VinFast Auto .(US:VFS)2025-11-21 14:02Financial 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]