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VinFast Reports Unaudited First Quarter 2024 Financial Results

On April 17, 2024, VinFast Auto Ltd. announced its unaudited financial results for the first quarter of 2024. A copy of that press release is furnished as Exhibit 99.1 to this Report on Form 6-K.

VinFast Reports Unaudited First Quarter 2024 Financial Results

Quarterly Revenues reached VND7,264,467 million (US$302.6 million)

Quarterly EV Deliveries were 9,689 units

Singapore, April 17, 2024 (PRNewswire) - VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s leading electric automotive manufacturer, today announced its unaudited financial results for the first quarter ended March 31, 2024.

Operating Highlights for the First Quarter of 2024

EV Deliveries (1) 9,689 13,513 1,780

E-scooters Deliveries 6,632 24,309 9,757

· EV deliveries were 9,689 in the first quarter of 2024, representing a decrease of 28% from the fourth quarter of 2023 and an increase of 444% from the first quarter of 2023.

· E-scooter deliveries were 6,632 in the first quarter of 2024, representing a decrease of 73% from the fourth quarter of 2023 and a decrease of 32% from the first quarter of 2023.

· As of March 31, 2024, the Company had 119 showrooms globally for EVs and 235 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.

Financial Highlights for the First Quarter of 2024

· Vehicle sales were VND6,492,833 million (US$270.5 million) in the first quarter of 2024, representing an increase of 324.4% from the first quarter of 2023 and a decrease of 31.6% from the fourth quarter of 2023.

· Total revenues were VND7,264,467 million (US$302.6 million) in the first quarter of 2024, representing an increase of 269.7% from the first quarter of 2023 and a decrease of 31.0% from the fourth quarter of 2023. Total revenues are primarily comprised of revenue from EV sales.

· Gross loss was VND3,619,483 million (US$150.8 million) in the first quarter of 2024, representing an increase of 6.5% from the first quarter of 2023 and a decrease of 20.1% from the fourth quarter of 2023.

· Gross margin was negative (49.8%) in the first quarter of 2024, compared to negative (172.9%) in the first quarter of 2023 and negative (43.0%) in the fourth quarter of 2023.

· Loss from operations was VND10,123,644 million (US$421.8 million) in the first quarter of 2024 representing a decrease of 7.8% from the first quarter of 2023 and a decrease of 15.4% from the fourth quarter of 2023.

· Net loss was VND14,841,877 million (US$618.3 million) in the first quarter of 2024, representing an increase of 3.5% from the first quarter of 2023 and a decrease of 12.3% from the fourth quarter of 2023.

Key Financial Results for the First Quarter of 2024

(in VND millions, except for percentages and basis points (“bp”))

1 Includes VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus

2 As adjusted to reflect the historical financial statements of VinES acquired on January 19, 2024

· Since previously announced last quarter, we signed additional agreements with 10 dealers, bringing the total number of dealers signed to 16, spanning across 7 states: Connecticut, Florida, Kansas, Kentucky, New York, North Carolina, and Texas.

· Sales operations for these newly added dealerships are expected to begin in the second quarter of 2024.

· After its debut at CES in January 2024, the VinFast DrgnFly electric bikeis set to hit the market in late April with a listed price of $2,599.

· Customers in the U.S. can now place orders the VinFast DrgnFly through the Company’s extensive dealer network

· Following its launch in December 2023, the VF 7, VinFast’s C-segment EV model, commenced deliveries to initial customers in Vietnam in late March 2024. The model is expected to be shipped and delivered to other markets in the same year.

· The first batch of VF 9, VinFast’s E-segment EV model, is set to arrive in the U.S in April and will be ready for deliveries between late quarter two and early quarter three of 2024.

· The 4-seat mini eSUV, VF 3, is on track for domestic delivery by the end of 2024.

Progress on market expansion

· In Indonesia, the Company has signed with 5 dealership partners, with the first VinFast store opened on April 2. In addition, we have commenced sales of the right-hand drive configuration of the VF e34, with a starting list price of IDR 315,000,000 (battery-exclusive).

· In Thailand, at the Bangkok International Motor Show (BIMS), the Company announced signing of Letter of Intent (LOI) with 15 initial dealers.

· In the Middle East, the Company signed a dealer sales agreement for the distribution of electric vehicles in the Oman market. The inaugural store is anticipated to open in mid-2024, with vehicle sales commencing shortly thereafter.

· In March 2024, V-Green, which is 90% owned by Mr. Pham Nhat Vuong (the Founder of VinFast), was established to further the global expansion of charging network that support VinFast’s growth.

· V-Green will provide EV charging infrastructure and management services to VinFast’s customers and assume responsibility for engaging third-party charging station suppliers to establish and expand charging network in key markets around the world.

Related Party Transactions

· Out of 9,689 EVs delivered in the first quarter of 2024, 56% were to related parties of the Company.

· Out of the 6,632 e-scooter delivered in the first quarter of 2024, 24% were to related parties of the Company

Madam Thuy Le, Chairwoman of VinFast, said: “Despite temporary challenges and market fluctuations in certain regions, our confidence in the EV industry's medium- and long-term prospects remains strong. Supportive government policies, the anticipated transition of the EV market from early to mass adoption, and the projected growth in Ex-China markets fuel our confidence. During the first quarter, we strategically expanded our global business, successfully entering new markets and achieving yearly growth in vehicle deliveries. Our consistent progress places us in a favorable position to achieve our full-year delivery target of 100,000 vehicles. This is underpinned by the exponential growth of our point-of-sale channels and the introduction of new models designed to cater to a broader customer base across multiple new markets in the latter half of this year.”

Ms Anh Nguyen, Chief Financial Officer of VinFast, added: “We remain steadfastly committed to driving continuous improvements across our business. Our focus on materials optimization, scale advantages, and disciplined cost management will be key to delivering sustained value for our shareholders.”

Financial Results for the First Quarter of 2024

· Vehicle sales were VND6,492,833 million (US$270.5 million) in the first quarter of 2024, representing an increase of 324.4% from the first quarter of 2023 and a decrease of 31.6% from the fourth quarter of 2023. Revenue growth from the first quarter of 2023 was driven by an increase in EVs sale volumes thanks to our growth in both domestic and overseas markets The decrease over the fourth quarter of 2023 was attributed to a decrease in EVs and e-scooters sales volumes due to low season and Lunar New Year in Vietnam.

Cost of Sales and Gross Margin

· Cost of sales was VND10,883,950 million (US$453.4 million) in the first quarter of 2024, representing an increase of 103.0% from the first quarter of 2023 and a decrease of 27.7% from the fourth quarter of 2023. The increase over the first quarter of 2023 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers in the first quarter of 2024. The decrease over the fourth quarter of 2023 was attributed to a decrease in the cost of EVs and e-scooter sold due to anticipated decrease in sale volumes during low season.

· Gross margin was negative (49.8%) in the first quarter of 2024, as compared to negative (172.9%) in the first quarter of 2023 and negative (43.0%) in the fourth quarter of 2023. The improvement of gross margin over the first quarter of 2023 was attributed to increased sales and improved costs. Due to low seasonal sales, gross margin in the first quarter of 2024 was lower compared to the fourth quarter of 2023, mostly driven by depreciation.

· Research and development (R&D) costs were VND2,626,801 million (US$109.4million) in the first quarter of 2024, representing a decrease of 49.0% from the first quarter of 2023 and a decrease of 16.2% from the fourth quarter of 2023. The decrease over the first quarter of 2023 and fourth quarter of 2023 is in line with three of our EV models, the VF 5, VF6 and VF7, progressing from the development stage to commercial production in the last four quarters.

· Selling, general and administrative expenses were VND3,326,919 million (US$138.6 million) in the first quarter of 2024, representing an increase of 33.4% from the first quarter of 2023 and was flat versus the fourth quarter of 2023. The increase over the first quarter of 2023 was primarily attributable to an increase in selling and marketing expenses as a result of our efforts to scale up sales and administrative operations in overseas markets. The increase was partially offset by a decrease in impairment charges for batteries leasing activities.

· Net other operating expenses were VND550,441 million (US$22.9 million) in the first quarter of 2024, representing an increase in net expenses of 923.1% from the net income of the first quarter of 2023 and a decrease of 47.1% from the net expenses of the fourth quarter of 2023. The increase in net expenses over the first quarter of 2023 was mainly due to an increase in foreign exchange losses. The decrease in net expenses over the fourth quarter of 2023 was mainly due to a decrease in expenses in connection with discontinued projects and was partially offset by an increase in foreign exchange losses.

· Loss from operations was VND10,123,644 million (US$421.8million) in the first quarter of 2024 representing a decrease of 7.8% from the first quarter of 2023 and a decrease of 15.4% from the fourth quarter of 2023.

Net Loss and Net Loss Per Share

· Net loss on financial instruments at fair value through profit or loss was VND609,830 million (US$25.4 million) in the first quarter of 2024, representing a decrease of 9.2% from net loss of the first quarter of 2023 and a decrease of 41.3% from net loss of the fourth quarter of 2023. The decrease over net loss of the first quarter of 2023 and the fourth quarter of 2023 was mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of dividend preference shares, convertible debenture, and warrants.

· Net loss attributable to controlling interest was VND14,819,204 million (US$617.4 million) in the first quarter of 2024, representing an increase of 3.5% from the first quarter of 2023 and a decrease of 12.3% from the fourth quarter of 2023.

· Basic and diluted net loss per ordinary share were both VND6,339.8 (US$0.26) in the first quarter of 2024, compared with VND6,224.5 (US$0.26) in the first quarter of 2023 and VND6,768.8 (US$0.28) in the fourth quarter of 2023.

· Cash and cash equivalents were VND2,959,316 million (US$123.3 million) as of March 31, 2024.

· FY2024 Delivery Target: the Company reaffirms target to deliver 100,000 EVs.

This outlook reflects the Company’s current and preliminary view on the business and existing market conditions, which is subject to change.

The Company’s management will host its first quarter of 2024 earnings conference call at 8:00 AM U.S. Eastern Time on April 17, 2024.

Live Webcast: https://edge.media-server.com/mmc/p/jy88a8z3

Unaudited Condensed Consolidated Balance Sheets

(1) As adjusted to reflect the historical financial statements of VinES acquired on January 19, 2024.

Unaudited Condensed Consolidated Balance Sheets (continued)

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Statements of Comprehensive Loss

Unaudited Condensed Consolidated Statements of Cash Flows

Unaudited Condensed Consolidated Statements of Cash Flows (continued)