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Good day, and thank you for standing by. Welcome to the VinFast Q4 2025 financial results and Q&A webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amandae Baey, Head of Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to VinFast quarterly earnings call. Joining me today are Chairwoman of the Board, Madam Thuy Le, Deputy CEO of Investments, Ms. Anne Pham, and our CFO, Ms. Lana Nguyen. Before we begin this call, please note today's call will include forward-looking statements under U.S. Federal Securities law. These statements reflect our current views on future events, financial operational performance, and other matters that involve risk and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain Non-GAAP financial measures and a reconciliation of these measures to GAAP figures along with an explanation are included in our presentation issued earlier today. With that, I would like to invite Madam Thuy to begin the management remarks.

Hello, everyone. It's great to be with you again. 2025 was another landmark year for VinFast, but more importantly, it was a year of disciplined investment behind our core mission, making electric mobility accessible to everyone. Fourth quarter of 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make, including investing in technology, industrial capabilities, and global expansion, is anchored to that objective. Let me briefly reflect on our evolution. From 2017 to 2023, we established our brand and industrial foundation with the firm belief that electrification is the future of mobility. In 2024, we earned the trust of customers in our home market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date.

During 2025, we rolled out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared plan about our next generation of vehicles that built on a new platform and new EE architecture. Across the industry, there is a clear shift as electric mobility companies move toward AI-driven software-defined vehicles. VinFast has been working on this since day one with our R&D philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 cumulative cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software road maps with the customers in mind. For 2026, our strategic investment focus on scale and unit cost optimization, which are the primary levels in our path to profitability.

This will be supported by overseas capacity expansion, the commercialization of the next-gen vehicles, and the integration of more AI across our vehicles and factories to deliver smart cars and more efficient production. With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer. We are a vertically integrated software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions. Second, we are expanding our capacity to enter international markets in the coming years. We are deliberate in making this investment now as it provides us with flexibility to enter new markets quickly. Finally, scale matters at VinFast. With scale comes further operational efficiencies. We deliver 196,919 EVs for the full year.

This exceeded our guidance to at least doubling the numbers of EVs delivered in 2024. In Q4 alone, we deliver 86,557 EVs. That was a new quarterly record for the company. Our two-wheeler segment also reached a new high. Full year deliveries grew 5.7x to 406,496 units. Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries. This is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continued expansion in international markets. Following the strong momentum of VinFast e-scooter segment achieved in 2025, we expect two-wheeler deliveries to be at least 2.5x last year volume for 2026.

This growth will be driven by VinFast e-scooter expansion into Asian markets, the rollout of V-GREEN battery swapping network for e-scooters, and our focused positioning in the largest product segments. Turning to our new markets and manufacturing operations. Starting with Vietnam, where VinFast has maintained the number one OEM position and taken market share from other OEMs. We ended 2025 with an estimated 36% market share compared to 22% in 2024. VF3 and VF5 accounted for 51% of domestic volume. We are also pleased to see the increased contribution from VF6 and Limo Green. On the two-wheeler segment, we ended the year as number one electric scooter player in Vietnam. For the first time since we started selling internationally, overseas market accounted for 18% of our fourth quarter delivery. For the full year 2025, international markets contributed 11% of our deliveries.

Our disciplined approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in Vahan registration amongst BEV brands, ranking number eight in October, number seven in November, and number four in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as number three BEV brand according to GAIKINDO, and as the number two BEV brand in the Philippines, according to CAMPI. Product expansion has further broadened VinFast market reach. We introduced Green, our commercial-focused product line, and Lac Hong, our ultra-luxury brand. VinFast now has three distinct brands catering to different customer segments. In the fourth quarter, our commercial line, Green, saw strong traction from fleet and B2B customers and accounted for nearly half of total deliveries.

In 2025, approximately 27% of our deliveries were to related parties, primarily the EV ride-hailing platform, GSM, are broadly stable year-over-year, with a higher share of approximately 33% in the fourth quarter as GSM rapidly scale its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion. Manufacturing utilization and operational efficiency continue to improve with the Hai Phong plant rolling out its 200,000 vehicle of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Ha Tinh, Vietnam. Our first overseas manufacturing facility was opened in Tamil Nadu, India in August, and in December, we opened our second factory overseas in Subang, Indonesia. Now turning to our priorities for 2026. Let's start with manufacturing.

VinFast today operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, we will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam while evaluating further development phases in India and Indonesia to position these facilities as future export hubs. We also expect to resume construction of our North Carolina factory in 2026 with a plan to SOP in 2028. We will provide further details in the coming months. It is important to note that VinFast has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions and will provide further updates on this area shortly. On the product front, VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity.

The VinFast brand, comprising VinFast core passenger EV lineup from VF3 to VF9. The Green brand of commercial EVs for fleet use, including Limo, Herio, Nerio, and Minio Green. Lastly, the ultra-luxury Lac Hong series. As part of this repositioning, we are introducing two seven-seater MPV models, the Limo Green and the VF MPV7, to address different customer segments with plans to launch both across key Asian markets. Additionally, the next generation of VF6 and VF7 is expected to SOP in the second half 2026. These four models are designed to deliver a lower BOM cost by reducing complexity and number of components through our new platform and next generation EE architecture. I'm also pleased to share that VinFast is developing several range extender EV models, beginning with VF 8 REEV. Introducing range extender vehicles allow us to address a broader segment of electrification market.

We view range extender technology as a practical interim step in the transition from internal combustion engine to fully battery electric vehicles, particularly in markets where charging infrastructure is still developing. We will provide additional updates on this program in the coming quarters. In our core Asian markets, we will continue expanding our dealer network to support long-term growth. We plan to double our dealer footprint in India and partner with large dealership group in Indonesia and the Philippines. This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem. At the same time, we are expanding our two-wheeler strategy across Asia, with plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets, while GSM is also exploring opportunities to enter the U.S. and European markets.

For Europe, we plan to introduce the next generation of B SUV, the VF six model. For North America markets, we plan to bring the VF 7, a C-segment electric SUV, and to also launch our e-bus business later this year. Now I will turn it over to Anne, who will take you through the latest on VinFast technology platform.

Thank you, Madam Thuy. VinFast is more than an EV manufacturer. Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time. At Mobility Day last November, we shared our autonomy roadmap for level 2+ and level 2++ towards level four, with a demonstration of a self-driving Robo-Car in partnership with Autobrains at Vinhomes Ocean Park, a project in Vietnam. A leading AI mobility company based in Israel, Autobrains has been working with us for a number of years. VinFast have taken a capital efficient approach with an in-house ADAS research institute while working with strategic technology partners for level four.

We also plan to expand our trials of Robocar to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensor, a pioneering AI company developing personally owned level four autonomous Robocars company based in California. Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's Robocar program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions, and the program is currently in the pre-production phase and is being advanced towards commercialization. This collaboration is compelling for both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions. In parallel, we are also in active discussions with a number of technology and mobility companies exploring robotaxi development. We look forward to sharing further updates as these discussions progress in the coming quarters.

Internally, we continue to make steady progress in owning more of our core technology stack and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote control functions and smart features developed internally at VinFast and across the broader Vingroup ecosystem. At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our BOM cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models. Our new EE 2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles.

We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term. In the near term, we plan to expand these subscription offerings to additional markets alongside the rollout of localized voice assistance strategies across key Asian markets. We look forward to sharing more details as these initiatives continue to develop. Finally, turning to manufacturing. As Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities. This is a key pillar of our vertically integrated software-defined EV platform and central to our long-term profitability. Within the Vingroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations.

VinRobotics focuses on two core segments, industrial humanoid robots developed in-house, and a scalable non-humanoid physical AI platform that combines robotics hardware with intelligent software. By integrating VinRobotics proprietary mechanical systems, intelligent controls, and AI-driven computer vision into VinFast manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs while advancing the broader goal of building the smart factory of the future. VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the Vingroup ecosystem, namely VinMotion and VinDynamics. Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VinFast and the broader Vingroup technology ecosystem that supports VinFast long-term innovation roadmap. At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next-generation technologies that will be integrated into future VinFast vehicles.

Within the Vingroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of a green mobility ecosystem, spanning EVs, charging infrastructure through VGreen, and electric mobility services through GSM, is now evolving into a broader platform of advanced technologies. Across this ecosystem, teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier. As Vingroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters. Now, I'll hand it over to Lan Anh to discuss our financial results for the fourth quarter and full year of 2025. Lan Anh, please.

Thank you, Anh. Our 2025 result reflects a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance and operating at roughly two-thirds of our flagship factory's capacity during December, we have demonstrated our ability to scale in a disciplined manner. At the same time, the sales policies and promotional initiatives introduced to strengthen brand awareness in our key markets are starting to gain traction. Concurrently, our ongoing cost optimization programs are beginning to deliver tangible results, and we are seeing early signs of operating leverage emerge in the business. Fourth quarter of 2025 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new levels as we begin to see early benefits at scale.

As Madam Thuy and Anh highlighted, strengthening VinFast competitiveness requires deliberate strategic investments that are essential to improving efficiency, enhancing cost control, and positioning the company for the more sustainable margin profile over the long term. Now, let me walk you through our results in more detail. Revenue for the fourth quarter of 2025 was $1.6 billion, up by 118% quarter-over-quarter and 139% year-over-year. Full-year revenue was $3.6 billion, increased by 105% year-over-year. Gross margin was -40% in Q4 2025, compared to -79% in Q4 2024. For the full year, gross margin improved to -43% compared to a -57% in 2024.

With full year revenue increased by 105% and fourth quarter revenue up 139% year-over-year, higher production volumes allowed us to better absorb a fixed manufacturing overhead and improve operating leverage. Recall that in fiscal year 2024, revenue was impacted by a one-time adjustment related to our free charging program. We applied the program retrospectively to all vehicles delivered through 31st of December, 2024, which resulted in revenue reduction recorded in that quarter. If we exclude the impact mostly due to the free charging program, vehicles sold for which revenue has been deferred, and NRV adjustment, we are seeing a clearer view of the underlying improvement in our operating performance. Excluding these items, gross margin for Q4 2025 would have been -28% compared to -26% in Q4 2024.

On a full-year basis, gross margin would have been -24% as compared to -32% in 2024. Moving to the operating expenses. R&D expenses were $114 million, increasing 7% quarter-over-quarter and 7% year-over-year. R&D spending in the quarter was primarily driven by continued investment in our next-generation vehicle platforms and core technology stack, particularly in ADAS L2+ development and our EE 2.0 architecture, as well as ongoing model refreshing programs across vehicles. R&D as a percentage of revenue was 7%, the lowest in the past 5 quarters, reflecting the benefits of scale. As revenue growth outpaced R&D spend, fixed R&D investment will leverage more efficiency across larger volumes, improving operating leverage while we continue to advance our core technology roadmap.

SG&A expense were $391 million, increasing 126% quarter-over-quarter and 50% year-over-year. The sequential increase was primarily driven by higher marketing expenses associated with the launch of new models across multiple markets. During the quarter, we also booked approximately $236 million impairment for our North Carolina factory. This impairment charge is a one-off expense and reflects management's decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions. It does not represent a change in our long-term strategic commitment to the U.S. market. As Le Thi Thu Thuy mentioned earlier, we expect to resume construction in the North Carolina factory this year.

Excluding this one-off impairment charge, SG&A expenses as a percentage of revenue would have been 10% compared to 24% in Q3 2025 and 40% in the first quarter of 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our transition to a dealer model. Adjusted EBITDA for the fourth quarter was -$1 billion, a 20% decline year-over-year. Adjusted EBITDA margin came in at -65% compared to -80% in Q3 2025 and -129% in the prior year period. Adjusted EBITDA for fiscal year 2025 came in at -66% compared to -103% in fiscal year 2024.

Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the U.S. factory, and adjusting for NRV, adjusted EBITDA margin would have been -37% in Q4 2025 compared to -36% in Q3 2025 and -52% in the same period last year. Net loss for the quarter was -$1.4 billion. Net loss margin for the quarter improved to -89% compared to -186% a year ago, an improvement of 96% year-over-year. Fiscal year 2025 net loss margin is -108% compared to -176% in fiscal year 2024, an improvement of 68% year-over-year.

Excluding the impact mostly due to delayed revenue recognition, impairment charges, which mostly related to changes in project timing of U.S. factory, and adjusting for NRV, net loss margin would have been -62% in Q4 2025 compared to -84% in Q3 2025 and -94% in the same period last year. Finally, EPS for the fourth quarter of 2025 was -$0.6, a decline of 15% year-over-year from the fourth quarter of 2024. Full year 2025 EPS was -$1.65 compared to full year 2024 EPS of -$1.32.

Excluding similar items, EPS for the fourth quarter of 2025 would have been $0.41, and full-year 2025, it would have been $1.25, a decline of 15% year-over-year. CapEx for the quarter was $304 million, an increase of 16% quarter-over-quarter and 25% year-over-year, driven by CapEx across our new overseas factories and expansion at our Vietnam facilities. Total CapEx for 2025 was $922 million. Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of December 31, 2025, VinFast's outstanding borrowings from Vingroup under this commitment was $413 million.

The company received a total $1.1 billion disbursement from our founder pursuant to the grant agreement. Our total liquidity as of 31st, December 2025 is $3.1 billion, which reflects cash, funding commitment from Vingroup and our founder and an ELOC facility. Turning to our 2026 outlook. As Madam Thuy noted earlier, scale will be the key driver of operational efficiency. This will be supported by our priorities of expanding manufacturing capacity, strengthening product competitiveness, and accelerating international expansion. We expect revenue growth in 2026 to be driven by a combination of higher volumes, modest improvement of ASP, and product mix evolution across markets. Operator, let's open for Q&A.

Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please type it into the box and click submit. Please stand by while we compile the Q&A roster. We will take our first question, and the question comes from the line of Philippe Houchois from Jefferies. Please go ahead. Your line is open.

Operator, let's go to the next question.

Please stand by. Your question comes from the line of Jesse Sobelson from BTIG. Please go ahead. Your line is open. Jesse Sobelson, your line is open. Please ask your question. Jesse Sobelson, can you check you've not muted your line? We are unable to hear you.

Hey, operator. While we get the live questions, let's move on to the Webex questions. We've got a few of them.

Sure. Please go ahead.

All right. The first question we have is from Jesse, actually. There have been rumors you'll be interested in launching a hybrid vehicle. Can you confirm this is something you're interested in pursuing? And if so, how could it impact your future financial results? And, would you like to take this question?

Thank you, Amandae Baey. Certainly. Well, VF 8 REEV was planned for launch in Vietnam starting 2027, and with overseas rollout expected over time. The development basically leverages our existing BEV platforms and incremental R&D requirements will be fairly manageable. We also expect limited impact on broader R&D priorities for the next couple of years as we have very well planned out our R&D roadmap, our ADAS, as well as our EE architecture. REEV for us is viewed as a practical interim solution to expand EV accessibility and address a broader market segment as opposed to a material shift. Thank you.

Thank you, An. The next question is from Trang Ho of HSC. Congratulations on the quarter's results. Could you please elaborate on the drivers behind the narrowing of the gross profit loss and whether these improvements are sustainable in the coming quarters? Additionally, could you share the recent results or achievements in your key export markets and the company's plans for these markets going forward? Lana, would you like to take this?

Okay. For the narrowing of the gross profit loss, the improvement is mainly driven by BOM optimization and production scale, supplier pricing, localization and engineering optimization. We believe these drivers are sustainable. The largest reduction in BOM cost of VF 6, around 13%, and VF 7, around 23%, in BOM cost reduction. In 2026, we expect further improvements across multiple models, with around 20%-30% cost reduction, supported by our transition to next generation vehicle platforms in the following years.

We also expect more moderate around 5% annual BOM optimization. For the part of the international markets, we also saw a very strong ramp up in deliveries in Indonesia, the Philippines and India in Q4 2025, with the international deliveries accounting for about 17% of total deliveries. For India, we also India positioned as a strategic long-term growth market. For the other market like Indonesia and the Philippines that we leverage for the brand awareness with the cooperation with GSM for the brand awareness boost for the consumer, like a perspective.

We expect that we can boost our overseas sales in 2026 also. Thank you.

Thank you, Lanan. The next question we have is a macro question, so I think Madam Thuy would take this. With oil prices trending higher, do you expect that to influence EV adoption dynamics? And separately, could you comment on the current macro environment and how that could potentially affect VinFast operating outlook?

Thank you, Amanda. Well, I think everywhere in Vietnam as well, we immediately saw the impact of higher oil prices where people started switching to EVs or even for the ride hailing or taxi, we started seeing people choosing consciously our GSM platform versus the normal taxi. Higher oil prices reinforce the long-term EV value position as consumers focus more on total cost of ownership. Fuel prices may influence short-term sentiment, but structural EV adoption drivers remain affordability, product availability and charging infrastructure, which everything that we working to work to. Our strategy focus on improving cost competitiveness and expanding the product lineup to broaden EV accessibility. We monitor macro developments closely, especially now.

No material impact on operating outlook at this stage right now. Our expansion focus on markets where EV adoption remains early with strong long-term growth potential. Priority remains scaling production, improving cost efficiency, and executing the product roadmap. The industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption. In some of the states in the U.S. right now, we are exceeding that level as well. Thank you.

Thank you, Madam Thuy. The next question from the Webex is regarding our North Carolina factory. It's good to hear an update about the North Carolina factory. Could you elaborate on your decision to proceed with a U.S. manufacturing presence when EV demand is expected to be slower? And could you also share some more color on the impairment charge that you took?

Like, for the last years, right? We've been saying that we are committed to the U.S. market, and U.S. is an important market to us and we still commit to that. U.S. still remains an important strategic market for us. U.S. manufacturing base provides flexibility as the market conditions and regulations evolve. North Carolina factory construction expected to resume this year. We have been working in the background to work that, and the SOP is targeted for 2028. Out of prudence, we recorded a VND 236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that the We will reverse this impairment in the future as the factory construction we start again. Again, there's no change to long-term commitment to the U.S. market.

Thank you, Madam Thuy. The next question is regarding our ADAS strategy. How much of the cost reduction will come from simplifying the hardware stack or tailoring features to different markets? Anne, would you like to take that question?

Thanks, Amanda. Well, I think, first of all, the next generation ADAS stack will launch with refreshes in the VF 6, VF 7. SOP is started to be from the second half of 2026 onwards. It will be a combination of both, simplifying the hardware stack as well as tailoring features to different markets that will really be the anchors of our strategy. The new architecture basically will use more integrated computing and simplified hardware stack. At the same time, we're also increasing the component of in-house development in order to reduce reliance on third parties and being able to tailor the features to different markets. Both of these features, as I've mentioned, will help us lower the cost.

I hope that answers the question.

Thank you, Ann. The next question is regarding the company's CapEx plans. Can you please share what the company's CapEx plans are for 2026? Lan Lan, would you like to take this?

In 2026, most of our CapEx is still going into building out the core manufacturing footprint. Roughly $400 million for domestic and around $600 million for international factories. Additional CapEx like for machinery and equipment. In 2026, 2027, our CapEx needs a continuation of our intention to scale our manufacturing globally as we position the overseas factory as export hubs. We expect to incur CapEx for phase II of Indonesia and India factories and CapEx for phase I of U.S. factory, as Madam Thuy just mentioned.

That's kind of action to account for the future business plans to introduce e-scooter and e-buses also in those markets. Thank you.

Thank you, Lan Lan. The next question is regarding the VF7. Can you walk us through the VF7's current status for North America, specifically where it stands in the regulatory approval process, expected timeline for deliveries, and whether production will come out of the India or Vietnam facility? Separately, any update on dealership and service center expansion in the region? Madam Thuy, please.

We are preparing to bring the VF7 to the U.S. before the end of the year. I think we're pretty much done with all the regulatory approval process, obligations and all the approvals. I think the target is to start the production by the end of next month. With the plan to bring the VF7 soon after. This is going to be a midsize crossover SUV in that segment. We focus on the customer experience, the feature competitiveness and ownership value rather than other features.

This is gonna be a very good addition to the market and will help elevate the VF8 as we bring more VF8 to the market. Regarding the dealers, the dealership network and the service center. I mean, with all the uncertainties in the U.S. market with the EVs in the U.S. and the automotive tariffs, right? Until we have the factory open in 2028, we will take a very disciplined approach with expanding our dealership network.

I think this year we're looking to add more like two more dealers in California where we sell where EVs sell the most and we maintain the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that were willing to to invest in the brand and continue to stay with us for for long run. In terms of repair repair the service shop our strategy is to expand also the third party service network. Last year, I think in California alone, we added about 55 service shop.

This year we're adding a few more, but what is more important is to improve the quality of the service network and gradually really improve the quality of those service network rather than focusing on the quantity. Thank you.

Thank you, Madam Thuy. Operator, can we check for live questions?

Thank you. As a reminder, if you wish to ask a question, please press star one one on your telephone and wait for your name to be announced. We will take our next question. Your question comes from the line of James McIlree from Chardan Capital Markets. Please go ahead. Your line is open.

Yes. Thank you. You've talked about the gross margin improvements and the BOM cost improvements that you're looking for this year. When do you think that you can achieve a positive gross margin? Is that something that could happen at the end of this year, or is that something that's more likely to occur in 2027?

Hi, Jim. Thank you for that question. Lanan, over to you.

Yeah. For profitability framework, especially mention about gross margin, we see that for the framework, we're consistent, we see many scaling EV manufacturers like we focus on the execution milestones such as margin improvement. For VinFast, we have the two primary levers, like the first one for the high-volume deliveries spread fixed costs, of course manufacturing, R&D and SG&A, improving operating leverage. Also for the BOM costs, yes, we have the next generation platforms designed with the optimized architecture. The next generation vehicles also expected to deliver around 30%-40% lower of the bill of materials, I mean, the BOM costs versus earlier models.

Because as these models scale in production, because we have the production expansion, the unit economics are expected to improve meaningfully. In addition that for platform transition and volume run and continue for the cost discipline expected to make the path to profitability increasingly like a visible over the medium term. A lot of things to do to boost for the margin improvement for both Vietnam and also for the overseas. We expect that to like the path to profitability increasingly visible over the like in the medium term. Thanks.

Thanks, Lanan. Operator, are there any more live questions? Or Jim, do you have a follow-up question?

Yes, I was curious if you could share with us what your expected cash usage will be this year?

Yes. For the CapEx for this year, we expect that around $1.6 billion for cash spending CapEx and for R&D with the next generation models. We expect that we spend around $1.4 billion for R&D. Yeah.

There seems to be no further questions. Oh, excuse me. Please stand by. We do have a question in the queue. Your question comes from the line of Jesse Sobelson from BTIG. Please go ahead. Your line is open. Jesse Sobelson, your line is open. Please ask your question. There is no response, and we have no further questions in the queue.

Thanks, operator. Actually, Jesse had sent in his question on the Webex, so I'm gonna read it out. This is regarding our guidance of 300,000 global EV deliveries in 2026. From a manufacturing standpoint, are you already capable of producing at that annualized run rate today? And what are the key milestones, either utilization, supply chain, labor or localization that needs to happen to support that volume? There's also been discussions of competitors extending their manufacturing footprints into Southeast Asia and namely Vietnam. So how do you want investors to think about VinFast's core differentiation, whether it's product, pricing, ecosystem or after-sales, and where do you believe you have the most defensible advantage over the next 12-18 months? Thank you for that question, Jesse. That's very comprehensive. Madam Thuy, over to you.

Yeah. Absolutely, we're capable of manufacturing and delivering that volume of at least 300,000 vehicles in 2026. Regarding the at least 300,000 delivery target for 2026, the growth will mainly be driven by Vietnam and our core Asian markets. From a manufacturing perspective, we already have sufficient capacity. I think with, as I mentioned in my speech, with facilities in Hai Phong, Ha Tinh, and India, our combined capacity exceeds 600,000 vehicles per year already, so that will support our growth target. As an example, our flagship factory in Hai Phong has ramped up to above 70% capacity at the end of 2025 and still have headroom to produce more.

From the supply chain perspective, we have developed a global supplier network of 1,700 partners and about 800 direct suppliers that are, you know, ready to supply to us. Well, I think, on your second question, beyond pricing, we differentiate through our EV ecosystem, including the rollout of the V-GREEN charging infrastructure, and the expansion of GSM ride-hailing fleet, which help build the long-term consumer confidence. Over time, our scale increases and our ecosystem matures. We expect, you know, promotions to normalize with differentiation increasingly driven by great value to money, the vehicle products, and enhanced ownership experience and after-sales service, and, of course, the best-in-class warranty coverage.

I think those are the differentiating points between us and other competitors that might want to enter Southeast Asia and Vietnam in particular. Thank you.

Thank you, Madam Thuy. Our next question is regarding robotics manufacturing. Can you give us a sense of the timeline for when VinFast would begin manufacturing robots for the robotics companies within the Vingroup ecosystem? And would that require additional CapEx or changes to your existing product, production lines? Anne, would you like to take this, please?

Sure. Thanks, Amanda. Basically, I think humanoid robot trials are already planned for the second half of 2026 across two of our factory plants in Vietnam for certain operational tasks. We'll continue to conduct ongoing evaluation of robotics integration within our smart manufacturing roadmap and making sure that the humanoid or the robot arms visual AI programs work seamlessly with what we currently have, which is already fairly highly automated. At the same time, we also do not want you know, our testing to disrupt the core EV production because the plant in Haiphong is basically operating at full capacity, and the one in Ha Tinh is also ramping up very fast. I'm very excited, and we hope to share further updates in the coming quarters. Thank you.

Thank you, Anne. Our next question is from Harry of Edison Group. Could you possibly give a little bit more color on the geographic breakdown of the e-scooter growth you are expecting this year? Will the majority of the growth be driven by an increased number of scooters sold in Vietnam, or do you expect it to be driven by international markets? And a follow-up question is, with this growth, should we expect e-scooters to have a meaningful margin impact moving forward? Madam Thuy?

Last year experienced a very strong growth in e-scooter for us, and that was all in Vietnam. This year, we expect to expand to five international markets in Asia as well. As you know, you go to Asia, you know, you see mostly a lot of two-wheeled vehicles in Asia. There's a very strong market just beyond Vietnam. We expect most of the growth for 2026 will still come from Vietnam for various reasons driven by, like, the policy tailwinds in Vietnam, including the expected restrictions on gasoline motorbikes in Hanoi and Ho Chi Minh City, the two big cities in Vietnam, in the middle of 2026.

We focus on the largest segment of two wheels, the student and daily commuters. The adoption is accelerating as well. I mentioned the international expansion before. We will expand into India, Indonesia, Malaysia, Thailand, and the Philippines. Another interesting fact about our e-scooter is the battery swapping rollout by V-GREEN that reduces the charging barriers, especially for people that use e-scooter or use two-wheeled vehicles for, you know, food deliveries or for delivery purposes. As of January 2026, there are only 4,500 battery swapping stations installed across Vietnam, supported by retail and logistics partnerships.

Well, as the two-wheeler segment scales, we expect it to become an increasingly meaningful contributor to both revenues and profitability for VinFast, and it will be a great support for our four-wheels business. Thank you.

Thank you, Madam Thuy. We are just at about time, so we're gonna end with the last question from the Webex regarding our guidance. Can you provide a breakdown or give us a sense of which markets or models do you expect to contribute the most to your target of at least 300,000 EVs this year?

Well, I think, well, even for 2026, the primary growth expected still from Vietnam and the core Asian markets. There will be new models launches in India, Indonesia and the Philippines, and the expansion of GSM operations in international market will also drive the growth as well. We are building the dealership network across Vietnam and Asia. Just those are the factors that would help drive the EV guidance to at least 300,000 vehicles this year.

Thank you, Madam Thuy. Operator, that concludes the earnings call.

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Good day, and thank you for standing by. Welcome to VinFast Auto Limited Third Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to your first speaker today, Ms. Nhi Nguyen. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to VinFast quarterly earnings call. Joining me today are Chairwoman of the Board, Madam Thuy Le; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lan Anh Nguyen. Before we begin, please note today's call will include forward-looking statements under U.S. federal securities law. These statements reflect our current views on future events, financial operational performance and other matters that involve risks and uncertainties, which may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP figures, along with explanation of their use is included in our presentation issued earlier today. With that, I would like to invite Madam Thuy to begin the management remarks.

Thank you, Le. Hello, everyone, and thank you for joining us today. In addition to Lan Anh, our CFO, I'm very pleased to have Anne Pham, Deputy CEO of Investment on the call with us today. This quarter VinFast marked a significant milestone. We became the first automobile brand in Vietnam to surpass 100,000 vehicle sales within the first 3 quarters of a single year. This follows 13 consecutive months as the nation's best-selling carmaker, underscoring our unrivaled leadership in the domestic automotive market. Growth across our core international markets also continued to gain momentum. Before I go into the country updates, I would like to start with the 3 key takeaways for this quarter. First of all, VinFast remains in growth mode, both at home and abroad. In the third quarter, we delivered 38,195 EVs, representing a 74% increase year-over-year and 7% quarter-over-quarter growth. For the first 9 months of 2025, VinFast delivered 110,362 EVs to customers globally, representing a 149% increase year-over-year. We remain on track for our 2025 guidance to at least double the volumes. VX 3 and VX 5 together contributed 47% of total deliveries, while the Green series accounted for 25% of deliveries. We delivered 120,052 e-scooters and e-bikes, representing a 535% increase year-over-year and 73% quarter-over-quarter growth. The number of EV deliveries to related parties, including GSM, represent 26% of total deliveries. E-scooter deliveries to related parties, including GSM, accounted for less than 1% of total volume, reflecting overwhelming demand from retail consumers. The strong momentum in our e-scooters volume showcases the accelerated shift towards electric 2-wheelers following the announcement of a new policy to restrict gasoline motorbikes from entering central district in Hanoi and Ho Chi Minh City, starting in mid-2026. In Vietnam, we are strengthening our leadership position by broadening our EV e-scooter lineup and deepening our presence in the B2B fleet channel. Internationally, we continue to expand our green mobility ecosystem, a key differentiator for Vintast while growing our dealership network and introducing new products as each market matures. The second takeaway for this quarter is about investing in innovation, which is central to Vintast's long-term competitiveness. Our R&D investments are focused on 3 critical areas: vehicle platform, electrical and electronic architecture and autonomy. Anh will share more details shortly on this exciting road map. Last but not least, we are prioritizing top line growth through targeted investments while viewing cost rationalization as a disciplined medium-term priority. As I have shared before, finding the balance between growth and cost remains a long-term priority. This principle continues to guide our decisions as we invest in expansion and R&D in the near term to strengthen our foundation for the future. Lan Anh will provide more color on this in her remarks. Now let me go into the detailed update by market, starting with Vietnam. Based on aggregated data from Vietnam's Automobile Manufacturers Association and domestic manufacturers. The auto industry reported a mixed result for the quarter with sales dipping in August due to a typhoon before rebounding in September. The industry delivered 94,593 passenger vehicles, flat compared to Q3 2024 volumes, whereas Vintage Vietnam volumes grew 82% year-over-year during the same period. During this quarter, we ramped up production of the VF 3 at the Hà Tinh factory and launched 2 new models, the Limo Green, a 7-seater MPV received strong market response with over 2,000 units delivered in September. We also proudly delivered the Lac Hong 900 LX fleet to the Ministry of Foreign Affairs, marking the first Armored EV certified to VPAM VR7 standards, one of the most recognized international standards for vehicle armored. In our 2-wheeler segment, we continue to see strong momentum. As policies accelerate the phaseout of gasoline motorbikes, consumers are looking to switch to electric 2-wheelers. VinFast now offers a full product range of electric 2-wheelers from affordable models for students to premium options for professionals. Two new e-scooter models with expanded range are planned for 2026. V-Green, an affiliated charging company is expanding battery infrastructure nationwide. Now turning to our international markets, starting with India. Our CKD factory in Tamil Nadu commenced operation this August, partnering with an initial 38 local suppliers. We plan to further expand our local supplier network to enhance localization and strengthen the Made in India footprint of our vehicles. Sales in our first month in India exceeded our internal forecast, reflecting a decisive market debut and a stronger start than any of our previous Asia launches. In October, VinFast ranked within the top 8 for EV registration in the country. As of September 30, we opened 20 dealer stores, announcing financing partnerships with leading domestic banks and third-party aftersales service network. Moving over to Indonesia, where the overall auto market declined about 11% year-over-year from January to September, though BEV sales rose sharply to around 55,000 units, up from about 43,000 units a year ago. VinFast joyed the GAIKINDO Association recently and is now ranked fifth amongst the top 5 BEV brands year-to-date and 15th amongst the 45 automakers. Despite temporary disruption from the August protest, we have expanded our dealership network to 33 locations. Year-to-date, VinFast has captured approximately 5% of Indonesia's BEV market. Indonesia is the first market where we introduced our green mobility ecosystem in partnership with GSM, an affiliated company. GSM now operates in 4 cities in Indonesia and serves passengers at Jakarta, Soekarno-Hatta International Airport. With GSM using VinFast vehicles on the road and V-Green emerging as the second largest charging network in Indonesia, we are strengthening awareness of VinFast holistic offering and setting ourselves apart from other OEMs. In the Philippines, we are capitalizing on this momentum with a stronger marketing push in the last quarter to build awareness of our core products, the VF 3, VF 5 and VF 6. We are introducing a residual value guarantee program this month and expanding our battery subscription model. These programs are unprecedented in the Philippines auto market, and we are proud to be pioneering such consumer-first policies. VinFast continues to grow in line with overall market. As of September 30, we had 13 showrooms. As consumer confidence in VinFast grows, local enterprises are also embracing our green mobility vision. GSM Philippines has partnered with Xentro Motors to deploy 2,000 VinFast EVs across Metro Manila and key urban centers, a strong endorsement of our sustainable mobility model. In the U.S., we opened our first dealership in California and aim to strengthen brand visibility across the U.S. by partnering with our dealer network. Through joint participation in major events such as Electrify Expo in Chicago, New York and Dallas, key markets where our top dealers are based, we strengthened collaboration and amplify their local market presence. Planning also continues for our North Carolina manufacturing facility, which will support our long-term U.S. growth strategy. Over in Europe, our debut at Busworld Brussels was well received, marking an important milestone for VinFast's entry into Europe's commercial vehicle segment. Our EB 12, the full-size 12-meter city bus already meet UNECE and CE standards is now available for order in Europe while the more compact EB 8 will be introduced at a later stage. In Middle East, we announced our strategic partnership with the Arabian Automobile Association to launch comprehensive roadside assistance for VinFast customers across 6 countries in the region. Taking a step back, when we look at the progress that we have made across our international markets, we recognize that as a new engine, it will take time for both our brand and green mobility ecosystem to fully mature from expanding our dealership network to improving charging accessibility through V-Green and ensuring consumers benefit from a competitive total cost of ownership, we are executing our vision to make sustainable mobility accessible to everyone with deliberate thoughtfulness and discipline. As we look ahead, innovation remains at the heart of our journey. With that, let me turn it over to Anne, who will share more about our exciting R&D road map and how these investments are shaping VinFast's future.

Thank you, Madam Thuy. At VinFast Mobility Day held at Hai Phong Automotive Factory on November 10, we unveiled our product innovation and R&D road map as we're investing in shaping the future of mobility in years to come. In 2026, VinFast will offer 3 distinct brands. The first one, VinFast, comprised of smart EVs for everyday life designed for mainstream consumers who want reliability, safety, technology, attractive cost of ownership and best-in-class warranties. The Green series, EV solutions for commercial purpose and raise utilization for fleets. And last but not least, the Lac Hong series, which is designed and catered to the ultra-luxury market that embodies Vietnamese hospitality, premium materials and quality craftsmanship. We're investing in the latest technologies to enhance customer experience and strengthen our competitiveness. VinFast is evolving its technology stack around 3 pillars: vehicle platform, architecture and autonomy. By increasing commonality and reducing components, our next-generation platform will be more cost efficient to produce and have more enhanced features. We are also reengineering our EE system into zonal architecture. All core softwares will now be owned and controlled by VinFast for suppliers to provide standardized hardware platforms. The centralized computing hub, which is essentially a vehicle supercomputer, enables rapid OTA updates, faster feature deployment and consistent system stability. Finally, on autonomy, VinFast is taking a 2-step approach towards our ADAS autonomous driving road map, choosing to work collaboratively with external partners while strengthening our in-house capabilities. At Mobility Day, we unveiled a demo of our robotaxi project, whose intelligent system utilizes low computing power and vision-only technology. This approach allows for lower hardware cost, higher energy efficiency and greater scalability. Our vision is that VinFast will be a multi-brand full-line EV manufacturer spanning passenger, commercial and autonomous segments. We will move from building EVs to building an entire mobility ecosystem for everyone everywhere. With VinFast still very much in its growth phase, achieving our vision requires continued investment in R&D to strengthen our long-term competitiveness. There are still significant white space opportunities across our core markets, and our strategy remains to stay nimble and responsive to market dynamics while creating the right conditions for sustained EV adoption over the long term. With that, I'll now hand it over to Lan Anh, who will walk you through the financial highlights for the quarter.

Thank you, Anne. I'd like to frame our financial results win in the context of our 100,000 vehicle milestone, a significant achievement reaching record time. Now let me walk you through our results in more detail. The company's strategy in Q3 2025 continued to focus on driving top line growth. As a result, total revenue was USD 719 million, representing a 47% year-over-year increase and 9% quarter-over-quarter. We entered Q4 2025 with strong order backlog from the Green series. Cost of goods sold for this quarter was USD 1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter, reflecting the continued ramp-up in deliveries. Gross margin was negative 56.2% in the third quarter of 2025 compared to negative 24% in third quarter of 2024 and negative 41.1% in the second quarter of 2025. Gross margin this quarter was primarily impacted by the recognition of cost of goods sold for vehicles already delivered under customer contracts, while the revenue recognition will occur in the subsequent period. This amount was USD 176 million and reflects a timing difference rather than an economic loss. We also recorded higher warranty costs in the U.S. and Europe as we shifted to third-party service workshops. Excluding the impact mainly due to delayed revenue recognition and NRV adjustments, gross margin would have been negative 17.1%, an improvement from negative 20.8% in Q2 2025 and negative 27.3% in the same period last year. Moving to the operating expenses. R&D expenses were USD 106 million, an increase of 15% quarter-over-quarter and 28% year-over-year as we booked the development cost for the Green Series Lac Hong and EC Van and for models that we plan to launch on our new vehicle platform in 2026. As a percentage of revenue, R&D in Q3 2025 was 15%, marking the fifth consecutive quarter where this is under 20%. Our existing models will undergo a technology refresh on the new vehicle platforms, which will drive additional R&D in 2026. SG&A expenses for the quarter was USD 172 million, an increase of 27% quarter-over-quarter and 25% year-over-year. The higher SG&A expense was due to an impairment charge of USD 49 million that we booked for the battery project and closure of our D2C showrooms in the U.S. and Europe. Adjusted EBITDA, which excludes net loss from financial instruments was negative USD 576 million and adjusted EBITDA margin was negative 80.2%, excluding the impact mainly due to the delayed revenue recognition and NRV adjustment, adjusted EBITDA margin would have been negative 33.1% compared to the negative 44.9% in the same period last year. Net loss for this quarter was similarly impacted. Net loss was negative USD 953 million and net loss margin was negative 132.7%. Excluding the impact mainly due to delayed revenue recognition and NRV, net loss was negative 81.8% compared to negative 109.1% in the same period last year. CapEx for this quarter was USD 261 million, an increase of 24% quarter-over-quarter and 108% year-over-year, driven by CapEx for the new factories overseas and for the expansion in Vietnam. Finally, an update on our liquidity and the previously announced grant and borrowing commitment in late 2024. As of 30th of September, VinFast outstanding borrowing from Vingroup under this commitment were USD 460 million. The company received a total of USD 1.1 billion disbursement from our founders pursuant to the grant agreement. Our total available liquidity as of 30 September is USD 3.7 billion, which reflects cash proceeds from the Novatech spin-off transaction, fundraising commitment from Vingroup, our founder and an ELOC facility. Operator, let's open for Q&A.

[Operator Instructions] First question comes from the line of Anand Balaji from Cantor Fitzgerald.

This is Anand on for Andres Sheppard at Cantor. Congrats on the quarter. So I just wanted to start with some autonomy items from the Mobility Day a couple of weeks ago. So I was wondering maybe what's your expected time line and cost expectations for developing your autonomy stack. Last we spoke, there's a lack of formal regulatory framework in Vietnam for AV. So what are the potential gating factors for this?

Anand, good to hear from you again. Well, we developed both the autonomy stack both internally as well as leveraging other suppliers. So I think the plan for launching is next year in 2026 for the low-cost version for like robotaxi in our Group ecosystem, in Vingroup ecosystem or in Vingroup development, probably around 2028.

Got you. And for the second question, I was wondering if you could refresh us on your capital needs and potentially when are you guys targeting a positive gross margin? If we could just get a little color on your trajectory on that front.

Well, I think as of now, we have -- our total liquidity is like $3.7 billion at the end of the quarter. So we're good for another 18 months based on our current projection. Yes. And so right now, we're keeping our head down to execute on our operational milestones, and we wait for the market to be better for EV.

Our next question comes from the line of James McIlree from Chardan Capital Markets.

I was -- can you help me understand the percent of sales in Q4 you think are reasonable to come from outside of Vietnam? That is in the first 3 quarters, it's been 90% to 95% of the vehicle sales in Vietnam. And the question is, is that likely to continue in Q4? Or is there a larger contribution from non-Vietnamese locations in Q4?

James, good to hear from you. I think in Q4, you will see a little bit more from outside of Vietnam, proportionately a little bit more from outside of Vietnam than in the first 3 quarters. The ramp-up will be mostly come from India, a little bit from Indonesia and some smaller relatively from U.S., Europe as well. It takes time for our overseas market to ramp up. So it takes a few more months to -- for manufacturing for the whole organization to operate to function kind of seamlessly, but it's coming. You're going to see a bigger portion next year coming from overseas markets.

Okay. Appreciate that. And secondly, it was mentioned that there would be an increased R&D in order to support the new platform, I was hoping you could help me understand how much that increase might be? Are we talking a 5% increase over current levels, a 20% increase over current levels? I'm just trying to get a feel for how big that increase might be.

So I think Lan Anh I will give you a little bit more specific, but I think this year, we target to spend about $1.6 billion in CapEx and R&D, and we have spent about $1.1 billion in the first 3 quarters. Over 35% is capitalized R&D for the new models and product like uplift refreshes and over 65% is to build the CKD facility in -- across Asia in [indiscernible], in Vietnam, India and Indonesia. And I think most of -- for the new platform, most of it has been spent so far. There's -- because we already launched the new platform on the Limo Green, and we started rolling out on other models in 2026. So most of the spending is already there. Anne, you want to go further into details?

Yes. So for the R&D for the new platform that we focus in 2025 to 2026 and the spend for R&D expected to normalize from 2027. And actually, for the flexible payment timing, we're going to manage the pace of spending to ensure about the target to launch the new platform also improved for the cost optimization.

Yes, talking about cost optimization, that's actually a very good point because some of the vehicles, right? The loan cost can be reduced by like 50%. So really, I mean, the investment is worth.

Okay. And one more, if I might. When we think about the new platform in 2026, can you give us an idea about how many of the units might come from the new platform?

How many units per year, how many units -- which vehicles? I mean...

As a percent of sales for 2026, how many -- what percent of sales will come from the new platform?

Pretty much Asia will all come from the new platform, pretty much. I think probably around 80% would come from new platform, 70%, 80% and then the rest is the old platform. But at the beginning of the year, they all roll out, but gradually in the new year. So at the beginning of the year, there will still be legacy platforms and then we start rolling out one by one in the new year. So maybe a little bit positive, probably 50-50 or something.

There are currently no more questions from the phone line. Please continue.

Thank you. We have the first question from the webcast audience. As more dealerships close in the U.S., what are VinFast's plans for long-term support? Madam Thuy, would you like to take the question?

Well, we -- realistically, we're waiting for the new platform to be developed to roll out in like North America and Europe to get us to profitability. So we're not going to -- given -- in the U.S., given the tariff situation and the instability in the EV market, we just need to see how that settle before we kind of push hard in the U.S. So there would only be like this year and maybe next year as well, there would only be a certain number of vehicles that we can share across the dealership. So we -- of course, we would like our -- the dealerships that are committed to us to be profitable and have enough vehicles to get to profitability quickly. So I think until we see some growth and stability in the U.S. market, we don't intend to open more dealerships. Instead, we cultivate the relationship with the existing dealers and make sure that they can get to profitability faster.

We have the next question from the webcast. Why did loss per car increase Q-over-Q in Q3 despite surge in volumes? What should we expect for loss per car in October and Q4? Ms. Lan Anh, would you like to take the question?

Yes. For the car loss for this quarter, that's primarily due to the certain orders that we already delivered our vehicles, but yet recognized as a revenue. Even though the related goods like our vehicle transfer out of stock, that's because for the revenue recognition in line with the accounting standards, so we yet recognize as a revenue. So the revenue is expected to be recognized for -- in the subsequent period. So on an adjusted basis, excluding these orders, the results show a slight improvement compared to the previous quarter.

Thank you, Ms. Lan Anh. We have the next question from the webcast. Please provide 2026 guidance for 4-wheeler and 2-wheeler delivery volumes and EBITDA expectation.

So we plan to release our 2026 guidance early next year, and we expect that we maintain a strong growth trajectory in 2026 because we prioritize volume expansion to reach the economies of scale.

Thank you, Ms. Lan Anh. We have the next question from the webcast. Do you plan to introduce a hybrid model? And when will it launch? Ms. Anne, would you like to take the question?

Thank you, Le. Well, as an innovation-driven company, our R&D team continuously explores advanced technologies, including powertrain solutions to enhance product performance and deliver superior customer experience. So today, our core team strategy remains focused on fully EVs. The decision to launch any new product undergoes rigorous testing and commercial validation, and we'll only do so once these standards have been fully met. At the moment, we're not working on any hybrids in the R&D platform.

Thank you, Ms. Anne. We have the next question from the webcast. You mentioned a solid order backlog going into Q4. Which models are seeing the strongest demand within that backlog? And are you on track for 2025 target? Madam Thuy, shall you like to take the question?

So as of mid-October, we are seeing a very strong order backlog from the Green series, particularly the Limo Green, the new MPV 7 seaters and the Minio Green, which together make up about 50% of our total backlog. So we can't deliver enough vehicles to meet our backlog. In October, deliveries in Vietnam surpassed 20,000 units, making VinFast the first brand in the country to sell more than 20,000 cars in a single month. And in Vietnam alone, we have cumulatively delivered over 120,000 EVs. We remain positive about our 2025 guidance. And I think we are going to have -- we're reaching a 30,000 vehicles delivery per month. So [indiscernible].

Thank you, Madam Thuy. We have the next question from the webcast. Regarding the cooperation agreement with Saigon Glory, what is the rationale for entering into a real estate development when cash flow should be focused on vehicle production. Are there any near-term plans to enter other real estate projects or partner with [ VinFast ]? Madam Thuy, would you like to...

Well, our core priority remains EV innovation and driving cost down and the technology refresh program is fully funded with the cash that Madam Nguyen has mentioned earlier and the liquidity that we've secured for the next few years. The investment cooperation that VinFast recently entered into is a 5-year passive investment under which VinFast may contribute up to around USD 800 million in VND equivalent, while our partner provides development rights and expertise. The investment assures full capital recovery of the investment amount of around up to $800 million at maturity, generating a committed pretax profit of approximately above USD 830 million, subject to the full amount of committed investment being invested. The capital contribution is supported by unused funds or spare liquidity to the extent that it has not been used and disbursement of capital is expected to be in line with the implementation progress of the invested project without materially affecting operating cash flow of global EV manufacturing and expansion plans of VinFast.

We have the next question from the webcast. Will ASP need to be much lower compared to Q3 in order to achieve '25 volume guidance? Ms. Lan Anh, would you like to take the question?

So far in 2025, our ASP has been weighted towards our more affordable models. So for the full year, we expect that the VF 3, VF 5 make up just under the 50% of total deliveries. So for the rest of the year and looking ahead to 2026, our current sales spend poised to more like a balanced mix with VF 3, VF 5 on one side and the Green series along with the VF 6, VF 7 on the other, especially as we begin ramping deliveries for India. So for ASP, we're assuming it remains roughly flat in the coming period. The higher ASP from VF 6, VF 7 is expected to be offset by the slightly lower ASP from the Green series.

Thank you, Ms. Lan Anh. We have the next question from the webcast. Could you give us an update on the production ramp-up at Hà Tinh plant?

Sure. Thanks, Le. The Hà Tinh factory is ramping up very well. It is currently producing 15 jobs per hour compared to the maximum of 35 jobs per hour. We've shifted production of our smaller models from Hai Phong to Hà Tinh as well, and the plant has already produced several thousand VF 3 units in the third quarter as part of its ramp-up. Looking ahead, Hà Tinh will be the main production site for the Minio Green, VF 3 and the EC Van.

Thank you, Ms. Anh. We have the next question from the webcast. As you look into 2026, which markets or product lines will be VinFast's biggest growth drivers?

In 2026, we expect more contribution as the Green series scale more and the new VF 6 and VF 7 platform will come online. These products are designed to be more competitive, both from the cost as well as market perspective. So that contribution should build steadily as we move through 2026 and into 2027. Across our international footprint, we anticipate more meaningful volumes coming from India, Indonesia and the Philippines as we expand the lineup in each of the markets. Vietnam will remain our anchor market in the near term. For the next year, we expect Vietnam to account for roughly 70% to 80% of total deliveries with the balance coming from international markets as they continue to scale up.

We have the next question from the webcast. How is battery costs tracking in the past few quarters? How is it expected to trend in the upcoming quarters?

Thank you, Le. Battery costs have continued to decline quarter-over-quarter, extending the downward trajectory established in 2024. On the average, we have seen battery prices come down by approximately 10% or 12% year-over-year across various models. We are transitioning to a new more cost-efficient battery generation underpinned by our suppliers' technology advancement that meaningfully lower unit cost. And also, we expect like further cost optimization going forward, driven by continued improvements in battery technology and manufacturing efficiency.

Thank you, Ms. Lan Anh. We have the next question from the webcast. Further sharing regarding the new lines of vehicle, you mentioned 3 brands. Can you share the philosophy around that? And what is the split percentage for each brand to contribute?

Thank you. I think, first of all, it is still a little bit early for us to break out the expected financial contribution from each brand. The primary objective behind establishing the 3 brands is really to sharpen our customer segmentation, ensuring that each brand has a clearly defined audience and purpose. With a portfolio that spans more than a dozen models, creating intuitive brand spaces help our customers immediately understand what each line represents and which use case the brands serve. Strong brand segmentation also allows us to fine-tune pricing strategies, tailor our marketing messages and run more targeted campaigns for each customer group. It helps us to optimize our product road map and go-to-market approach by reducing overlap and minimizing cannibalization between brands. Over time, as the brand architecture matures and our market scale, we'll also have better visibility to commence on the individual brand contributions towards our top line and bottom line.

Thank you, Ms. Anne. We have the next question from the webcast. How is VinFast and V-Green planning to accelerate the rollout of its battery swap network for e-scooters?

Okay. So V-Green plans to leverage the strategic partnership to accelerate the rollout of battery swapping for e-scooter in Vietnam. So V-Green is working with a really large retail organizations in Vietnam like IPT Retail, a lifestyle electronic retail network with Viettel Post to allow us to put the swapping -- battery swapping stations at the subloocations, co-locate shopping station with the postal and distribution hubs for Viettel Post. So this not only give us access to large high traffic sites, but also create synergies with existing delivery and shipping fleet. To scale even faster, it could explore a franchise or revenue sharing model like we did with the EV battery -- EV charging stations. And we expect that the cooperation as well as the rollout of the battery swapping locations to increase very quickly, especially now that in major cities in Vietnam, like in Hanoi and Ho Chi Minh City from mid-2026, right, the 2-wheelers -- internal combustion engine 2-wheelers are no longer allowed in central locations.

Yes. Thank you, Ma'am Thuy. And on that topic, we also have another question from the webcast. Your 2-wheeler business has delivered exceptional volume growth this year. And we've seen at least one major legacy competitor publicly acknowledge the impact that recent government policies have had on their sales VinFast appears to be one of the clearest beneficiaries of this policy to shift towards encouraging electric 2-wheelers. With these tailwinds in place, how are you thinking about the outlook for 2-wheeler business in 2026?

I think in 2026, we -- the 2-wheeler business for VinFast will grow at an accelerated level, demonstrative of the ongoing electrification megatrend and policy tailwinds in Vietnam. While we have not provided the guidance for 2-wheeler business, yet, VinFast has been continuously increasing our production in response to the market opportunity and remain optimistic about the outlook for this market segment. This year is the first time we have seen 2-wheeler volumes outpaced 4-wheelers in our business. And this segment contribution to overall revenue is still under 10%. So next year is going to be a big year for 2-wheelers in Vietnam and 2-wheeler will also start. So we target like 1.5 million 2-wheelers in deliveries in 2026 in Vietnam alone. So about 60% of the total new sales in Vietnam. So that is our target. And we will start rolling out in, I think, earlier in the year in Indonesia, in the Philippines and later in the year in India and maybe other markets as well. So it's going to be -- next year is going to be a good year for our 2-wheelers.

Thank you. And we have the next question from the webcast. How do you view VinFast international markets in terms of near-term profitability versus long-term ecosystem development?

Well, first of all, VinFast does not disclose profitability on a market-by-market basis. As with most global OEMs, the development of our ecosystem in new international markets will take time to reach scale and mature as what Madam Thuy has explained a little bit earlier on this call. It's important to underscore that we manage profitability at the enterprise level, reflecting the full portfolio of products, regions and ecosystem services rather than evaluating performance by individual model or individual geography.

Thank you, Ms. Anh. We have the next question from the webcast. Can you provide a little bit of update on the North Carolina facility?

There's still no change to our plan to have our North Carolina facility SOP by 2028, and we will provide more update on the resumption of construction in 2026.

Thank you, Madam Thuy. We have the next question from the webcast. Can you please break down the liquidity runway that the company has continued to implement its strategy over the next 12 months? Ms. Lan Anh, should you like to take the question?

So for the -- our total liquidity as of the 30th of September 2025 is USD 3.7 billion, providing us with approximately 18 months of runway of support operations and growth plans. So like for the cash and cash equivalent, we have the USD 349 million. We have like the USD 930 million of the fundraising commitment from Vingroup, USD 837 million from our founder and the remaining from like the ELOC facility and also for the announced completed Novatech spinoff transaction.

Thank you, Ms. Lan Anh. We have the next question from the webcast. Are new dealerships currently in the pipeline do you plan to open in California? Madam Thuy, should you like to take the question?

We are exploring a few dealership candidates in California right now with the opening of the dealership -- first dealership in San Diego in August. Right now, we still have 2 or 3 territory open in California for applications. I mean California accounts for about 35% of the EV sales in the whole U.S. So we can -- we need a strong presence in California.

Thank you, Madam Thuy. On the U.S. topic, we have the next question from the webcast. How much inventory does VinFast have in the U.S.? And do you expect to sell in the U.S. in 2026?

So VinFast has proactively reached vehicles to the U.S. before April 20. The remaining stock is still sufficient for a few months of sales, and we are planning new shipments to the U.S. as well.

Thank you, Madam Thuy, thank you Ms. Lan Anh. That's all the questions we get from the webcast today. Thank you, everyone, for attending. Operator, back to you.

Thank you. Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.