its business operations [1][3] - The company delivered 35,837 electric vehicles (EVs) in Q2 2025, a 172% increase year-over-year, and a total of 72,167 EVs in the first half of 2025, reflecting a 223% increase year-over-year [2][3] - VinFast's e-scooter and e-bike deliveries reached 69,580 in Q2 2025, marking a 55% increase quarter-over-quarter and a 432% increase year-over-year [2][3] Financial Performance - Total revenues for Q2 2025 were VND 16,609.3 billion (approximately US$663.0 million), up 91.6% from Q2 2024 and 1.9% higher than Q1 2025 [3] - The company reported a gross loss of VND 6,824.9 billion (US$272.4 million) and a net loss of VND 20,341.6 billion (US$812.0 million) for Q2 2025, with a gross margin improvement to negative 41.1% from negative 62.7% in Q2 2024 [4] Market Position and Strategy - VinFast solidified its leadership in Vietnam's domestic auto market and is actively contributing to the country's green transition [5][8] - The VF 3 and VF 5 models accounted for 61% of total deliveries in Q2 2025, with the VF 6 contributing 12%, placing these models among the top five best-selling vehicles in Vietnam [6][7] - Over 70% of vehicles delivered in the last four quarters were to B2C customers, indicating strong market demand [7] Expansion and Partnerships - The company is expanding its e-bike production capacity and inaugurated the Ha Tinh plant in June 2025, with an initial capacity of 200,000 vehicles per year [8][9] - VinFast is enhancing its presence in key Asian markets, including India, Indonesia, and the Philippines, with strategic partnerships and dealership expansions [11][12][13][14] - In North America, VinFast signed its first authorized dealership in California, marking a shift to a dealer-led distribution model [14] Future Outlook - The company aims to double its global deliveries in 2025 and is focusing on key markets such as Vietnam, Indonesia, the Philippines, India, North America, Europe, and the Middle East [16] - VinFast is evaluating opportunities in various vehicle types to enhance accessibility to electric mobility [17] - The company expects continued strong growth in its e-scooter business, supported by favorable government policies in Vietnam [18]

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]

Core Viewpoint - VinFast has shown significant growth in electric vehicle deliveries and revenue, focusing on Southeast Asian markets while adjusting its global expansion strategy to prioritize cost-effective production and local market penetration [2][3][4]. Group 1: Financial Performance - In Q1, VinFast delivered 36,330 electric vehicles, a year-on-year increase of 296%, surpassing the total deliveries of the previous year [2]. - The total revenue for Q1 reached 16.3064 trillion Vietnamese Dong (approximately $6.57 billion), reflecting a year-on-year growth of 149.9% [2]. - Despite revenue growth, the company reported a net loss of $712.4 million in Q1, a 20% increase compared to the previous year, indicating challenges in achieving profitability [5][7]. Group 2: Market Strategy - VinFast is shifting its strategic focus to the Indian market, driven by high logistics costs in North America and Europe, and plans to establish a new factory in Indonesia by October [4][6]. - The company aims to deliver over 200,000 electric vehicles in Vietnam this year, with a target of doubling global deliveries by 2025 [4][5]. - VinFast is actively seeking financing, negotiating a loan of up to $200 million with Indian state banks to support its $500 million investment plan in India [3][4]. Group 3: Competitive Landscape - The electric vehicle market in Southeast Asia is becoming increasingly competitive, with major players like Tesla and Toyota intensifying their focus on this region [5][6]. - VinFast's local brand advantage may face dilution as competition escalates, necessitating a balance between expansion and cost control [5][7]. - The company’s ability to achieve positive gross margins and meet delivery targets by 2025 will be critical in assessing its business model viability [7].

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].