VinFast Auto .(US:VFS)2025-11-21 14:00Financial 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]