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]

Core Viewpoint - Vietnamese conglomerate Vingroup is planning rapid international expansion through India, focusing on its strong automotive performance while scaling back its efforts in the US market due to challenging policies [1][2]. Investment Plans - Vingroup announced over $500 million investment in India through its electric vehicle (EV) maker VinFast and plans to increase overall investments to $5 billion in the country [2][6]. - The company is committed to investing $2 billion in VinFast and an additional $3 billion across the EV ecosystem and new business entries like VinHomes [7][10]. Market Strategy - VinFast is prioritizing expansion in Asian markets, particularly India, to offset losses in the US market, where it has paused store expansion [3][8]. - The Indian market is viewed as a strategic growth pillar for VinFast, complementing its presence in mature markets like the US [4][19]. Manufacturing and Sales - VinFast plans to expand its manufacturing plant in Tamil Nadu and enter the electric two-wheeler and bus segments [5][6]. - The company has already seen initial success in India, selling 700 units within three months of operations and increasing its dealership count to 24, with plans to reach 35 by year-end [13][17]. Competitive Landscape - The Indian EV market is experiencing significant growth, with sales surging approximately 80% to nearly 120,000 units from April to November [14]. - VinFast's prospects in India are favorable compared to the US, where EV sales are expected to stall, with a projected 2.1% year-over-year decline in 2025 [15][11]. Future Outlook - VinFast anticipates that 70-80% of its sales will come from the domestic market in the coming year, indicating a gradual increase in international sales [18]. - The company aims to build a resilient, multi-market presence, with both the US and India being essential to its long-term international vision [20][21].

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 - VinFast, a Vietnamese electric vehicle manufacturer, has launched two new SUVs in India, aiming to capture market share through aggressive pricing and significant investment, despite facing challenges in its home market and mounting losses [39]. Company Overview - VinFast is part of the Vietnamese conglomerate VinGroup, which has diversified into various sectors since its inception in 1993 [7][8]. - The company entered the automobile sector in 2017 and has since focused on electric vehicles, launching its VF series [9][11]. Market Entry and Strategy - VinFast launched its VF6 and VF7 SUVs in India, priced between ₹16 lakh and ₹25 lakh, directly competing with Tata Motors and Mahindra [4][26]. - The company has committed to invest ₹16,000 crore in India, aiming to establish a comprehensive EV ecosystem [5][39]. - Partnerships with 13 dealership networks and plans for a service network have been established to support its market entry [28][39]. Sales Performance - VinFast reported a significant increase in sales, from 7,000 units in 2022 to 33,000 in 2023, and projected sales of 97,000 units in 2024 [12]. - However, over 90% of its sales have been concentrated in Vietnam, with a large portion linked to entities associated with the founder [16][17]. Financial Challenges - The company faced losses exceeding $1 billion in the first half of 2025 and has seen its share price drop nearly 80% since its Nasdaq listing in 2023 [18][39]. - Investors are questioning the rationale behind its substantial investments in the EV sector amid these losses [23]. Competitive Landscape - The Indian market poses challenges for foreign carmakers, with many struggling to gain traction despite having strong products [32][39]. - VinFast's entry coincides with difficulties faced by competitors like Tata Motors and Mahindra, particularly due to supply chain issues [37][38]. Future Outlook - VinFast aims to double its global sales volume and is looking to expand its manufacturing capabilities in India, with plans to produce up to 300,000 units annually [24][25]. - The company is focused on building a local executive team to enhance its market presence and consumer trust [29][30].

Core Insights - The automotive industry is fraught with challenges, as evidenced by the approximately 100 defunct automakers in the U.S. starting with the letter "A," highlighting the difficulties new entrants face in establishing a successful business [1] Company Overview - VinFast Auto is attempting to enter overseas markets, particularly the U.S. and Europe, without an existing consumer base, which presents significant challenges [2] - The company went public during a period of high optimism for electric vehicle (EV) manufacturers, but this optimism quickly diminished due to tariffs, competition from Chinese EVs, and lower-than-expected traction in the U.S. market [3][4] Product Launch and Market Entry - VinFast's initial plans for the U.S. market included launching the VF8 midsize crossover, but subsequent product launches have faced delays, with the VF9 crossover arriving a year late and other models still not available [5][6] - The company needed to establish a market presence with affordable vehicles but failed to do so effectively, which hindered its entry into the competitive U.S. market [5] Distribution Challenges - VinFast struggled with distribution, recently shifting from a direct-sales model to opening its first franchised dealership in California, indicating a significant change in strategy [7] - The closure of all 15 direct-sales showrooms in California reflects the company's need to partner with dealers to improve market penetration [7] Financial Struggles - The automotive industry is known for its high bankruptcy rates, and VinFast is facing difficulties in meeting its original model rollout plans [8] - The company is seeking additional capital from its co-founder to address its financial challenges [8]

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 - Net revenue for Q1 2025 was USD 657 million, a 150% increase year over year and largely in line with Q4 2024 [27] - Cost of goods sold for the quarter was USD 888 million, an increase of 113% year over year and down 25% quarter over quarter [27] - Q1 2025 gross margin was -35%, an improvement from -59% in the same period last year [27] - Net loss for the quarter was USD 712 million, with a net loss margin of -109%, compared to -226% in Q1 2024 [30] Business Line Data and Key Metrics Changes - In Q1 2025, VinFast delivered 36,330 electric vehicles, representing a 296% increase year over year and a 32% decline quarter over quarter [7] - Two-wheeler deliveries reached 44,904 units, marking a 473% year over year increase and a 44% rise quarter over quarter [8] - B2C deliveries accounted for over 70% of total sales for three consecutive quarters through Q1 2025 [9] 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 [15] - EV penetration in Vietnam reached nearly 40% in Q1, while BEV adoption in Indonesia was 7% and 3% in The Philippines [11] - Vietnam led Southeast Asia in automotive sales growth with a 24% year over year increase [15] Company Strategy and Development Direction - VinFast aims to double vehicle deliveries in 2025 and maintain strong momentum into 2026 [39] - The company is transitioning from a direct-to-consumer model to a dealer-based model to enhance efficiency [28] - New vehicle platforms and EE architecture are expected to drive long-term cost savings and operational efficiency [26][22] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improved operating leverage driven by economies of scale [6] - The company is focused on scaling operations, accelerating product development, and executing cost optimization to achieve profitability [39] - Management acknowledged the challenges posed by global macroeconomic and trade uncertainties but remains committed to growth [7] Other Important Information - CapEx for Q1 2025 was USD 147 million, down 24% year over year and 40% quarter over quarter [30] - As of May 31, liquidity stands at approximately USD 2.4 billion, including various loans and grants [32] Q&A Session Summary Question: Timeline on 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 [36] Question: Key catalysts for investors in 2025 - Growth will be driven by deeper market penetration in key international markets and new product offerings [39] Question: Timing of CapEx and when it might peak - Total CapEx planned for 2025 is USD 800 million, with over 50% allocated to R&D [44] Question: Expansion into the bus market - Deliveries of buses have already started in Vietnam, with plans to expand into other markets [46] Question: Average selling price (ASP) trajectory for the rest of the year - ASP for Q1 2025 was around USD 15,000, expected to remain under USD 20,000 for the full year [49] Question: Variable margin versus fixed costs in production - Variable costs are being optimized, with expectations for improvements in gross margin by 2026 [51] Question: Rationale for closing B2C showrooms in North America and Europe - Transitioning to a dealership model to enhance efficiency and scale globally [61] Question: Liquidity status - Total cash burn for 2025 is expected to be around USD 2 billion to USD 2.5 billion [64]