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]

Q2'25 Earnings Report 4 September 2025 2 Q 2 0 2 5 E A R N I N G S R E P O R T 2 At a Glance: VinFast Maintaining Strong Momentum and Strengthening Financial Position in Midst of Global Uncertainties STRENGTHENED FINANCIAL POSITION $1.6 bn expected cash proceeds from completed R&D assets spinoff INAUGURATED TWO NEW FACTORIES SOP at our VinFast Ha Tinh and VinFast India plants, doubling our production capacity to ON TRACK FOR 2025 TARGET To at least x2 2024 global sales 35,837 EVs delivered in Q2'25, up 172% ...

Core Insights - VinFast has inaugurated its electric vehicle assembly plant in Tamil Nadu, India, marking its fifth global project and third operational production base, showcasing the company's ambition for global expansion and capability in executing large-scale projects [1] - The Tamil Nadu factory is a strategic milestone for VinFast, reflecting its long-term commitment to the Indian market and laying a solid foundation for sustainable growth [1] - The factory aims to provide high-quality, competitively priced electric vehicles to Indian consumers and plans to expand its capacity to meet growing market demand, with aspirations to become the largest export center for VinFast in South Asia, the Middle East, and Africa [1] Company and Industry Summary - The factory spans 160 hectares and features highly automated, modern production lines adhering to international standards [2] - Once fully operational, the plant is expected to create 3,000 to 3,500 direct jobs and generate thousands of indirect employment opportunities within the supply chain ecosystem, contributing to the socio-economic development of Tamil Nadu and positioning the region as a significant manufacturing hub in India [2] - Initially, the factory will assemble high-end electric vehicle models VF 7 and VF 6, with an annual production capacity of 50,000 units, which can be increased to 150,000 units in the future [2]

Group 1: Company Announcements - Huawei announced the comprehensive open-source of CANN, enabling users to develop and customize applications independently [1] - Pfizer reported Q2 revenue of $14.65 billion, exceeding market expectations, and projected annual revenue between $61 billion and $64 billion [2] - Xiaomi's investment fund has acquired shares in Chongqing Huahui Paint Co., increasing its registered capital from approximately 27.78 million RMB to about 31.67 million RMB [5] Group 2: Industry Developments - VinFast's new electric vehicle assembly plant in India has officially opened, with an initial production capacity of 50,000 units per year, potentially increasing to 150,000 units [5] - All Nippon Airways (ANA) plans to establish a joint venture with Joby Aviation to provide air taxi services in Japan, aiming to deploy over 100 air taxis [3] - Tencent has invested in Sairi Technology, a waferless chip design company, indicating a trend towards semiconductor innovation [4] Group 3: Market Trends - The futures market in China has reached a record high of 2.6 million effective clients, with a 12% year-on-year growth [10] - The Japanese central bank's committee members expressed concerns that a rapid reduction in bond purchases could impact market stability [9][10]

Core Insights - VinFast has launched pre-orders for its luxury electric SUVs, VF 7 and VF 6, indicating a strategic move to expand its product lineup in the electric vehicle market [1] Group 1 - The VF 7 and VF 6 are positioned as luxury electric SUVs, targeting a premium segment of the automotive market [1] - The pre-order initiative reflects VinFast's commitment to increasing its market presence and competitiveness in the electric vehicle sector [1] - This launch is part of VinFast's broader strategy to establish itself as a key player in the global electric vehicle industry [1]

Core Insights - VinFast Auto Ltd. reported a significant increase in electric vehicle deliveries, with 36,330 units delivered in Q1 2025, marking a 296% increase from Q1 2024 [1][2] - The company achieved total revenues of VND16,306.4 billion (US$656.5 million) in Q1 2025, a 149.9% increase from the same period last year [3] - VinFast's gross profit margin improved to negative 35.2%, a substantial improvement from negative 58.7% in Q1 2024 and negative 79.1% in Q4 2024, indicating enhanced operational efficiency [4] Financial Performance - The company recorded gross and net losses of VND5,736.5 billion (US$231.0 million) and VND17,693.8 billion (US$712.4 million) respectively in Q1 2025 [3] - VinFast's revenue growth is attributed to increased operational efficiency and cost optimization strategies [4] Funding and Support - Vingroup plans to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) from November 2024 until 2026, with VND30,571.3 billion (US$1.2 billion) already disbursed as of May 31, 2025 [5] - The founder and CEO, Mr. Pham Nhat Vuong, has committed to provide up to VND50,000.0 billion (US$2.0 billion) in grants, with VND20,500.0 billion (US$825.4 million) disbursed to date [6] Product Development - VinFast launched the EC Van, a compact electric cargo vehicle, with deliveries expected to begin in November 2025 at a starting MSRP of VND285 million (US$11,500) [7][8] - The company introduced the EB 6, a 6-meter electric bus platform, expected to be available in September 2025 [9] - Plans for next-generation platforms and new Electrical/Electronic architecture are set to begin with the Limo Green model in Q3 2025 [10] Market Expansion - VinFast is expanding its presence in Indonesia with the launch of the VF 6, its fourth model, with deliveries expected in Q2 2025 [11] - In the Philippines, the company signed agreements to establish over 70 authorized service workshops in 2025 [13] - VinFast launched its brand in India at the Bharat Mobility Global Expo 2025, introducing two electric SUV models [14] Operational Strategy - The company is optimizing its operations in North America and Europe by closing five direct-to-consumer stores in Canada and transitioning to dealer showrooms in Germany and the Netherlands [15][16] - As of April 30, 2025, VinFast had 388 showrooms globally for EVs [17] Business Outlook - VinFast aims to at least double global vehicle deliveries in 2025, focusing on key markets including Vietnam, Indonesia, the Philippines, India, North America, and Europe [19] - The company is continuously assessing the potential for other vehicle types to enhance accessibility to electric mobility [20]

Core Viewpoint - VinFast Auto has shown impressive growth in vehicle sales but is facing significant challenges in expanding into the U.S. and European markets, leading to wider losses and a decline in stock price [1][2][7]. Sales Performance - In the fourth quarter, VinFast delivered 53,139 electric vehicles, a 143% increase year-over-year, with full-year deliveries reaching 97,399 units, up 192% from 2023 [1]. - Vehicle sales for the fourth quarter amounted to $634.5 million, reflecting a 77.8% increase compared to the previous year [2]. Financial Challenges - The company reported a gross loss of $536.4 million in the fourth quarter, which is a 176% increase from the prior year and a 341.3% increase from the third quarter of 2024 [2]. U.S. Expansion Strategy - VinFast is shifting its strategy in the U.S. by closing direct-to-consumer showrooms in California and relying on a growing dealership franchise network, which currently has 38 dealers in 16 states [3]. - The company is facing challenges as a relatively unknown brand, with only 367 vehicle registrations in the first two months of the year, an 18% decline from the same period last year [5]. Tariff Implications - Recent tariffs on imported vehicles are expected to expand to vehicle parts, complicating the company's import strategy for models like the VF 8 and VF 9 [4]. - The decision to suspend plans for a U.S. factory further complicates VinFast's expansion efforts [4]. European Market Strategy - In Europe, VinFast has launched the VF 6 to complement the VF 8, but it faces an uphill battle with only 12 self-operated showrooms and two dealer stores as of March 31 [6]. Investment Considerations - The 20% decline in share price may attract some investors, but the company remains largely unproven outside its home market, with increased costs and complications due to tariffs [7]. - If VinFast can establish itself as a recognized EV brand in the U.S. and Europe, it could reward investors, but this remains uncertain [8].

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].