VinFast Reports Unaudited 3rd Quarter 2023 Financial Results.

SINGAPORE: 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 quarter ended September 30, 2023.

Operating Highlights for the Third Quarter of 2023

3Q2023

2Q2023

3Q2022

EV Deliveries1

10,027

9,535

153

E-scooters Deliveries

28,220

10,182

13,253

EV deliveries were 10,027 in the third quarter of 2023, representing an increase of approximately 5.2% from the second quarter of 2023. We started to see a sales increase in September in North America, particularly in Canada.

E-scooters deliveries were 28,220 in the third quarter of 2023, representing an increase of approximately 177.2% from the second quarter of 2023 and an increase of approximately 112.9% from the third quarter of 2022.

As of September 30, 2023, the Company had 126 showrooms globally for EVs and 247 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.

Financial Highlights for the Third Quarter of 2023

Vehicle sales were VND7,697,601 million (US$319.5 million), representing an increase of 185.2% from the third quarter of 2022 and an increase of 2.8% from the second quarter of 2023.

Total revenues were VND8,254,306 million (US$342.7 million), representing an increase of 159.3% from the third quarter of 2022 and an increase of 3.8% from the second quarter of 2023. Total revenues are primarily comprised of revenue from EV sales.

Gross loss was VND2,467,661 million (US$102.4 million), representing a decrease of 28.4% from the third quarter of 2022 and a decrease of 9.1% from the second quarter of 2023.

Gross margin was negative (29.9%), compared to negative (108.2%) in the third quarter of 2022 and negative (34.1%) in the second quarter of 2023.

Loss from operations was VND8,922,454 million (US$370.4 million), representing a decrease of 9.2% from the third quarter of 2022 and a decrease of 3.3% from the second quarter of 2023.

Net loss was VND15,003,845 million (US$622.9 million), representing an increase of 33.7% from the third quarter of 2022 and an increase of 19.7% from the second quarter of 2023.

Cash and cash equivalents were VND3,154,673 million (US$131.0 million) as of September 30, 2023.

1

Includes VF e34, VF 5, VF 8, VF 9 and e-bus

Key Financial Results for the Third Quarter of 2023

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

2023 Q3

2023 Q2

2022 Q3

QoQ

YoY

Vehicle Sales

7,697,601

7,487,874

2,699,158

2.8 %

185.2 %

Total Revenues

8,254,306

7,952,531

3,182,774

3.8 %

159.3 %

Gross Loss

(2,467,661)

(2,714,622)

(3,444,637)

(9.1 %)

(28.4 %)

Gross Margin

(29.9 %)

(34.1 %)

(108.2 %)

424bp

7833bp

Loss from Operations

(8,922,454)

(9,230,423)

(9,825,614)

(3.3 %)

(9.2 %)

Net Loss

(15,003,845)

(12,535,202)

(11,223,262)

19.7 %

(33.7 %)

Recent Business Updates

Launch of the VF 6 in Vietnam

On September 29, 2023, VinFast officially introduced its B-segment EV model in Vietnam. The VF 6 is designed by Torino Design and equipped with a wide range of smart features and ADAS Level 2 capabilities. With a reasonable price point, the VF 6 is targeted towards young families.

The VF 6 is offered in two trims (Base and Plus) at a starting price of VND675 million (approximately US$28,000) for the Base trim and VND765 million (approximately US$31,800) for the Plus trim, excluding the battery. The expected WLTP driving range is 248 miles and 237 miles for the Base and Plus trims, respectively.

VinFast will start taking orders for the VF 6 in Vietnam on October 20, 2023.

Concrete steps to execute on VinFast's new business model

As unveiled last quarter, VinFast is establishing broad distribution channels, leveraging local networks and the...