En este artículo:
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Revenue: USD 512 million, a 42% quarter-over-quarter and 49% year-over-year increase.
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Gross Loss: USD 123 million, with a gross loss margin of minus 24%.
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Net Loss: USD 550 million, a 29% quarter-over-quarter and 15% year-over-year reduction.
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EBITDA: Minus USD 232 million, with an EBITDA margin of minus 45.3%.
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SG&A Expenses: USD 144 million, representing a 10% decline quarter over quarter.
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R&D Expenses: USD 87 million, a 21% quarter-over-quarter and 42% year-over-year decline.
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CapEx: USD 132 million, a 21% increase quarter over quarter.
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Cash Flow from Operations: Minus USD 465 million, a 42% increase quarter over quarter.
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Cash Balance: USD 79 million at the end of Q3 2024.
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Vehicle Deliveries: 21,912 EVs, a 66% quarter-over-quarter and 115% year-over-year increase.
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Showrooms: 173 showrooms as of October 31, 2024, up from 130 in June.
Release Date: November 26, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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VinFast Auto Ltd (NASDAQ:VFS) achieved its highest monthly delivery ever in its home market, becoming the market leader in Vietnam.
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The company recorded a 66% quarter-over-quarter and 115% year-over-year increase in EV deliveries, showcasing strong growth.
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VinFast's international strategy is paying off, with North America experiencing its best month in history and a growing dealer network.
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The company is on track to meet its 80,000-vehicle delivery target for 2024, with 55% of the target already achieved by the end of Q3.
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VinFast has secured a $3.5 billion capital injection from Vingroup and its founder, providing financial stability and resources for growth.
Negative Points
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Despite improvements, VinFast Auto Ltd (NASDAQ:VFS) still reported a gross loss of $123 million in Q3 2024, indicating ongoing financial challenges.
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The company's ASP (Average Selling Price) declined by over 10% due to the introduction of lower-priced models, impacting revenue per unit.
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VinFast's cash balance at the end of Q3 2024 was only $79 million, raising concerns about liquidity despite additional funding commitments.
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The company faces challenges in ramping up production to meet its ambitious delivery targets, especially in international markets.
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VinFast's reliance on related party transactions, such as sales to GSM, remains significant, though it has decreased compared to previous years.
Q & A Highlights
Q: Can you share any color on confidence in hitting the full-year 2024 target? Given that you have only met 55% of the 80,000 of Q3, also ramping up to 40,000 in the last three months can be daunting, do you see any challenges to production? A: Thuy Le, Chairwoman of the Board: We're very confident about hitting the 80,000 targets, especially having seen October and November numbers as well. We had a very robust Q3 number where we hit a number of milestones. We became a number one OEM in Vietnam and have exceeded our internal forecast for deliveries in the US. In Canada as well, we saw three consecutive bestselling months. We expect that this momentum will continue through Q4.