VinFast Auto Ltd. Q2 FY2025 earnings call

• Vietnam Market: Remains a pillar of strength with 172% year-over-year delivery growth and 92% year-over-year revenue growth in Q2 2025. VinFast outpaced the Vietnamese auto market with 3.4x volume growth and 67,569 units delivered, maintaining #1 position since September 2024.
• International Expansion: Focused on products, markets, and manufacturing. Opened pre-booking for VF 6 and VF 7 in India, inaugurated CKD manufacturing facility in Tamil Nadu. Deepened presence in Southeast Asia with initiatives in Indonesia and Philippines. In North America and Europe, rightsizing operational footprint and preparing e-bus debut at Busworld Brussels.
• Manufacturing and R&D: Inaugurated second factory in Vietnam (Ha Tinh) and CKD facility in India. Investing in R&D for next-generation vehicle platform. Spin-off of completed R&D assets to Novatech with founder's acquisition.
• Financial Position: Strengthened with spin-off of R&D assets and backed by founder. Liquidity as of June 30, 2025, was USD 4.2 billion.

EVs: In Q2 2025, VinFast delivered 35,837 units, a 172% year-over-year increase. Over the first half of 2025, 72,167 units were delivered, up 223% year-over-year. VF 3 and VF 5 were the top-selling models in Q2 2025, contributing 61% of total deliveries, while VF 6 accounted for 12%. Deliveries from the Green Series made up 15% of Q2 deliveries, and EV deliveries to related parties were 22% of Q2 deliveries. E-scooters and electric bikes: Q2 deliveries were 69,580 units, a 55% quarter-over-quarter increase and 432% year-over-year increase. Accumulatively, 114,484 units were delivered in the first half of 2025, a 447% year-over-year increase.

• Reaffirmed 2025 delivery target to more than double 2024 deliveries.
• Second half growth expected from continued strong demand in Vietnam, international dealer and aftersales network expansion, charging infrastructure rollout, new model launches (VF 6, VF 7), and fleet sales.
• Anticipate greater cost efficiency and margin improvement with new vehicle platform for VF 6 and VF 7.

• Macroeconomic headwinds and evolving regulations introducing uncertainties in some markets.
• Intensifying competition in EV markets.
• Timing differences in revenue and cost recognition affecting gross margin.

Q: Can you give more color on cost discipline efforts and gross margins for the second half and next year?

A: Further cost savings limited until new platform, but upcoming versions of VF 6 and VF 7 on new platform will benefit from optimized design, in-house battery production, and supplier collaboration.

Q: Where is second half growth expected to come from?

A: Continued strong demand in Vietnam, international dealer and aftersales network, charging infrastructure, new model launches, and fleet sales.

Q: Plans for e-bus business?

A: Hired new head for e-bus business in North America, will debut 2 e-bus models at Busworld Brussels in October, strategy in early stage.

Q: E-scooter segment contribution to first half revenue and guidance?

A: Small percentage contribution, no specific guidance but expect substantial delivery increase.

Q: Timeline for VF 6 and VF 7 launch in North America?

A: Still in preparation, details to be addressed end of year.

Q: Warranty margin drag in Q2 and outlook?

A: Higher warranty provision in early product generation, expected to trend down to industry benchmarks over time.

Q: E-scooter adoption measures and financial impact?

A: E-scooter business still loss-making due to adoption support measures, focus on accessibility and green mobility agenda.