VinFast Auto Ltd (VFS) 2023 Q3 法說會逐字稿

Good day, and welcome to the VinFast Auto Limited 3Q 2023 Earnings Call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to [Carol Wynn], Head of Investor Relations. You may begin.

美好的一天，歡迎參加 VinFast Auto Limited 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。我現在想將電話轉給投資者關係主管 [Carol Wynn]。你可以開始了。

Good morning. Before I turn it over to Thuy, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include, without limitation, statements regarding the future financial performance of the company, delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events.

早安.在我將其交給 Thuy 之前，請允許我提醒您，本次電話會議中的一些聲明包含聯邦證券法規定的前瞻性聲明。這些包括但不限於有關公司未來財務業績、交付量、財務和營運前景和指導、宏觀經濟和行業趨勢、公司舉措和其他未來事件的聲明。

These statements are based on the predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our most recent filings with the SEC.

這些陳述是基於截至目前的預測和預期，實際事件或結果可能會因許多風險和不確定性而有所不同。我們建議您參考我們最近向 SEC 提交的文件中的警告性語言和風險因素。

In addition, management will make reference to non-GAAP financial measures during this call. A discussion on why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this morning as well as in the Investor Deck.

此外，管理階層將在本次電話會議中參考非公認會計準則財務指標。關於我們為什麼使用非公認會計原則財務指標的討論以及有關我們的公認會計原則與非公認會計原則結果調節的信息，請參閱我們今天上午早些時候發布的收益新聞稿以及投資者平台。

With that, I'd like to turn it over to Madam Thuy.

說到這裡，我想把它交給 Thuy 女士。

Thank you, [Carol]. Welcome, everyone, to VinFast Auto's Third Quarter 2023 Earnings Call. Thank you for joining us. Firstly, I would like to talk about our strategic priorities. We are excited to update you on our accomplishments over the last quarter. But first, I want to reiterate our unwavering focus on our strategic priorities to strengthen and grow the business which are largely in line with those shared recently for Q2.

謝謝你，[卡羅爾]。歡迎大家參加 VinFast Auto 的 2023 年第三季財報電話會議。感謝您加入我們。首先，我想談談我們的策略重點。我們很高興向您介紹我們上季度的成就。但首先，我想重申，我們堅定不移地專注於我們的策略重點，以加強和發展業務，這在很大程度上與最近第二季分享的內容一致。

Priority #1 is global growth. We continue to be pleased at the response and interest our vehicles have recieved across our global markets especially amongst consumer (inaudible). We remain focused on shipping the VF 9 to North America by the end of the year as well as targeting post delivery of the new VF 6 later this year in Vietnam and the VF 7 and VF 3 in 2024.

第一要務是全球成長。我們對我們的車輛在全球市場尤其是消費者中獲得的反響和興趣繼續感到高興（聽不清楚）。我們仍然專注於在今年年底前將 VF 9 運往北美，並計劃於今年稍後在越南交付新款 VF 6，並於 2024 年交付 VF 7 和 VF 3。

Priority #2 is the expansion of our global footprint. We are continuing to build out our production probability in North Carolina, and the facility will best position us to serve the North American main markets. We are progressing in our evaluation of up to 50 global and other markets. In the future, we have identified having high potential [for] engage quality distributors. (inaudible).

第二要務是擴大我們的全球足跡。我們正在繼續擴大在北卡羅來納州的生產機率，該工廠將使我們能夠最好地服務北美主要市場。我們正在對多達 50 個全球及其他市場進行評估。未來，我們發現優質經銷商具有很高的潛力。 （聽不清楚）。

And Priority #3 is our continued focus on building automotive technology through our in-house R&D and external partnerships, making our vehicles smarter and more reliable to our customers.

第三要務是我們繼續致力於透過內部研發和外部合作夥伴關係來建構汽車技術，使我們的車輛對客戶來說更聰明、更可靠。

Next, I would like to discuss the key milestones achieved in Q3, a few highlights for our third quarter. In September, VinFast officially introduced a B-Segment, EV model, the VF 6 in Vietnam. The affordable VF 6 is designed for families by Torino design equipped with a wide range of smart features and ADAS level 2 probabilities. The model is also (inaudible) which are expected that the [actively] driving range of 248 miles and 237 miles respectably, and a charge time of less than 25 minutes. VinFast is [planning for integration] for the VF 6 in Vietnam later this month. We are pleased that the new model has already attracted significant interest with meaningful interactions on Facebook and TikTok.

接下來，我想討論第三季實現的關鍵里程碑，以及我們第三季的一些亮點。 9月，VinFast在越南正式推出B級電動車款VF 6。經濟實惠的 VF 6 由 Torino design 專為家庭設計，配備了廣泛的智慧功能和 ADAS 2 級機率。該車型還（聽不清楚）預計[主動]行駛里程分別為 248 英里和 237 英里，充電時間少於 25 分鐘。 VinFast 正在[計劃整合]本月晚些時候在越南的 VF 6。我們很高興新模式已經透過 Facebook 和 TikTok 上有意義的互動吸引了人們的極大興趣。

We are also making strides in global expansion. As we unveiled basically for Q2, VinFast is establishing broad distribution channels, leveraging local networks and expertise of third-party dealerships and distribution to increase coverage in our growing list of (inaudible). We aim for our vehicles to be present in up to 50 markets and countries globally by the end of 2024. And in the U.S specifically, this approach provides seamless consumer access is especially more [safe] as compared to your pure direct to consumer model.

我們在全球擴張方面也取得了長足進展。正如我們在第二季度基本上公佈的那樣，VinFast 正在建立廣泛的分銷管道，利用本地網路以及第三方經銷商和分銷的專業知識來擴大我們不斷增長的分銷管道的覆蓋範圍（聽不清楚）。我們的目標是到2024 年底，我們的車輛將進入全球多達50 個市場和國家。特別是在美國，與純粹的直接面向消費者的模式相比，這種方法提供了無縫的消費者訪問，尤其更加[安全]。

In fact, we have signed 27 letter inches with well-known dealership groups, covering more than 100 open dealership points across the U.S., including but not limited to Florida, Texas, North Carolina, Virginia, Louisiana New Jersey and so on. Leveraging local distributors in many of our key markets, makes for a capitalized expansion model that will allow VinFast to be more efficient about cost and use of capital.

事實上，我們已與知名經銷商集團簽約27字母英寸，涵蓋全美100多個開放經銷點，包括但不限於佛羅裡達州、德克薩斯州、北卡羅來納州、維吉尼亞州、路易斯安那州、新澤西州等。利用我們許多主要市場的當地經銷商，形成資本化擴張模式，使 VinFast 能夠更有效地控製成本和資本使用。

We recently announced plans to commence delivery of EV in Indonesia by 2024, identifying the country as a key market for the establishment of manufacturing facilities of our EV and battery.

我們最近宣布計劃在 2024 年開始在印尼交付電動車，將該國確定為建立我們的電動車和電池製造設施的主要市場。

In addition to Indonesia, we have identified India as another market where we intend to grow our facility to begin production in 2026. Each facility has planned total capacity of up to 50,000 tons to begin in Phase 1 and an estimated total CapEx of $150 million to $200 million. We expect to participate in the tremendous potential brought by the increased EV production in both Indonesia and India, while EV penetration is currently still very low.

除了印尼外，我們已將印度確定為另一個市場，我們打算在該市場擴大我們的工廠，並於2026 年開始生產。每個工廠計劃第一階段的總產能達到5 萬噸，預計資本支出總額為 1.5 億美元。2億美元。我們預計將分享印尼和印度電動車產量增加的巨大潛力，而目前電動車普及率仍然很低。

We look forward to giving you an update on the international expansion of our manufacturing facilities which will come back our existing facility in [Hyde Park] and our factory in North Carolina once production commences. Also in Q3, we have received $955 million in loans from vingroup and $291 million in grants from our chairman, as well as the $240 million from our deSPAC transaction and the strategic investment by Gotion.

我們期待向您提供有關我們製造工廠國際擴張的最新信息，一旦生產開始，我們位於[海德公園]的現有工廠和北卡羅來納州的工廠將恢復生產。同樣在第三季度，我們從 vingroup 獲得了 9.55 億美元的貸款，從董事長那裡獲得了 2.91 億美元的贈款，以及來自 deSPAC 交易和國軒戰略投資的 2.4 億美元。

We continue our expansion adding over 10,000 new third-party channel employees in North America and gaining access to about 500,000 channel (inaudible) through [box network] in preparation for vehicles delivery in the EU later this year. And we are concluding discussions with our key channel partners as well globally.

我們繼續擴張，在北美新增了 10,000 多名第三方通路員工，並透過 [box network] 存取約 50 萬個管道（聽不清楚），為今年稍後在歐盟交付車輛做好準備。我們正在結束與全球主要通路合作夥伴的討論。

[Anyway], we continue to expand our global footprint by the end of Q3, VinFast had 247 showrooms and workshops in the quareter and 126 showrooms globally for EVs. [Asset] (inaudible) [handle] this past quarter.

[無論如何]，到第三季末，我們繼續擴大我們的全球足跡，VinFast 在該季度擁有 247 個展廳和車間，在全球擁有 126 個電動車展廳。 [資產]（聽不清楚）[處理]上季。

Finally looking forward, we remain focused on executing again our strategic priorities to strengthen and grow the business. We will continue to expand our global footprint to manufacturing capability in key markets such as Indonesia and India, while we expect high EV demand growth. We will build and develop our business model as we expand our distribution network and enter the market to (inaudible) dealership and distribution.

最後展望未來，我們仍然專注於再次執行我們的策略重點，以加強和發展業務。我們將繼續擴大我們的全球足跡，在印尼和印度等主要市場擴大製造能力，同時我們預期電動車需求將大幅成長。隨著我們擴大分銷網絡並進入（聽不清楚）經銷商和分銷市場，我們將建立和發展我們的業務模式。

In addition, we are making a significant effort to reduce our CapEx. We estimate our CapEx spending for global manufacturing to decrease by about $400 million in 2024 and 2025. This optimization of our manufacturing CapEx will allow us to expand into Indonesia and India, while making the overall spend lower than our prior assets.

此外，我們正在努力減少資本支出。我們預計 2024 年和 2025 年全球製造業的資本支出將減少約 4 億美元。製造業資本支出的最佳化將使我們能夠擴展到印尼和印度，同時使整體支出低於我們先前的資產。

And finally, we continue to maintain and promote our Best in class after sales policy in the market as we expand our global markets. I would like now to hand over to David for his discuss our financial performance for the quarter.

最後，隨著我們拓展全球市場，我們將繼續在市場上維持和推廣我們一流的售後服務政策。現在我想請大衛討論我們本季的財務表現。

Thank you, Madam Thuy and hello everyone again. So firstly, let me take you through the third quarter results and the numbers. We delivered 10,027 EVs and 28,230 E-Scooters for the quarter. VF e34 had recently launched the 5 main drivers in Q3 and significant increase in e-solutions largely due to EV sales here in Vietnam.

謝謝 Thuy 女士，再次向大家問好。首先，讓我向您介紹第三季的業績和數字。本季我們交付了 10,027 輛電動車和 28,230 輛電動滑板車。 VF e34 最近在第三季推出了 5 個主要驅動程序，電動解決方案的大幅成長主要歸功於越南的電動車銷售。

We reported revenue of $343 million, representing an increase of 160% from the third quarter of ['22] and an increase of 4% from the second quarter of 2023. Total revenues are primarily comprised of revenue from EV sales including encouraging uptick in Canada just this last month.

我們報告的收入為 3.43 億美元，比 ['22] 第三季度增長 160%，比 2023 年第二季度增長 4%。總收入主要包括電動車銷售收入，包括加拿大令人鼓舞的增長就在上個月。

Gross margin improved 4% quarter-over-quarter due to lower sales to the first customers who were eligible for incentives and also better economies of scale resulting from an increase in sales of E-scooters. Operating expenses declined quarter-quarter by 7%. This was mainly attributed to the decrease in R&D costs paid to experienced suppliers and other costs related to our R&D activities with EVs as we brought 3 EV models into commercial production in the last four quarters. While SG&A increased by 43% year-over-year, it remained flat quarter over quarter.

由於第一批有資格獲得激勵的客戶的銷售額下降，以及電動滑板車銷量的增加帶來了更好的規模經濟，毛利率環比增長了 4%。營運費用較上季下降 7%。這主要是由於我們在過去四個季度將 3 款電動車車型投入商業生產，從而減少了支付給經驗豐富的供應商的研發成本以及與我們的電動車研發活動相關的其他成本。雖然 SG&A 年成長 43%，但環比持平。

CapEx in (inaudible) declined by 47% in Q3 compared to Q2 and by 40% compared to the year prior. So we reduced our spending on tools and equipment for new vehicle programs and front-loaded back end purchases in connection with battery use.

第三季（聽不清楚）資本支出較第二季下降 47%，較去年同期下降 40%。因此，我們減少了新車專案工具和設備的支出，以及與電池使用相關的前端後端採購。

Let me give you some guidance now on the upcoming quarter. So moving to our outlook for the final quarter this year. We are reaffirming our target of 40,000 to 50,000 [indiscernible] for this year of 2023. We expect about $400 million in savings including manufacturing CapEx including (inaudible) be redirect to manufacturing expansion as outlined earlier in [2023]. We also remain on track to ship, VF 9 to North America, and deliver the VF 6 in Vietnam by the end of this year, and we are very excited for indiscernible deliver on VF 7 and VF 3 beginning in Q4. We will continue to look for opportunities to strengthen our balance sheet on top of (inaudible) deSPAC merger, negotiate strategic investment and funding support from Chairman and Vingroup.

現在讓我為您提供有關下一季的一些指導。接下來是我們對今年最後一季的展望。我們重申 2023 年的目標是 40,000 到 50,000 [音訊不清晰]。我們預計將節省約 4 億美元，包括製造資本支出，包括（聽不清楚）重定向到 [2023] 早些時候概述的製造擴張。我們也繼續按計劃將 VF 9 運往北美，並在今年年底前在越南交付 VF 6，我們對從第四季度開始順利交付 VF 7 和 VF 3 感到非常興奮。我們將繼續尋找機會在 deSPAC 合併（聽不清楚）的基礎上加強我們的資產負債表，談判董事長和 Vingroup 的策略投資和資金支持。

With that, I'll hand back to you Madam Thuy for closing remarks and the speaker to hold our Q&A session.

接下來，我將請 Thuy 女士致閉幕詞，並請發言人主持我們的問答環節。

In conclusion, VinFast has made a considerable advancement for this quarter and is committed to establishing and expanding its presence in key markets and maintaining strong positioning as we advance the company's mission of creating a greener future for everyone. Thank you, back to the operator.

總之，VinFast 在本季度取得了相當大的進步，並致力於在關鍵市場建立和擴大其業務，並在我們推進公司為每個人創造更綠色未來的使命的過程中保持強大的地位。謝謝，回到運營商。

(Operator Instructions) Our first question comes from [Brian Dodson] with [Chardan Capital Markets].

（操作員說明）我們的第一個問題來自 [Brian Dodson] 和 [Chardan Capital Markets]。

So just a quick question on your 2023 delivery target of 40,000 to 50,000 vehicles. Could you perhaps break up the composition of that target in terms of what types of vehicles you expect to be delivered?

簡單問一下您 2023 年 40,000 至 50,000 輛汽車的交付目標。您能否根據您期望交付的車輛類型來分解該目標的組成？

Yes. So let me -- Well, first of all, I guess, the targets will be increased in Q4 compared to the prior ones that we delivered and we're comfortable that we'll be able to deliver that uptick in volumes seasonally in Vietnam. The increase in vehicle sales ahead of the lunar new year, which will be a beneficiary of, in particular, with the launch of the VF 6 and the VF 5.

是的。所以讓我——嗯，首先，我想，與我們之前交付的目標相比，第四季度的目標將會增加，我們很高興能夠在越南交付季節性數量的增長。農曆新年之前汽車銷售的成長將受益於 VF 6 和 VF 5 的推出。

Now the domestic models that we are expecting to be most popular in Q4 are the VF e34, the VF 5, and VF 6 while also we'll be making deliveries on both the retail basis and the ET customers of the VF 8 but in relatively smaller quantities. We don't give a breakdown of model by model, deliveries, projections. So that's as much as I can say.

現在，我們預計第四季度最受歡迎的國產車型是 VF e34、VF 5 和 VF 6，同時我們也將向零售基礎和 VF 8 的 ET 客戶進行交付，但相對而言，數量較少。我們不會按型號、交付量和預測提供詳細資訊。我能說的就這麼多了。

Yes, very good. Your sales growth in North America, you said, was spurred by interest in Canada. Do you think you could elaborate on what's driving that interest? And how you expect those trends to evolve over the next few quarters?

是的，很好。您說，您在北美的銷售成長是由對加拿大的興趣所推動的。您認為您能詳細說明是什麼推動了這種興趣嗎？您預計這些趨勢在未來幾季將如何發展？

Sorry, what's the question? [indiscernible] Canada?

抱歉，請問有問題嗎？ [音訊不清晰] 加拿大？

Yes. You called out strong interest in Canada when talking about North America. And I was just curious to see what types of trends you are seeing in that region and how you might expect those trends to evolve over the next, call it, year or so?

是的。在談到北美時，您表達了對加拿大的濃厚興趣。我只是很好奇，想知道您在該地區看到了哪些類型的趨勢，以及您預計這些趨勢在接下來的一年左右會如何發展？

We continue -- I mean, we have pretty much -- with so more than the number of vehicles that we receive in Canada. The lack of interest in Canada is very, very strong, and we expect that with the addition of VF 9, there will be a growing demand from Canada. Within Canada, the Quebec region in particular, attracted a lot interest of vehicles.

我們繼續——我的意思是，我們有很多——比我們在加拿大收到的車輛數量還要多。加拿大的興趣非常非常缺乏，我們預計隨著 VF 9 的加入，加拿大的需求將會不斷增長。在加拿大境內，尤其是魁北克地區，吸引了許多車輛的興趣。

So Yes. I think it's just the overall receptivity towards electric legal reduction in Canada. I think there's probably a structural lack of competition and choice for Canadian consumers relative to potentially other markets, in particular in the U.S. Obviously, there wouldn't be a national deviation or an affinity for the Tesla brand in Canada compared to the U.S. And I think that EVs as are more accepted to a new emerging Asian brand in EV space over this contributing to -- this activity to VinFast and we're very encouraged by it. And as (inaudible) the uptick in North American sales was driven by the increase in sales in Canada in the (inaudible).

所以是的。我認為這只是加拿大對減少電力合法化的整體接受程度。我認為，相對於其他潛在市場，特別是美國消費者，加拿大消費者可能存在結構性缺乏競爭和選擇的情況。顯然，與美國相比，加拿大不會存在對特斯拉品牌的全國性偏差或親和力。認為電動車更容易被電動車領域新興的亞洲品牌所接受，這對 VinFast 的這項活動做出了貢獻，我們對此感到非常鼓舞。 （聽不清楚）北美銷售額的成長是由加拿大（聽不清楚）銷售額的成長所推動的。

Yes. That's very helpful. And then, I guess, keeping on the trend of global markets, you said that you want your vehicles to be available in 50 global markets by the end of '24. By vehicles, do you mean scooters and cars? Or well, could you break that down perhaps between scooters and cars? Or is it both?

是的。這非常有幫助。然後，我想，緊接著全球市場的趨勢，您說您希望您的車輛在 24 年底前在 50 個全球市場上銷售。您所說的車輛是指踏板車和汽車嗎？或者，您能否將其分解為踏板車和汽車？或兩者兼而有之？

I think -- I mean, we were referring to mostly the EVs, but obviously, there's certain markets like Indonesia, India, where 2-wheel penetration is really significant. We will have to be more (inaudible) as well. But when I mentioned up to 50 global markets and countries, by the end of 2024 we were referring to EVs.

我認為——我的意思是，我們主要指的是電動車，但顯然，在印尼、印度等某些市場，兩輪汽車的普及率非常重要。我們也必須做得更多（聽不清楚）。但當我提到到 2024 年底時多達 50 個全球市場和國家時，我們指的是電動車。

Great. And then just finally, talking about global expansion. In the United States, you said that you have LOIs from 27 U.S. dealers. What does the timetable looks like between LOI and getting something on the showroom floor?

偉大的。最後，談論全球擴張。在美國，您說您有 27 個美國經銷商的意向書。從達成意向書到在陳列室拿到東西之間的時間表是怎樣的？

We happen to have some of the dealership open by [the end of the year].

我們碰巧有一些經銷店在[年底]開業。

Thank you. Our next question comes from [Andreas Shepherd] with [Cantor Fitzgerald].

謝謝。我們的下一個問題來自[Andreas Shepherd]和[Cantor Fitzgerald]。

I wanted just to clarify, I think, on the first question. So you reaffirmed your guidance for the rest of the year. By my calculations, you would need a bit of a steep increase in Q4. So just can you remind us what are the key drivers there? And what's really behind your conviction of meeting that delivery guidance?

我想我只是想澄清第一個問題。因此，您重申了今年剩餘時間的指導方針。根據我的計算，第四季需要大幅成長。那麼您能否提醒我們其中的關鍵驅動因素是什麼？您堅信滿足交付指南的真正原因是什麼？

The -- as I reiterated before the seasonal uptick in local market, Viatnamese market primarily demand for vehicles in the fourth quarter, it is notable. We expect that to drive the bulk of the uptick in volumes. We have also continued outstanding contracts with a B2B partner, GSM for the delivery of our e-taxi models that will be in a position to deliver. We have a new VF 6 model coming on to market and that's available for reservation from October 20th here in Vietnam and that we'll be delivering this quarter as well. On top of that, we have deliveries into Europe, our first VF deliveries into Europe and the deliveries of VF 8s and our first VF 9 deliveries into the North American market also.

正如我在本地市場季節性上漲之前重申的那樣，越南市場在第四季度主要需求汽車，這一點值得注意。我們預計這將推動銷量的大部分成長。我們還與 B2B 合作夥伴 GSM 繼續簽訂了未完成的合同，以交付我們將能夠交付的電動出租車模型。我們有一款新的 VF 6 車型即將上市，該車型從 10 月 20 日起可在越南預訂，我們也將於本季交付。除此之外，我們也向歐洲交付了首批 VF，並向北美市場交付了 VF 8 和首批 VF 9。

So overall, still, reiterating the same guidance and understanding that it is an uptick in volume relative to the prior two quarters.

因此，總體而言，仍然重申相同的指導和理解，即數量相對於前兩個季度有所上升。

Got it. That's super helpful. And maybe as a follow-up. What is the expectation around gross margins. Do you expect those to gradually continue to improve quarter-over-quarter? Is there a time period perhaps by which you are maybe expecting positive gross margins?

知道了。這非常有幫助。也許作為後續行動。毛利率的預期是多少？您預計這些情況會逐季持續改善嗎？您是否期望在某個時間內實現正毛利率？

Yes. So that's a great question. The improvement is quarter-over-quarter is favorable. We are expecting that trend to continue. I think one thing that should be noted is that when we launched a new vehicle model to [SLP]. This quarter, the VF 5 in particular was SLP to begin with. It does take that sometimes optimize the production process and the efficiency of inventory suppliers. So we expect that operating contribution margin from that vehicle model to improve in the next quarter. And overall, we expect the trend, we are very focused on optimizing operations and manufacturing, obviously, scaling all the vehicle models to improve efficiency.

是的。這是一個很好的問題。季度環比的改善是有利的。我們預計這一趨勢將持續下去。我認為應該注意的一件事是，當我們向[SLP]推出新車型時。本季度，VF 5 尤其是 SLP。有時確實需要優化生產流程和庫存供應商的效率。因此，我們預計該車型的營運貢獻率將在下個季度有所改善。總的來說，我們預計這一趨勢，我們非常注重優化營運和製造，顯然，擴展所有車型以提高效率。

And we have indicated in the past that we can see ourselves getting to breakeven profitability in the space of 2 years. So we still very much have that vision in mind and expect to be able to deliver on that even ahead of time.

我們過去曾表示，我們可以在兩年內達到損益兩平。因此，我們仍然牢記這一願景，並期望能夠提前實現這一目標。

And maybe just one last, I'd just squeeze it in. You mentioned the plans for expansion into India and Indonesia, I think you say in the announcement today that each of these facilities will have the capacity for upto 50,000 vehicles. I know you're not necessarily guiding next year deliveries. But I'm just curious, how should we be thinking about the delivery numbers for next year and onwards? Do you expect a significant ramp-up in that delivery given the new expansion? Or just any guidance there would be helpful.

也許只是最後一個，我只是把它擠進去。您提到了向印度和印尼擴張的計劃，我想您在今天的公告中說，每個設施都將擁有最多 50,000 輛汽車的容量。我知道你不一定會指導明年的交付。但我只是好奇，我們該如何考慮明年及以後的交付數量？鑑於新的擴張，您預計交付量會大幅增加嗎？或者任何指導都會有幫助。

Yes, thanks. There's obviously -- we're not providing any guidance for next year, but we're not creating the capacity for the reason we do anticipate a steep ramp up in our volumes next year. Some of the initiatives that Madam Thuy already mentioned, the key target markets in Indonesia and India and the production of CKD production facilities there and also the dealership of the network sign-up in both the U.S. and the up to 50 markets is on top of that, that we're looking to expand. All of those will drive volume in addition to strong growth domestically here in Vietnam.

對了謝謝。顯然，我們不會為明年提供任何指導，但我們不會創造產能，因為我們確實預計明年的產量會急劇增加。 Thuy 女士已經提到的一些舉措、印尼和印度的主要目標市場以及當地 CKD 生產設施的生產以及美國和多達 50 個市場的網路註冊經銷商我們正在尋求擴展。除了越南國內的強勁成長之外，所有這些都將推動銷量。

I think it's probably worth noting as well that from a (inaudible), we do have up to 300,000 units of capacity that we can manufacture here in Vietnam and so we'll be looking to utilize all of that capacity over the course of the next few years.

我認為可能值得注意的是，從（聽不清楚）我們確實擁有高達 300,000 單位的產能，我們可以在越南製造，因此我們將尋求在接下來的過程中利用所有這些產能幾年。

The manufacturer of CKD vehicles, obviously, is a combination of manufacturing many of the parts and the structure of the vehicle here in Vietnam before we ship it to the CKD assembly point. So it is a hybrid manufacturing approach.

顯然，CKD 車輛的製造商是在越南製造車輛的許多零件和結構的組合，然後再將其運送到 CKD 組裝點。所以這是一種混合製造方法。

Our next question comes from [Adam Hornby] with [DLD Asset Management].

我們的下一個問題來自 [DLD Asset Management] 的 [Adam Hornby]。

I'm Having a little bit of trouble hearing you. So apologies if this has been addressed already, but could you tell us of the deliveries in the quarter, how many went to Green SM Taxi?

我聽不清楚你說話有點困難。如果這個問題已經解決，我們深表歉意，但您能否告訴我們本季的交付情況，有多少交付給了 Green SM Taxi？

In Q3, about 70% went to GSM vehicles brought to Vietnam.

第三季度，約 70% 是運往越南的 GSM 車輛。

And would you be able to tell me if you have a production number or a delivery number that you know you need to hit in order to get to cash flow breakeven?

您能否告訴我您是否知道需要達到生產編號或交貨編號才能達到現金流量收支平衡？

As indicated last time, I think the full [fund] for the market is about 200,000 and 250,000 vehicles per year. Because our cost rate is lower than other OEMs, we expect to allow 150,000 people (inaudible).

正如上次所指出的，我認為市場的全部[基金]每年約為20萬至25萬輛汽車。由於我們的成本率低於其他 OEM，因此我們預計可容納 15 萬名員工（聽不清楚）。

Can you hear me? Is it better?

你聽得到我嗎？好點嗎？

There are no further questions on the phone.

電話裡沒有進一步的問題。

And the next question is from the webcast. How many cars were sold to GSM and to the U.S. market in Q3 2023 and the first 9 months of 2023? Could you please break down the revenue by [VN] and U.S. markets?

下一個問題來自網路廣播。 2023 年第三季和 2023 年前 9 個月，向 GSM 和美國市場銷售了多少輛汽車？能否按[越南]和美國市場細分收入？

Yes. Cumulatively, the number that we have sold to GSM is -- the new cumulative number is [6,300 -- 12,000]. Does that question [indiscernible]?

是的。我們累積銷售給 GSM 的數量是－新的累積數量是[6,300 - 12,000]。這個問題[音訊不清楚]嗎？

Yes. The next question is, what is the payment scheme for GSM? How much of the first 9 months revenue was from GSM and the percent of cash that was collected?

是的。下一個問題是，GSM的支付方案是什麼？前 9 個月的收入中有多少來自 GSM 以及收取的現金百分比？

So the payment terms for GSM contracts are standard [indiscernible] terms, and we've collected -- we have 60 to 90 day payment terms on those contracts. So we created about -- the revenue from GSM, 9 months to date is approximately $380 million.

因此，GSM 合約的付款條件是標準[音訊不清楚] 條款，我們收集了這些合約的 60 至 90 天的付款條件。因此，我們創建了大約 9 個月以來 GSM 的收入約為 3.8 億美元。

David. The next question is, how are you going to manage only $131 million cash on hand? Are you going to raise more money and how?

大衛。下一個問題是，您將如何管理手邊僅有的 1.31 億美元現金？您打算籌募更多資金嗎？如何籌募？

Yes. So I think we've been pretty clear about this, [when we have all been going] commitments from vingroup and Chairman for the next 6 months of beyond up to [$1 billion] there. And currently,, we have been proactive in capital markets, especially now that we are listed and looking at opportunities forth company to raise cash and to monetize the company's share price in addition to other avenues and other instruments that we're considering.

是的。所以我認為我們對此已經非常清楚了，[當我們都在執行] vingroup 和董事長在未來 6 個月內的承諾將超過 [10 億美元]。目前，我們在資本市場上一直積極主動，特別是現在我們已經上市，除了我們正在考慮的其他途徑和其他工具外，我們還在尋找公司籌集現金和將公司股價貨幣化的機會。

The next question is, can you please update on the development time line of the U.S. factory?

下一個問題是，您能介紹一下美國工廠的開發時間表嗎？

We expect the exit lease to [per se] in the middle of 2025.

我們預計退出租約將於 2025 年中期[本身]完成。

The next question is, why does VF plan to build additional CKD factory in India while the [VN] factory is currently running at a lower utilization rate and VF has recently announced the plan in Indonesia?

下一個問題是，為什麼 VF 計劃在印度增建 CKD 工廠，而 [VN] 工廠目前的利用率較低，而 VF 最近又宣布了在印尼的計劃？

Yes. I think the main driver is Obviously, the (inaudible) problem from the government or (inaudible) in this country that allows to be more competitive to the market. And then we have access to the customer, faster access to the customers. And we also expect to (inaudible) low EV adoption in those markets. So we expect to be able to participate in the (inaudible) in those markets.

是的。我認為主要驅動力顯然是來自政府的（聽不清楚）問題或這個國家的（聽不清楚）問題，這使得市場更具競爭力。然後我們就能接觸到客戶，更快接觸到客戶。我們也預期這些市場的電動車採用率（聽不清楚）會較低。因此，我們希望能夠參與（聽不清楚）這些市場。

In the past weeks, we've been looking at our CapEx plan, and we have managed to save about $400 million from the industy CapEx plan so that we can invest in (inaudible) plants in Indonesia and India. But like David said before, in the coming 2 years, we still expect most of our deliveries to come out from our high (inaudible) plant.

在過去的幾周里，我們一直在研究我們的資本支出計劃，我們已經成功地從行業資本支出計劃中節省了約 4 億美元，以便我們可以投資印度尼西亞和印度的（聽不清楚）工廠。但正如大衛之前所說，在未來兩年中，我們仍然預計大部分交貨將來自我們的高（聽不清楚）工廠。

The next question is regarding to your financials. Why was your 3Q revenue slightly higher after a significant increase in 2Q?

下一個問題與您的財務狀況有關。為什麼第二季營收大幅成長後，第三季營收略有成長？

Yes. So 2Q did increase for a couple of reasons. It was [off to] low rates in Q1, which is low season for car-selling, due to in Germany -- the [new year] holiday here in Vietnam. And then in Q3, we delivered increasing numbers of new models such as the VF 5 and the VF 9 in Q2. So yes, I think just comparing that quarter-over-quarter, the combination of starting off a low base and in fact, by delivering new models meant that the quarter-over-quarter Q3 to Q2 increase in revenue was only modest. And as I said, we expect an update in revenue from increased vehicle sales in Q4 seasonally higher.

是的。因此，第二季確實有所成長，原因有幾個。第一季的利率較低，這是汽車銷售的淡季，因為德國和越南正值新年假期。然後在第三季度，我們交付了越來越多的新車型，例如第二季的 VF 5 和 VF 9。所以，是的，我認為僅比較季度環比，從較低的基數開始，事實上，通過推出新型號，意味著第三季度到第二季度的收入環比增長幅度不大。正如我所說，我們預計第四季汽車銷售增加帶來的收入將季節性上升。

How should we think about your debt profile?

我們應該如何考慮您的債務狀況？

So we obviously maintain a diversified balance sheet of debt domestic, international bank loans, syndicated loans and domestic bonds. We have the exception -- with the exception of our short-term borrowings, our debt [increased] on a (inaudible) based over the periods of 1 to 3, no more than 5 years. And there are all at a number of international and diversity of international banks which we are -- from whom we are borrowing money.

因此，我們顯然保持著國內債務、國際銀行貸款、銀團貸款和國內債券的多元化資產負債表。我們有一個例外－除了我們的短期借款之外，我們的債務[增加]是在1到3年期間（聽不清楚），不超過5年。我們有許多國際性的、多元化的國際銀行，我們向這些銀行借錢。

The next question is related to the VF 6. What are the key selling points for this new model?

下一個問題與VF 6有關。這款新車型的主要賣點是什麼？

Well, the VF 6 is a very key vehicle model not just for us here in Vietnam. But internationally, we think as a B-Segment SUV is oriented to their families, (inaudible) bi-passenger size, designed beautifully by a premier designer in Italy and equipped with a wide range of smart drive features and ADAS level 2. So battery size and battery composition is almost 60 kilo watt battery of LFP type and packed by [BDS] here in Vietnam and [indiscernible] by our [factory] partner. It's got a very strong range and excellent charging capabilities. And obviously, then most importantly, it's priced very, very reasonably, starting at equivalent of $28,000 for customers here in Vietnam. So not just here in Vietnam, but when we export it internationally, we expect it to compete in that very high volume mass market gradient segments that will enable us to deliver a substantial volume.

嗯，VF 6 是一款非常重要的車型，不僅適合我們越南人。但在國際上，我們認為 B 級 SUV 是面向家庭的，（聽不清楚）雙乘客尺寸，由義大利頂級設計師精心設計，並配備了廣泛的智慧駕駛功能和 ADAS 2 級。所以電池尺寸和電池成分幾乎是60 千瓦LFP 型電池，由越南的[BDS] 和我們的[工廠] 合作夥伴[音訊不清晰] 包裝。它具有非常強大的續航里程和出色的充電能力。顯然，最重要的是，它的定價非常非常合理，越南客戶的起價相當於 28,000 美元。因此，不僅在越南，當我們向國際出口時，我們希望它能夠在非常大容量的大眾市場梯度領域競爭，這將使我們能夠提供大量的產品。

Thank you, David. The next question is related to Indonesia. Can you please elaborate on your distribution strategy for the Indonesia market? If it's with a local partner, who is the partner? And are there any incentives granted by the government during the construction of the CKD plant?

謝謝你，大衛。下一個問題與印尼有關。能詳細介紹一下您在印尼市場的經銷策略嗎？如果是與當地合作夥伴合作，那麼合作夥伴是誰？在CKD工廠建設過程中，政府有沒有給予任何激勵措施？

We are still in discussion with both the government as well as local partners, so let us come back with more information in the future.

我們仍在與政府和當地合作夥伴進行討論，因此讓我們將來提供更多資訊。

The next question is back on our CapEx guidance. Could you please elaborate more on the changes in CapEx guidance from 2024 to 2025. Is it due to extending the CapEx disbursement timeline or due to changes in plans for the U.S. factory?

下一個問題回到我們的資本支出指南。您能否詳細說明一下 2024 年至 2025 年資本支出指南的變化。是由於資本支出支付時間表的延長還是由於美國工廠計劃的變化？

We didn't like being (inaudible) changes to the plan at the timeline, we just optimize. If anything, we actually added more items to the manufacturing facility in the U.S. And we optimize locally before manufacturing CapEx in order to divide to the facilities.

我們不喜歡在時間表上對計劃進行（聽不清楚）更改，我們只是進行優化。如果有什麼不同的話，那就是我們實際上向美國的製造工廠添加了更多產品，並且我們在製造資本支出之前進行了本地優化，以便分配給工廠。

I would just add one further clarification there on the CapEx. Saying that's a multiyear CapEx segment that we're using to reinvest the proceeds into our planned investments in Indonesia and India. So it's not a 1-year reduction of $400 million in CapEx.

我只想對資本支出進行進一步澄清。據說這是一個多年的資本支出部分，我們用它來將收益再投資到我們在印尼和印度的計畫投資中。因此，這並不是 1 年資本支出減少 4 億美元。

How would the expansion of the third-party dealership affect your balance sheet and P&L?

第三方經銷商的擴張將如何影響您的資產負債表和損益表？

Yes, I think it's going to be very much more efficient. And obviously, some of our CapEx optimization is driven by rolling our distribution channels to dealerships and partnerships rather than directly investing in owned and operated showrooms that would be the principal (inaudible) difference in balance sheet. And then obviously, from a distribution perspective and the visibility of sales perspective, we will be able to have a greater predictability and visibility over the upcoming quarter and half year sales to deliver into commitments from [data]. So I think it will provide us good visibility on upcoming quarters and reduction in volatility of order through those sales.

是的，我認為這會更有效率。顯然，我們的一些資本支出優化是透過將分銷管道轉向經銷商和合作夥伴來推動的，而不是直接投資於擁有和經營的展廳，這將是資產負債表中的主要（聽不清楚）差異。顯然，從分銷角度和銷售可見性角度來看，我們將能夠對未來一個季度和半年的銷售有更大的可預測性和可見性，以兌現[數據]的承諾。因此，我認為這將為我們提供未來幾季的良好可見性，並透過這些銷售減少訂單的波動性。

And the important question is the speed to market as well. I believe the partnerships with the dealerships and distributors allow us to expand on our [pattern] and additionally (inaudible).

重要的問題是上市速度。我相信與經銷商和分銷商的合作夥伴關係使我們能夠擴展我們的[模式]，此外（聽不清楚）。

The next question is, can you please share more information about your production cost structure?

下一個問題是，您能否分享更多有關您的生產成本結構的資訊？

Well, I think we've been clear that we have cost structure advantages being here in Vietnam, it's a very efficient place to manufacture, we are to export into the markets that we're looking to target. We have significant label cost advantages, we have great foreign trade agreements that we can export under that are very efficient to [high- end] markets, the U.S., the Europe. We have talented technology and R&D staff that are highly educated here in Vietnam. We have a scaled manufacturing facility in Vietnam that is capable of producing very, very high volume of vehicles and fully integrated supplier part that allows us to operate very efficiently from a supplier perspective.

嗯，我認為我們已經很清楚，我們在越南擁有成本結構優勢，這是一個非常有效率的製造地，我們將出口到我們的目標市場。我們擁有顯著的標籤成本優勢，我們擁有良好的外貿協議，我們可以根據這些協議非常有效地向[高端]市場、美國、歐洲出口。我們在越南擁有受過高等教育的優秀技術和研發人員。我們在越南擁有規模化的製造工廠，能夠生產非常大量的車輛和完全整合的供應商零件，這使我們能夠從供應商的角度非常有效率地運作。

So we have a lot of advantages. We obviously don't break those out to the level of detail that [which] is get pretty sensitivity by all automotive manufacturers, but we're very optimistic about our opportunity to profitably and competitively use vehicles here in Vietnam for export.

所以我們有很多優勢。顯然，我們不會將這些細節分解到所有汽車製造商都非常敏感的程度，但我們對在越南使用車輛進行出口以實現盈利和具有競爭力的機會非常樂觀。

The next question is related to the registration of shares. Why did the company register these shares so soon after the listing over what time period will these shares be sold by the two key shareholders?

下一個問題與股票登記有關。為什麼公司上市後這麼快就註冊了這些股份，兩位主要股東會在多長時間內出售這些股份？

Let me clarify this point. So we registered [indiscernible] for 7 billion shares, but not all of them are being sold to the market, only about over 46 million shares will be added to the free flow of the market.

讓我澄清這一點。所以我們註冊了[音頻不清晰]70億股，但並不是全部都賣給市場，只有大約超過4600萬股會添加到市場自由流通中。

The intention is to, obviously, number 1 is to increase the liquidity, increase the free flow in the market. So we can have more participation of investors in the market and to increase that to rate (inaudible). There's no particular period of time when we want to sell the shareholders would sell the shares. And the shareholders have not started selling the share yet.

顯然，其目的第一是增加流動性，增加市場的自由流動。因此，我們可以讓投資者更多參與市場，並提高評級（聽不清楚）。沒有特定的時間段，我們想出售股東就會出售股份。股東尚未開始出售股份。

Maybe another point, another very important point is this 46 million were filtered by VinFast. So VinFast didn't sell the shares, 100% of the net proceeds from selling this share will go into VinFast for free to continue growing VinFast.

也許還有一點，另一個非常重要的一點是這4600萬是經過VinFast過濾的。所以VinFast沒有出售這些股份，出售這些股份的淨收益的100%將免費進入VinFast以繼續發展VinFast。

The next question is, are you able to share the preliminary guidance for 2024 and 2025 R&D expenses. And how is it versus the first 9 months of this year?

下一個問題是，您能否分享2024年和2025年研發費用的初步指引？與今年前 9 個月相比，情況如何？

So I think, again, as we have been developing a full portfolio of vehicles in parallel, the R&D spend had a high run rate through 2022 and 2023. We will be finalizing the delivery of those full portfolio vehicle models. We've already identified the start production of the VF 6. We have the VF 9 to be delivered to the U.S., we have VF 7 and VF 3 in 2024. And we have some work to do around the delivery of right-hand drive vehicles. But all this is expected to be trending down from an R&D perspective significantly from the middle of next year. So that, coupled with the lower CapEx that we're optimizing. I think the free cash flow will come much sooner and much more positive to the firm than previously anticipated.

因此，我再次認為，由於我們一直在並行開發全系列車輛，因此到 2022 年和 2023 年，研發支出的運行率很高。我們將最終確定這些全系列車型的交付。我們已經確定開始生產 VF 6。我們有 VF 9 將交付給美國，我們有 VF 7 和 VF 3 將於 2024 年交付。圍繞右側駕駛的交付，我們還有一些工作要做汽車。但從研發角度來看，從明年中期開始，所有這些預計都將呈現顯著下降的趨勢。因此，再加上我們正在優化的較低資本支出。我認為公司的自由現金流將比之前預期的更快、更積極地到來。

That wraps up all the questions on the phone and through our webcast.

這涵蓋了電話和網路廣播中的所有問題。

Please can I just have 1 minute. I mean there have been a lot of questions about GSM, so if possible, can I just say a few things about GSM. We think that GSM is a positively good business and it has probably about 70% is the taxi business and the other 30% is our vehicle leasing business to the advertising company, to corporate. So where many other (inaudible). And back to the taxi business, GSM is very well in demand. Starting just over -- just not even 500 but as of last week, I think GSM (inaudible) and we just started delivering the E-scooters to GSM, but they already have a million E-scooter bikes in demand. GSM now is the #2 taxi company, in Vietnam already and very soon, it's going to be number #1 taxi company in Vietnam. GSM will expand into other markets as well beyond Vietnam together with VinFast like in Indonesia, India, even in the U. S.

請給我 1 分鐘時間。我的意思是，關於 GSM 有很多問題，所以如果可以的話，我可以簡單說一下關於 GSM 的一些事情嗎？我們認為GSM是一個非常好的業務，它大概有70%左右是計程車業務，另外30%是我們給廣告公司、企業的車輛租賃業務。還有很多其他的（聽不清楚）。回到計程車業，GSM 的需求量很大。剛開始——甚至還沒有 500 輛，但截至上週，我認為 GSM（聽不清楚），我們剛開始向 GSM 提供電動滑板車，但他們已經有 100 萬輛電動滑板車的需求。 GSM 現在已經是越南排名第二的計程車公司，很快就會成為越南排名第一的計程車公司。 GSM 將與 VinFast 一起擴展到越南以外的其他市場，例如印尼、印度，甚至美國。

So from VinFast perspective, we think that GSM is a very good business partner and it's going to compliment very well as VinFast grows in the future. So I just wanted to say a few words about GSM because there has been an overwhelming number of questions about GSM. Thank you.

因此，從 VinFast 的角度來看，我們認為 GSM 是一個非常好的業務合作夥伴，並且隨著 VinFast 未來的發展，它將得到很好的補充。所以我只想就 GSM 說幾句話，因為關於 GSM 的問題實在太多了。謝謝。

That wraps up all the questions we have for today's call. If anything comes up, please do reach out to our IR e-mail address, and we get some things set up and answer your questions accordingly.

這就是我們今天電話會議的所有問題。如果有任何問題，請聯絡我們的 IR 電子郵件地址，我們會進行一些設定並相應地回答您的問題。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。