What were the key takeaways from VinFast Auto's earnings call?

What were the key takeaways from VinFast Auto’s earnings call?

What guidance did VinFast Auto's management provide for the next earnings period?

What is VinFast Auto's gross profit margin?

What is the revenue and EPS growth rate for VinFast Auto year over year?

What is the market's earnings forecast for VinFast Auto next quarter?

Did VinFast Auto beat or miss consensus estimates last quarter?

What does VinFast Auto do and what are its main business segments?

- **Record Growth**: Q3 EV deliveries up 74% YoY to 38,195 units, with 149% YoY growth in first 9 months. 
- **E-Scooter Surge**: 120,052 units delivered (+535% YoY), targeting 1.5M in Vietnam by 2026. 
- **Financial Challenges**: Gross margin -56.2% due to timing differences, but adjusted to -17.1%. 
- **R&D Investment**: $1.6B spent in 2025 on new vehicle platforms and international manufacturing. 
- **Liquidity Strength**: $3.7B cash runway to support 2026 expansion into India, Indonesia, and U.S.

**【Management Opening Remarks】**
- VinFast achieved a milestone of over 100,000 vehicle sales in the first 9 months of 2025, with Q3 deliveries reaching 38,195 EVs (74% YoY growth). 
- The company remains on track to double 2024 volumes, with 110,362 EVs delivered year-to-date (149% YoY growth). 
- E-scooter deliveries surged 535% YoY to 120,052 units, driven by Vietnam's phaseout of gasoline motorbikes in urban areas.

**【CEO Commentary】**
- **Growth Strategy**: 70-80% of 2025 deliveries will come from Vietnam, with international markets (India, Indonesia, Philippines) contributing the remainder. 
- **Product Innovation**: Launch of the Limo Green MPV and Lac Hong 900 LX fleet showcased advanced R&D in vehicle platforms, electrical architecture, and autonomy. 
- **Cost Management**: Balancing top-line growth with medium-term cost rationalization, including $1.6B in 2025 CapEx/R&D spend.

**【CFO Financial Commentary】**
- **Revenue**: Q3 2025 revenue of $719M (+47% YoY), driven by Green Series and VF 3/5 models. 
- **Gross Margin**: -56.2% due to delayed revenue recognition ($176M timing difference), improving to -17.1% on an adjusted basis. 
- **R&D/Sales Expenses**: R&D at $106M (+28% YoY), SG&A at $172M (+25% YoY) due to showroom closures and battery project impairment. 
- **Liquidity**: $3.7B as of Q3, providing 18+ months of runway for growth initiatives.

**【Q&A Highlights】**
- **Autonomy Timeline**: Low-cost robotaxi demo in 2026, full commercialization by 2028. 
- **International Expansion**: India CKD factory launched in August, Indonesia ranked 5th in BEV market share. 
- **Battery Costs**: 10-12% YoY decline, with further savings from new battery gen tech. 
- **2-Wheeler Growth**: Target 1.5M e-scooter deliveries in Vietnam by 2026 (60% of new sales). 
- **U.S. Strategy**: First dealership in California, focusing on high-traffic markets like Los Angeles and San Francisco.

VinFast Auto Ltd. (VFS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VFS

VFS fundamentals

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