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]

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]