Vietnamese battery electric vehicle (BEV) manufacturer VinFast Auto announced that it delivered 196,919 vehicles globally in 2005, a 102% jump compared with 97,399 units in 2024. The company also revealed that it delivered a further 406,498 e-scooters and e-bikes globally last year, representing a 473% increase over 2024. The automaker previously reported that its local sales in Vietnam almost doubled to 175,099 units in 2025, accounting for roughly one-third of total vehicle sales in the country, with t ...

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]

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 [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 Viewpoint - The global automotive industry is undergoing a restructuring phase, with China expected to lead in electric vehicle (EV) penetration and export growth by 2025, achieving over 50% penetration in new energy vehicles (NEVs) [2][4][25]. Group 1: China's NEV Market - By 2025, China's NEV penetration rate is projected to exceed 50%, with a significant increase in sales volume, reaching 1,077,000 units in 2024, a 68% year-on-year growth [4][25]. - As of August 2025, the market share of Chinese brands in the NEV sector is 89%, indicating strong domestic performance [4][8]. - The export of NEVs from China is on the rise, with a 14.5% year-on-year increase in total passenger car exports, and NEVs accounting for 41% of total exports by August 2024 [8][20]. Group 2: Global NEV Trends - Global consumer awareness of electric and intelligent technologies has been established, leading to accelerated product launches by European, American, and Japanese automakers, with significant growth expected in NEV penetration rates in non-Chinese markets [3][24]. - The EU's NEV penetration rate is expected to rise to 27% by 2025, driven by regulatory pressures and increased model availability from automakers [28][29]. - Emerging markets, particularly in Southeast Asia and Latin America, are witnessing rapid growth in NEV sales, with Vietnam and Thailand showing significant increases in penetration rates [17][20]. Group 3: Competitive Landscape - Chinese automakers are expected to continue gaining market share in international markets, with projections indicating that by 2030, Chinese brands could achieve nearly 30 million units in global production, including over 5.5 million NEVs [2][39]. - In the EU, traditional automakers still dominate, but Chinese brands like BYD are increasing their market share, reaching 3.7% in the NEV segment by mid-2025 [12][19]. - The Latin American market is primarily led by traditional automakers, but Chinese brands are steadily increasing their presence, with BYD's market share in the NEV segment rising from 60% to 77% [23][20].

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was reported at USD 663 million, representing a 92% year-over-year increase and a 2% quarter-over-quarter gain, driven by increasing EV sales volume in Vietnam [28] - Cost of goods sold for the quarter was USD 935 million, an increase of 66% year-over-year and 6% quarter-over-quarter, reflecting the continued ramp-up in deliveries [29] - Gross margin was negative 41% in Q2 2025, an improvement from negative 63% in Q2 2024, attributed to increased sales and improved costs [29] - Net loss for the quarter was USD 812 million, with a net loss margin of negative 122% compared to negative 109% in Q1 2025 [32] Business Line Data and Key Metrics Changes - In Q2 2025, the company delivered 35,837 EV units, a 172% increase year-over-year, with the VF3 and VF5 models contributing 61% of total deliveries [10] - E-scooter and electric bike deliveries reached 69,580 units in Q2, marking a 55% rise quarter-over-quarter and a 432% increase year-over-year [12] - The VF6 model ranked first in deliveries, contributing 12% of total deliveries, while B2C deliveries accounted for over 70% of total deliveries for four consecutive quarters [11] Market Data and Key Metrics Changes - Vietnam's auto market grew rapidly in 2025, with deliveries rising 1.6 times year-over-year to 254,794 units, driven by surging EV demand [13] - VinFast maintained its number one position in Vietnam, with 3.4x volume growth and 67,569 units more than the combined delivery of the next two players [13] - In the Philippines, VinFast captured an estimated 25% market share in the battery electric vehicle segment in the first half of 2025 [21] Company Strategy and Development Direction - The company remains focused on international expansion, with a strategy anchored around products, markets, and manufacturing, including the inauguration of two new factories in Vietnam and India [7] - The long-term vision is to be a global leader in electric mobility, supported by investments in R&D and customer incentives to drive adoption [9] - The company is expanding its green mobility ecosystem internationally, with plans to deepen its presence in key Asian markets [15] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic headwinds and evolving regulations have introduced uncertainties in some markets, but strong momentum in business continues [8] - The company is on track to achieve its 2025 delivery target, aiming to at least double deliveries from 2024 [6] - Management expects significant ramp-up in the second half of the year, supported by robust demand in Vietnam and new model launches [40] Other Important Information - The company announced a strategic spin-off of completed R&D assets into a new entity, Novatec, for USD 1.6 billion, expected to close in Q3 [25] - As of June 30, 2025, total liquidity stood at USD 4.2 billion, reflecting cash and cash equivalents combined with expected cash proceeds from the R&D assets spin-off [34] Q&A Session Summary Question: Can you elaborate on the cost discipline efforts? - Management noted a reduction in costs over previous quarters, with expectations for greater potential in upcoming vehicle versions benefiting from optimized design and in-house battery production [36] Question: Where will the second half growth primarily come from? - Growth is expected from continued demand in Vietnam, stronger dealer networks internationally, and new model launches [39] Question: What is the impact of next-generation platforms on margin improvement? - The next-generation platforms are expected to drive meaningful cost savings and improve customer experience, although specific margin impacts cannot yet be disclosed [46] Question: What drove the higher cash balance this quarter? - The high cash balance reflects financing inflows of about USD 1.2 billion, offsetting operating outflows, with expectations for operating outflows of USD 400 million to USD 600 million per quarter in the near term [84]

Financial Data and Key Metrics Changes - The company reported total revenue of $663 million, representing a 92% year-over-year increase and a 2% quarter-over-quarter gain, driven by increasing EV sales volume in Vietnam [28] - Gross margin was negative 41% in Q2 2025, an improvement from negative 63% in Q2 2024, attributed to increased sales and improved costs [29] - Net loss for the quarter was $812 million, with a net loss margin of negative 122% compared to negative 109% in Q1 2025 [32] Business Line Data and Key Metrics Changes - In Q2 2025, the company delivered 35,837 EV units, a 172% increase year-over-year, with the VF3 and VF5 models contributing 61% of total deliveries [9] - E-scooter and electric bike deliveries reached 69,580 units in Q2, marking a 432% increase year-over-year [11] - The VF6 model ranked first, contributing 12% of total deliveries, while B2C deliveries accounted for over 70% of total deliveries for four consecutive quarters [10] Market Data and Key Metrics Changes - Vietnam's auto market grew 1.6 times year-over-year to 254,794 units, with VinFast outpacing the market with 3.4x volume growth [12] - In Indonesia, the company captured approximately 5% of total EV deliveries in the quarter, with the VF3 model representing 35% of deliveries in the country [17] - In The Philippines, VinFast captured an estimated 25% market share in the battery electric vehicle segment [20] Company Strategy and Development Direction - The company remains focused on international expansion, with a strategy anchored around products, markets, and manufacturing [7] - The inauguration of two new factories in Vietnam and India is part of the strategy to double design capacity and support R&D for the next generation vehicle platform [7] - The company aims to be a global leader in electric mobility, supported by a green mobility ecosystem and regulatory tailwinds driving EV adoption [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 delivery target of at least 200,000 units, with strong demand expected in the second half of the year [41] - The company anticipates significant growth driven by new model launches, a stronger dealer network, and expanding charging infrastructure [41] - Management noted that competition is strong across Asia, but promotional campaigns are a deliberate strategy to build awareness and accelerate adoption [76] Other Important Information - The company completed a strategic spin-off of its R&D assets into a new entity, Novatec, for $1.6 billion, which is expected to close in Q3 [24] - As of June 30, total liquidity stood at $4.2 billion, reflecting cash and cash equivalents combined with expected cash proceeds from the R&D assets spin-off [34] Q&A Session Summary Question: Can you elaborate on cost discipline efforts and gross margins? - Management noted a reduction in costs over previous quarters, with expectations for greater potential in upcoming vehicle models benefiting from optimized design and in-house battery production [38] Question: Where will second half growth primarily come from? - Growth is expected from continued demand in Vietnam, international dealer network strengthening, and new model launches [41] Question: What is the impact of next-generation platforms on margin improvement? - The next-generation platforms are expected to drive meaningful cost savings and improve customer experience, although specific margin impacts cannot yet be disclosed [47] Question: What drove the higher cash balance this quarter? - The high cash balance reflects financing inflows of about $1.2 billion, offsetting operating outflows, with expectations of operating outflows of $400 million to $600 million per quarter in the near term [83]

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]