We participated in VinFast’s (Nasdaq: VFS) Q1 2024 earnings call held on April 17. The main updates include the recap of Q1 2024 results and the business outlook for 2024.

Management acknowledges that macroeconomic and geopolitical uncertainties continue impacting businesses and consumers globally. However, VinFast views these as temporary challenges; more developed markets like the US and Europe have likely passed the initial adoption of EVs and are addressing mass market adoption, while more nascent markets like ASEAN and India have opportunities to grow given the current level of low EV adoption. 

Management maintains 2024G guidance for 100,000 EV deliveries (mainly in H2 2024G) supported by an increasing dealership network and the launch of more affordable new models targeting a broader customer base. Management continues to guide capital expenditures in 2024G (including discretionary capex) at around USD1.0-1.5bn, mainly for the construction of the manufacturing facility in the US and completely knocked down (CKD) facilities in Indonesia and India.

Powered by Froala Editor