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We participated in VinFast’s (Nasdaq: VFS) Q4 2024 earnings call held on April 24. The main updates include a recap of the company’s 2024 results and 2025 outlook.
In 2024, the proportion of EV units delivered to related parties declined compared to 2023, while YoY improvements were recorded in average bill of materials (BOM) and production costs, and adjusted profit margins (excluding one-off charges). VFS’s margin improvement in 2024 was previously shown in the EBIT margin improvement of VIC’s industrial segment in 2024 (-85% in 2024 vs -121% in 2023).
For 2025G, management reaffirmed its full-year global delivery guidance of at least doubling its deliveries in 2024 to ~200,000 EVs. Amid the current uncertain global trading landscape, management will closely monitor and evaluate its business plan. In 2025G, VFS will continue to focus its sales on Asian markets including Vietnam, Indonesia, the Philippines, and India. As stated by VIC’s Chairman during VIC’s 2025 AGM on April 24, at this delivery target, VinFast is expected to hold ~40% market share in Vietnam and hence reach breakeven in the domestic market (please refer to our VIC AGM Note).
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