- 2023-10-06T00:00:00
- Company Research
We participated in VinFast’s (Nasdaq: VFS) Q3 2023 earnings call held on October 5. The main updates include its Q3 2023 earnings results, capital support from Chairman Mr. Pham Nhat Vuong and Vingroup (HOSE: VIC), and its plans for expansion into Indonesia and India.
Management maintains its guidance for (1) 40,000-50,000 EV deliveries in 2023, and (2) capital expenditures in 2024 to equal the level incurred in H1 2023, totaling around USD350mn per quarter. This guidance was mentioned in the company’s September 22 earnings call (see our VinFast Note). Additionally, VFS expects to receive up to USD1.2bn or more in grants from VIC, the Chairman, and two key shareholders VIG and Asian Star in the next six months.
For more detailed information on our forecasts for VIC’s industrial segment (mainly VinFast), please refer to our VIC Update Report, published August 25, 2023.
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