VinFast Auto Ltd (VFS) 2023 Q4 法說會逐字稿

Hello, and welcome to the VinFast Q4 and full-year 2020 earnings call. (Operator Instructions) As a reminder, this call is being recorded.

您好，歡迎參加 VinFast 第四季和 2020 年全年財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。

I would like to hand the call over to Brook Taylor, Vice President for Government Relations and Strategic Partnership. Please go ahead.

我想將電話轉交給負責政府關係和戰略合作關係的副總裁布魯克·泰勒。請繼續。

Thank you, operator, and good morning or afternoon to everyone. My name is Brook Taylor; I'm the Vice President of Government Relations and Strategic Partnerships at VinFast. Thank you for joining us for our 2023 fourth-quarter and full-year earnings call. We will reference a slide presentation today which is accessible on our website.

謝謝接線員，祝大家早安或下午好。我叫布魯克·泰勒；我是 VinFast 政府關係和戰略合作夥伴關係副總裁。感謝您參加我們的 2023 年第四季和全年財報電話會議。今天我們將參考一個幻燈片演示文稿，該演示文稿可以在我們的網站上存取。

Joining me on the call today are Madame Thuy and Anh Nguyen, our recently appointed CFO. Both have prepared remarks summarizing the fourth-quarter and full-year 2023 results as well as our expectations for 2024. Then, we'll take your questions.

今天和我一起參加電話會議的還有 Thuy 女士和我們最近任命的財務長 Anh Nguyen。兩人都準備了總結 2023 年第四季和全年業績以及我們對 2024 年預期的演講。然後，我們將回答您的問題。

Before I turn it over to Madame 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.

在我將其交給 Thuy 女士之前，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、公司舉措以及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 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 of 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 our 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我們的投資者資料。

And with that, I would like to turn it over to Madame Thuy.

說到這裡，我想把它交給 Thuy 女士。

Thanks, Brook. Good morning, everyone, and thank you for joining us today. After what could only be categorized as a year of firsts for VinFast, we ended 2023 with a strong public debut at both expansion marked by a diverse product mix and strategic channel growth that reinforce our position as a formidable competitor.

謝謝，布魯克。大家早安，感謝您今天加入我們。在經歷了 VinFast 首次的一年後，我們在 2023 年結束時在兩次擴張中強勢公開亮相，其特點是多樣化的產品組合和戰略渠道增長，鞏固了我們作為強大競爭對手的地位。

Our lean operation, capital-light channel model, and agile execution will lead to margin resiliency by our sleek and modern product design, advanced technology, competitive and creative offering to the unique battery leasing model, and best-in-class warranty, enabling us to continue earning market share. I would like to talk about the key achievement in Q4 and in 2023.

我們的精實營運、輕資本通路模式和敏捷執行將透過我們時尚現代的產品設計、先進的技術、獨特的電池租賃模式的競爭性和創造性的產品以及一流的保固來帶來利潤彈性，使我們能夠以繼續贏得市場佔有率。我想談談第四季和2023年的主要成就。

In the fourth quarter, we deliver on our commitment to make our EVs more accessible to our customers globally. We delivered a record number of 13,513 EVs globally in the fourth quarter, up 35% quarter on quarter. And our total EV deliveries for the full year were 34,855, which represents an increase of 374% from 2022. Our e-scooter business also experienced significant growth, rising 21% year over year for a total of 72,468 units in 2023.

在第四季度，我們兌現了讓全球客戶更容易使用我們的電動車的承諾。第四季度，我們在全球交付了創紀錄的 13,513 輛電動車，季增 35%。我們全年電動車總交車量為 34,855 輛，較 2022 年成長 374%。我們的電動滑板車業務也經歷了顯著成長，2023年年增21%，總數達到72,468輛。

In terms of product launches, we proudly introduced four new SUV models in Vietnam across a number of segments, including our flagship VF 9, VF 5, VF 6, and the VF 7. In particular, we are pleased that the VF 6, which launched in our domestic market last October, recorded initial sales far above our expectations. We will gradually bring all these SUV models to our overseas market this year.

在產品發布方面，我們很自豪地在越南推出了涵蓋多個細分市場的四款新 SUV 車型，包括我們的旗艦產品 VF 9、VF 5、VF 6 和 VF 7。尤其令我們高興的是，去年10月在國內市場推出的VF 6的初期銷量遠超我們的預期。今年我們將逐步將所有這些SUV車型推向海外市場。

I would like to spend some time on the market update. First, North America and mostly US. 2023 was a strong year for us, and we were pleased with our progress in the US and Canadian markets. The US remains one of our strategic markets, and we are earning our right to compete for market share with our lineup.

我想花一些時間來了解市場更新。首先是北美，主要是美國。 2023 年對我們來說是強勁的一年，我們對美國和加拿大市場的進展感到高興。美國仍然是我們的戰略市場之一，我們正在憑藉我們的產品陣容贏得爭奪市場份額的權利。

Although we initially received some critical but important product feedback, we listened to our US customers. And I'm really proud of our team for rapidly implementing a number of important improvements and updates across all aspects of our vehicles. We will continue to deploy resources and act decisively to meet and exceed customers' expectations.

儘管我們最初收到了一些關鍵但重要的產品回饋，但我們還是聽取了美國客戶的意見。我為我們的團隊在車輛各個方面快速實施了許多重要的改進和更新感到非常自豪。我們將持續調配資源、果斷行動，滿足並超越客戶的期望。

In the fourth quarter of 2023, we also made an important pivot from the capital-heavy direct-to-consumer distribution model to a capital-light hybrid model with a strong focus on leveraging existing distribution infrastructure by building a diligent network in the US and globally. Our growth is highly dependent on a strong dealer network that represents the brand well and gives consumers a highly personalized experiences.

2023 年第四季度，我們也從重資本的直接面向消費者的分銷模式轉向輕資本的混合模式，重點是透過在美國和美國建立勤勉的網絡來利用現有的分銷基礎設施。全球。我們的成長高度依賴強大的經銷商網絡，該網絡能夠很好地代表品牌並為消費者提供高度個人化的體驗。

Here are some recent development. We just signed our first dealer in the US in the fourth quarter, and we already have 75 dealers under application by the end of last week, including dealership agreements that we have previously announced. Importantly, we increased our dealership footprint across the US, improved dealer inventory levels, and removed any barriers of product availability for our US customers. And we'll continue to do so with a target of 130 points of sale in the next phase.

以下是一些最新進展。我們第四季剛剛在美國簽署了第一個經銷商，截至上週末，我們已經有 75 個經銷商正在申請中，其中包括我們先前宣布的經銷商協議。重要的是，我們增加了在美國各地的經銷商足跡，提高了經銷商庫存水平，並為美國客戶消除了產品供應的任何障礙。我們將繼續這樣做，下一階段的目標是 130 個銷售點。

We are excited that we now have 13 showrooms in California and six new dealers in five states: New York, Texas, Kansas, Florida, and North Carolina. This dealership model starting in the US has quickly proven itself, with recent sales improving massively. We plan to do the same for Canada and many other markets. We also remain committed to building our plant in North Carolina and manufacturing EVs in North America, but we still remain in the early stage of construction.

我們很高興現在在加州擁有 13 個陳列室，並在五個州擁有 6 個新經銷商：紐約州、德克薩斯州、堪薩斯州、佛羅裡達州和北卡羅來納州。這種始於美國的經銷商模式很快就證明了自己，最近的銷售量大幅提高。我們計劃對加拿大和許多其他市場做同樣的事情。我們也仍然致力於在北卡羅來納州建造工廠並在北美製造電動車，但我們仍處於建設的早期階段。

So about the new market, with the highlights on Indonesia and India. Building awareness and success in high-profile markets, like in the US, strengthen our ability to compete for efficacy in other markets to build scale, especially the untapped volume-driven Asia market. For example, we have discussed our plans for Indonesia, increasing our previously announced investment in the first phase construction of a CKD plant with annual capacity of up to 50,000 electric vehicles.

關於新市場，重點是印尼和印度。在美國等備受矚目的市場中建立知名度並取得成功，可以增強我們在其他市場上競爭效率以擴大規模的能力，特別是在尚未開發的銷量驅動的亞洲市場。例如我們討論了在印尼的計劃，增加之前宣布的投資，第一期建設CKD工廠，年產能可達5萬輛電動車。

Let me underscore our excitement about the opportunity we see and why Indonesia is the first choice in our growth plan for Asia. Not only is Indonesia is the largest economy in Southeast Asia with a population of 280 million people, but it has the right policy in place to support rapid EV adoption. The government is increasingly focusing on electrifying transportation, and we are seeing growing support for the EV industry. Yet, there are relatively few competitors already in place. Given its location and mineral resources availability, Indonesia is also a strategic link to our global EV supply chain.

讓我強調我們對看到的機會的興奮，以及為什麼印尼是我們亞洲成長計畫的首選。印尼不僅是擁有 2.8 億人口的東南亞最大經濟體，而且還制定了正確的政策來支持電動車的快速普及。政府越來越關注電氣化交通，我們看到對電動車產業的支持越來越多。然而，現有的競爭對手相對較少。鑑於其地理位置和礦產資源的可用性，印尼也是我們全球電動車供應鏈的戰略紐帶。

We recently marked our launch in the country during the Indonesia International Motor Show 2024 and signing preliminary agreement with five dealers. The feedback was incredibly positive with the look and feel of the car, especially the unique battery leasing option. We have not yet released pricing for the market, but already received overwhelming number of deposits for our vehicles and thousands of leads of interest.

我們最近在 2024 年印尼國際汽車展期間在該國推出了產品，並與五家經銷商簽署了初步協議。汽車的外觀和感覺得到了非常積極的回饋，尤其是獨特的電池租賃選項。我們尚未公佈市場定價，但已經收到了大量的車輛押金和數千條感興趣的線索。

We also announced yesterday an MOU with three Indonesian companies for our fleet of the 600 EVs for taxi purpose in Indonesia. We expect additional fleet announcement in the coming months, underscoring our vehicle pipeline potential in the region.

我們昨天也宣布與三家印尼公司簽署諒解備忘錄，為我們在印尼的 600 輛電動計程車車隊提供服務。我們預計未來幾個月將發布更多車隊公告，突顯我們在該地區的車輛儲備潛力。

In India, we aim to seize the growth opportunities and market potential of the world's most populous nation as well as the country's rapidly expanding EV market and favorable regulatory environment for the transportation industry, including government initiatives to reduce carbon emissions. In the fourth quarter, we signed an MOU with the Tamil Nadu state in India on the establishment of the CKD facility, and we will hold a groundbreaking ceremony in the next couple of days. The lower-priced products, combined with our unique battery leasing policies, are expected to be even more proven in such emerging market and differentiate us from other competitors.

在印度，我們的目標是抓住世界上人口最多的國家的成長機會和市場潛力，以及該國快速擴張的電動車市場和交通行業有利的監管環境，包括政府減少碳排放的舉措。第四季度，我們與印度泰米爾納德邦簽署了建立CKD工廠的諒解備忘錄，未來幾天我們將舉行奠基儀式。較低價格的產品，加上我們獨特的電池租賃政策，預計將在這樣的新興市場中得到更充分的證明，並使我們從其他競爭對手中脫穎而出。

Just to re-elaborate on the benefit of battery lease. Buyers pay one price for the vehicle and lease the battery for a monthly fee. This mechanism brings the upfront price of our vehicles and the monthly running costs now in line with or even more competitive than many gas-powered vehicles on the market today.

只是為了重新闡述電池租賃的好處。買家只需支付一筆費用即可購買車輛，並按月租用電池。這種機制使我們車輛的前期價格和每月運行成本與當今市場上的許多燃氣動力車輛持平甚至更具競爭力。

This battery leasing model also provides convenience to customers with a lifetime battery warranty and a replacement if the battery falls below 70%. The monthly battery leasing fee covers all repairs, maintenance, and replacement cost, including swapping out the battery for newer ones, so customers would have peace of mind. And the interesting point is the battery listing fee is even lower than the cost for gasoline for an equivalent vehicle.

這種電池租賃模式還為客戶提供了電池終身保固和電池電量低於 70% 時更換的便利性。每月的電池租賃費涵蓋了所有維修、保養和更換費用，包括更換新電池，讓客戶高枕無憂。有趣的是，電池掛牌費甚至低於同等車輛的汽油成本。

Now, I would like to take a few minutes and discuss some important new vehicle launches and highlight on our recent technology achievements. First of all, about the VF3 and VF Wild. At CES 2024, we announced the global launch of the VF 3, a four-seater, dynamic, mini e-SUV whose price is expected to be very attractive. We also unveiled the concept of a mid-sized pick-up truck, called the VF Wild, highlighting VinFast's innovative efforts with exceptional performance. Both of these vehicles signify our commitment to broadening our product range and promoting sustainable mobility by making smart, safe, exciting, electric vehicles accessible to everyone.

現在，我想花幾分鐘時間討論一些重要的新車發布，並重點介紹我們最近的技術成就。首先，關於VF3和VF Wild。在 CES 2024 上，我們宣佈在全球推出 VF 3，這是一款四座動感迷你電動 SUV，預計價格將非常有吸引力。我們還推出了名為 VF Wild 的中型皮卡車概念，突顯了 VinFast 的創新努力和卓越性能。這兩款車都體現了我們致力於透過為每個人提供智慧、安全、令人興奮的電動車來擴大我們的產品範圍並促進永續交通的承諾。

Next, about the VF 7. The futuristic-looking VF 7 was also brought out to CES this year, confirming its attraction, thanks to spacious interior, smart [ADAP] and safety features, and outstanding performance for the price point with available [trim] featuring a range of modern and smart technology to set it apart from other vehicles in the same segment. In addition to this new product announcement, our presence at CES highlighted how VinFast continues to develop technology-enabled features that make our customers' driving experience safer, more convenient, and more enjoyable.

接下來，關於VF 7。具有未來感的VF 7 也在今年的CES 上亮相，證實了其吸引力，這要歸功於寬敞的內部空間、智能[ADAP] 和安全功能，以及同價位的出色性能以及具有一系列現代和現代風格的可用[trim]。智慧技術使其在同級別的其他車輛中脫穎而出。除了發布這項新產品之外，我們在 CES 上的亮相還強調了 VinFast 如何繼續開發技術支援的功能，使客戶的駕駛體驗更安全、更方便、更愉快。

We were honored to receive the innovation award this year for our MirrorSense technology. This is just one mechanism out of many to the integration of our cutting-edge AI solutions, to the implementation of the latest battery technology, to the inclusion of modern cybersecurity and functional safety features in our electric vehicles. We are actively shaping the future of intelligent vehicles and setting new benchmarks in safety standards across all our products.

我們很榮幸能以 MirrorSense 技術獲得今年的創新獎。這只是整合我們尖端人工智慧解決方案、實施最新電池技術、將現代網路安全和功能安全功能納入我們的電動車的眾多機制中的一種。我們正在積極塑造智慧汽車的未來，並為我們所有產品的安全標準樹立新的基準。

Let me talk about the outlook for 2024 for VinFast. As we look at 2024, we will remain focused on two global priorities: first of all, more VinFast vehicles on the road globally; and secondly, continual cost optimization. So I'll first go to put more VinFast vehicles on the road.

我先談談VinFast 2024年的展望。展望 2024 年，我們將繼續關注兩個全球優先事項：首先，全球道路上有更多 VinFast 車輛；其次，持續的成本優化。所以我首先會去把更多的 VinFast 車輛放在路上。

We are excited to broaden our distribution channels to leveraging the local network and expertise of third-party dealership and distributor. We expect to reach approximately 400 points of sales globally by the end of 2024, including 130 in North America (inaudible) through dealership contributing a meaningful portion in the second half of the year.

我們很高興能夠利用第三方經銷商和經銷商的在地網路和專業知識來拓寬我們的通路。我們預計到 2024 年底，全球銷售點將達到約 400 個，其中北美的 130 個銷售點（聽不清楚）透過經銷商在下半年貢獻了相當大的份額。

We also expect shipments of VF 9 to the US and VF 8 to Europe to help -- to increase market share. And we are already starting to see strong order book in January from the US. For Indonesia, as to the first step of cooperating with local dealers, VinFast is expected to announce pricing and sales policy in the first half of 2024 and start distributing our first model in this market within this year.

我們也預計 VF 9 運往美國和 VF 8 運往歐洲將有助於增加市場份額。我們已經開始看到一月份來自美國的強勁訂單。對於印尼，作為與當地經銷商合作的第一步，VinFast預計將在2024年上半年公佈定價和銷售政策，並於今年內開始在該市場分銷我們的首款車型。

On to our second goal, cost optimization efforts. We are working on initiatives that are targeting to reduce approximately 40% of our [warm] costs within two years from the launch of each of the vehicle model. This comprises approximately half of the cost saving from engineering, including redesigning new parts and enhancing our platform strategy, and the other half of cost savings from sourcing and purchasing, including insourcing and shipping suppliers.

關於我們的第二個目標，成本優化工作。我們正在製定計劃，目標是在每種車型推出後的兩年內減少約 40% 的[熱]成本。這包括工程節省的大約一半成本，包括重新設計新零件和增強我們的平台策略，以及採購和採購（包括內包和運輸供應商）節省的另一半成本。

Our CEO has been directly spearheading this effort, and some of the initiatives have already returned positive result. And our CFO will share more of it later. In closing, our team are executing well and remain focused on driver-centric benefits for our customers and dealers through an expanding product line-up, innovative technology , and improving product quality.

我們的執行長一直直接帶頭進行這項工作，其中一些舉措已經取得了積極成果。我們的財務長稍後將分享更多內容。最後，我們的團隊執行良好，並透過擴大產品線、創新技術和提高產品質量，繼續專注於為我們的客戶和經銷商帶來以駕駛員為中心的利益。

I will now turn it over to our CFO, Lan Anh, who will summarize the fourth-quarter and 2023 performance. Lan Anh?

我現在將其交給我們的財務長 Lan Anh，他將總結第四季和 2023 年的表現。蘭安？

Thank you, Madame Thuy, and my pleasure to speak to everyone on the call today. First of all, I'd like to take the opportunity to share my excitement taking this new role as CFO of VinFast. I will do my best to contribute to the success of the company, especially through focused activities to improve profitability, strengthen our balance sheet, and hit the growth target.

謝謝你，Thuy 女士，我很高興今天能在電話會議上與大家交談。首先，我想藉此機會分享我擔任 VinFast 財務長這一新職位的興奮之情。我將竭盡全力為公司的成功做出貢獻，特別是透過集中開展活動來提高盈利能力、加強我們的資產負債表並實現成長目標。

VinFast is in a unique position to capture the tremendous growth opportunities as a global pure EV player. I'm incredibly proud of the efforts and commitment of our executive team, and I'm pleased to say that this hard work has already led to tangible improvements.

作為全球純電動車廠商，VinFast 處於獨特的地位，可以抓住巨大的成長機會。我對我們執行團隊的努力和承諾感到無比自豪，我很高興地說，這些努力已經帶來了實際的改進。

For financial results, we recorded revenue of USD437 million in Q4, representing an increase of 26% from the third quarter of 2023 and an increase of 133% year over year. And for the full year 2023, our revenue reached approximately USD1.2 billion, marking a significant 91% growth compared to the previous year. Growth was driven by sales volumes and new products.

財務表現方面，我們第四季實現營收 4.37 億美元，較 2023 年第三季成長 26%，年增 133%。2023年全年，我們的營收達到約12億美元，較上年大幅成長91%。成長是由銷售和新產品推動的。

And average of EV selling price is also 36% higher than last year. In addition, gross loss in 2023 was recorded as USD552 million, and we are proud to have realized a significant improvement in gross margin on full year basis from negative 83% in Q4 last year to negative 40% this quarter and from negative 82% in 2022 to negative 46% in 2023, driven by lower bill of materials and production costs.

電動車的平均售價也比去年高出36%。此外，2023 年毛虧損為5.52 億美元，我們很自豪地實現了全年毛利率的顯著改善，從去年第四季的負83% 到本季的負40%，從2019 年第四季的負82%由於材料清單和生產成本下降，預計 2022 年的產量將下降 46%，到 ​​2023 年將下降 46%。

Regarding operating loss, we recorded an improvement quarter over quarter, 18% decrease, and year over year, 106% decrease in R&D and SG&A spending as a percentage of revenue thanks to a jump in sales volume and stable operating expenses.

關於營運虧損，由於銷售的成長和營運費用的穩定，我們的研發和銷售、一般管理費用佔收入的百分比比上一季度有所改善，下降了 18%，比去年同期下降了 106%。

Turning now to CapEx, we spent around USD213 million during Q4, in line with our previous guidance. This was drive by our investments in the launch of VF 6 and VF 7, the North Carolina fund, and development of charging stations and distribution network.

現在轉向資本支出，我們在第四季度花費了約 2.13 億美元，與我們先前的指導一致。這是由我們投資推出 VF 6 和 VF 7、北卡羅來納州基金以及充電站和分銷網絡的開發所推動的。

As a conclusion, I want to share again that we have started to see a lot of improvements across the board in Q4 and fiscal year 2023. I'm very excited about the coming quarter as we expect the continuation of positive change and the result of our continuous focus on growing top line and optimizing costs.

作為結論，我想再次分享，我們在第四季和 2023 財政年度開始看到全面的改進。我對下一季感到非常興奮，因為我們預計積極的變化將持續下去，並且我們持續關注成長收入和優化成本的結果。

With that, I will turn it over to Madame Thuy for closing remarks.

接下來，我將把它交給 Thuy 女士做總結發言。

Thank you, Lan Anh. To summarize, we will complete the full EV line-up in 2024 for global markets, including the right-hand-drive versions for [relevant] markets. For North America, we plan to ship the VF 9 to the US, and the VF 8 to the EU, and remaining models to follow as well for other markets, which would help drive our sales significantly, especially towards the latter half of the year.

謝謝你，蘭安。總而言之，我們將在 2024 年完成面向全球市場的完整電動車產品線，包括面向[相關]市場的右駕版本。對於北美，我們計劃將 VF 9 運往美國，將 VF 8 運往歐盟，其餘型號也將運往其他市場，這將有助於顯著推動我們的銷售，特別是下半年。

We are excited about new markets and traction so far and how the dealership model will help accelerated go to market and boost sales. We expect to reach approximately 400 points of sales globally by the end of 2024, including 130 in North America.

到目前為止，我們對新市場和吸引力以及經銷商模式將如何幫助加速進入市場和促進銷售感到興奮。我們預計到 2024 年底，全球銷售點將達到約 400 個，其中北美 130 個。

Improved cost and quality remain a major focus for us, which is directly managed by our new CEO. We currently have the capacity to manufacture up to 300,000 EVs annually and expect to deliver 400,000 EVs globally in 2024.

提高成本和品質仍然是我們的主要關注點，這由我們的新執行長直接管理。目前，我們每年生產高達 30 萬輛電動車的能力，預計到 2024 年將在全球交付 40 萬輛電動車。

I believe our team is well aligned to drive operational improvements in 2024 while delivering share gain across our product segment. With the new leadership team announced earlier this year, we believe the company is strongly positioned in 2024 as it enters the next phase of its development and accelerate its global expansion.

我相信我們的團隊能夠很好地協調一致，在 2024 年推動營運改進，同時在我們的產品領域實現份額成長。隨著今年稍早宣布的新領導團隊，我們相信該公司在 2024 年進入下一發展階段並加速全球擴張時處於有利地位。

We thank you for your continued support. And with that, I turn it over to the operator to open the line up for questions.

我們感謝您一直以來的支持。說完，我把它交給接線員，讓他們開始排隊提問。

Thank you. (Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

謝謝。（操作員說明）Andres Sheppard、Cantor Fitzgerald。

Hi, good evening, everyone or good morning. Congratulations on the quarter and all of the recent developments. And thank you so much for taking our questions.

嗨，大家晚上好或早上好。恭喜本季和所有最近的進展。非常感謝您回答我們的問題。

Maybe the first question is, I am wondering if it's possible to get some direction on the delivery target that you put out. I'm wondering, should we expect, perhaps, maybe a bigger concentration in the second half of the year? Just trying to get a sense of what maybe seasonality or how that guidance will look like throughout the year. Thank you.

也許第一個問題是，我想知道是否有可能就您提出的交付目標獲得一些指導。我想知道，我們是否應該期待下半年會有更大的集中度？只是想了解季節性或全年的指導情況。謝謝。

You can hear me, right?

你聽得到我說話，對吧？

Yes.

是的。

Okay, thank you. Thank you for the question. Still the -- we think that most of the sales will come in in the second half of the year. We have several markets with the right-hand-drive vehicles that we -- in fact, we have been going through the [amortization] procedure, and we start delivering at the end of Q2 or in Q3. And also, a few other markets that we need to start or expect to sell. So we expect that a lot of the volume will come in the second half of the year.

好的謝謝。感謝你的提問。儘管如此，我們認為大部分銷售額將在今年下半年實現。我們有幾個市場擁有右舵駕駛車輛，事實上，我們一直在執行[攤銷]程序，我們將在第二季度末或第三季度開始交付。此外，還有一些我們需要啟動或期望出售的其他市場。因此，我們預計大量銷售量將在今年下半年出現。

Got it. That's very helpful. Thanks for that, Thuy. And maybe as a quick follow-up. How should we be thinking growth margins throughout this year and into next year? What does the path to maybe breakeven gross margins maybe looks like at a high level? Thank you.

知道了。這非常有幫助。謝謝你，圖伊。也許作為一個快速的後續行動。我們該如何思考今年和明年的成長利潤？在高水準上實現損益兩平毛利率的途徑可能是什麼樣的？謝謝。

Thank you. At the high-level, we plan to get to very close to positive gross margin by the end of the year and, definitely, in 2025 and continue -- and the gross margin continue improving of the year.

謝謝。從高層來看，我們計劃在今年年底前實現非常接近正毛利率，而且肯定會在 2025 年繼續保持正值，而且今年毛利率將繼續提高。

Got it. That's very helpful. Thank you again and congratulations on the quarter. I'll pass it on. Thank you.

知道了。這非常有幫助。再次感謝您並恭喜本季。我會把它傳遞下去。謝謝。

Thanks, Andres.

謝謝，安德烈斯。

Thank you. Brian Dobson, Chardan Capital.

謝謝。布萊恩·多布森，查丹資本。

Hi, good evening. Thanks very much for taking my question. So that was a positive update you gave on the 75 US dealers going through the contracting process. I believe your goal is 130 dealership locations for this year in North America. Does that goal include multiple location dealerships? And if so, how many dealers would you need to sign to get to that 130 locations in North America?

嗨，晚上好。非常感謝您提出我的問題。這是您對正在經歷簽約流程的 75 家美國經銷商的積極更新。我相信您今年的目標是在北美開設 130 家經銷店。該目標是否包括多個地點經銷商？如果是這樣，您需要簽約多少經銷商才能到達北美的 130 個地點？

Hi, Brian. So the 75 dealership groups that we're talking to have multiple -- some of them have multiple locations. So far, we have been working with the (inaudible) independent dealer groups, and each of -- some of them will have more than one dealership locations. And we prioritize the dealers that have locations available right away. So we believe that we should be able to get to 130 points of sales in North America by the end of the year.

嗨，布萊恩。因此，我們正在談論的 75 個經銷商集團擁有多個——其中一些擁有多個地點。到目前為止，我們一直在與（聽不清楚）獨立經銷商集團合作，其中每個經銷商集團都將擁有多個經銷商地點。我們會優先考慮立即有​​可用地點的經銷商。所以我們相信，到今年年底，我們在北美的銷售點應該可以達到130個。

Great. Thanks very much. And just to revisit my colleague's earlier question, when you're thinking about that 100,000 vehicle target for this year, what would the geographic mix on those sales look like?

偉大的。非常感謝。回顧我同事之前提出的問題，當您考慮今年 10 萬輛汽車的目標時，這些銷售的地理組合會是什麼樣子？

So right now, the mix is -- the focus will still be mainly supported by our home market in Vietnam. So about half of the number would come from Vietnam, and then the rest would be split between North America, Europe and Middle East, and closer to home, Asia market.

所以現在的情況是——重點仍然主要由我們越南本土市場的支持。因此，大約一半的數量將來自越南，其餘的將分佈在北美、歐洲和中東，以及更靠近本土的亞洲市場。

Thanks very much. And just a final question from me. What could we expect from average selling price for 2024?

非常感謝。我還有最後一個問題。我們對 2024 年的平均售價有何預期？

So the mix that we have right now is -- I mean, it really depends on market by market because the product mix in different markets are quite different. If you talk about Asia then, we see bigger numbers -- especially, Vietnam included, you see more VF 5, for example. But when you go to Europe or US, you see a bigger number in VF 8, VF 6, VF 7. So it's a quite balanced mix across all different products, if you look at it globally.

因此，我們現在的產品組合是——我的意思是，這實際上取決於市場，因為不同市場的產品組合有很大不同。如果你談論亞洲，我們會看到更大的數字 - 特別是，包括越南，例如，你會看到更多的 VF 5。但當你去歐洲或美國時，你會看到 VF 8、VF 6、VF 7 的數量更大。因此，如果你從全球角度來看，它是所有不同產品的相當平衡的組合。

Excellent. Thanks, Madame Thuy, and congratulations on a good quarter.

出色的。謝謝，Thuy 女士，並祝賀季度業績良好。

Thank you.

謝謝。

There are no further questions on the phones. Please proceed with any web questions.

電話裡沒有進一步的問題。請繼續解決任何網路問題。

Thank you, operator. We will now turn to questions from the web. First question we have is, can you please provide some more detail on the gross margin loss of 40%? What are the reasons for this? And what is the path to profitability?

謝謝你，接線生。我們現在轉向網路上的問題。我們的第一個問題是，您能否提供有關 40% 毛利率損失的更多詳細資訊？其原因何在？獲利之路是什麼？

Okay. Let me take that question. So actually, if there's -- in Q4 versus Q2, if you take out the one-off adjustments for the NRV, the net realizable value, basically, then you see an upward trend in profit margin from 37% in Q3 to 27%, roughly, in Q4. So the profit margin is getting better. But because of the one-off adjustment for the inventory at the end of the year, we have gross margin of 40%.

好的。讓我來回答這個問題。所以實際上，如果在第四季度與第二季度相比，如果你剔除NRV（可實現淨值）的一次性調整，基本上，那麼你會看到利潤率呈上升趨勢，從第三季度的37 % 上升到27%，大概是在第四季。所以利潤率越來越好。但由於年底對庫存進行了一次性調整，我們的毛利率為40%。

Maybe let me -- I think I see some of the questions here. So maybe can I -- or Brook, you want to read the questions or you want me to just read the question and answer?

也許讓我——我想我在這裡看到了一些問題。那麼也許我可以——或者布魯克，你想閱讀這些問題，或者你想讓我只閱讀問題和答案？

Please, Madame Thuy. If you have the question there, go ahead.

拜託了，翠女士。如果您有疑問，請繼續。

So the next question also from [Thuc Thanh]. How many cars were sold to GSM in the Vietnam market in Q4 2023 and in full year 2023? We had this number in Form 6-K. Basically about -- in 2023, the first year of GSM in Vietnam, we sold about 70%, over 70%, of the EVs to GSM and some to the customers that bought [Green Homes] home. So there's a whole section on related party sales. Similarly, for e-scooter, we sold about 45% of the e-scooter to GSM for the e-scooter taxi as well as to some the Green Homes customers.

所以下一個問題也是來自[Thuc Thanh]。2023 年第四季和 2023 年全年，越南市場向 GSM 銷售了多少輛汽車？我們在 6-K 表中找到了這個號碼。基本上 - 2023 年，即越南 GSM 的第一年，我們將大約 70%、超過 70% 的電動車出售給 GSM，還有一些出售給購買了[綠色家園]房屋的客戶。所以有一整個章節是關於關聯方銷售的。同樣，對於電動滑板車，我們將約 45% 的電動滑板車出售給 GSM，用於電動滑板車出租車以及一些 Green Homes 客戶。

The next question, also from to Thuc Thanh. Can you please share the CapEx and R&D investment guidance in 2024 and 2025? Our estimate right now is -- in 2022, 2024, we're running at around $1 billion to $1.5 billion in CapEx. Some of that is mandatory; some of that can be pushed to later. But roughly, that's the number that we have right now.

下一個問題也來自 Thuc Thanh。您能否分享一下 2024 年和 2025 年的資本支出和研發投資指南？我們目前的估計是 - 2022 年、2024 年，我們的資本支出約為 10 億至 15 億美元。其中一些是強制性的；其中一些可以推遲到以後。但粗略地說，這就是我們現在擁有的數字。

The development -- the next question is on development timeline for the US factory. We're still keeping the current timeline for US factory, so by the end of 2025.

發展—下一個問題是美國工廠的發展時間表。我們仍保持美國工廠目前的時間表，即 2025 年底。

The next question is how much grant the Vingroup Chairman expects to disperse in 2024. Right now, we can -- we still have about close to $700 million, I think $680 million, in grant from Chairman and Vingroup. So we expect to receive such grant in early half of this year.

下一個問題是 Vingroup 董事長預計在 2024 年發放多少補助金。現在，我們仍然可以——我們仍然有董事長和 Vingroup 提供的近 7 億美元，我認為是 6.8 億美元的撥款。所以我們預計今年上半年就能收到這筆補助。

Madame Thuy, I have a question here, if you would like to take this next one.

Thuy 女士，我有一個問題，您是否願意接受下一個。

Oh, okay. I can't see all the questions. It's going up and down, but go ahead.

哦好的。我看不到所有問題。雖然有起有落，但還是繼續吧。

So the next question is, can you please provide some additional detail on the strategy for India and Indonesia?

那麼下一個問題是，您能否提供更多有關印度和印尼戰略的細節？

So India and Indonesia are the two important new markets for this year. They are closer to us. The vehicles sold in this market are closer to the vehicles that have been tested and delivered in Vietnam market. So we -- India, with 1.5 billion people, the most populous country with very supportive government policy and the whole drive towards green transportation, we believe that we should be able to take some market share in the market.

所以印度和印尼是今年兩個重要的新市場。他們離我們更近。該市場銷售的車輛更接近越南市場已測試交付的車輛。因此，我們—印度，擁有15億人口，是人口最多的國家，政府政策非常支持，並且大力推動綠色交通，我們相信我們應該能夠在市場上佔據一些市場份額。

Indonesia is part of ASEAN. Vietnam is part of ASEAN as well. So one of our neighboring markets. We started launching in Indonesian market last Thursday, and the results so far been very positive. The support that we received from the market, from the government policy to private sector to customers, have been very positive.

印度尼西亞是東協的一部分。越南也是東協的一部分。這是我們的鄰近市場之一。我們上週四開始在印尼市場推出，迄今為止的結果非常積極。我們從市場、從政府政策到私部門再到客戶得到的支持都是非常正面的。

With 280 million people, Indonesia is the third most populous country in the world. And we also believe that we are uniquely positioned to take some market share in the country as the EV adoption in Indonesia continue increasing.

印尼擁有 2.8 億人口，是世界第三人口大國。我們也相信，隨著印尼電動車採用率的不斷增加，我們具有獨特的優勢，可以在該國佔據一些市場份額。

I think just a last thing, as we already announced, we're going to open the factory in both India and Indonesia in order to take advantage of the tax incentive given by the government. Next one?

我認為最後一件事，正如我們已經宣布的那樣，我們將在印度和印尼開設工廠，以便利用政府提供的稅收優惠。下一個？

Thank you. Greg Lewis, BTIG. If you're telephone's muted, please unmute. Please proceed with any further questions.

謝謝。格雷格·劉易斯，BTIG。如果您的電話處於靜音狀態，請取消靜音。如有任何進一步問題，請繼續。

Thank you, operator. While waiting for Greg, we have additional questions from the webcast here. The next question is, why are gross margins decreasing as you grow revenue? Are you discounting your vehicles or are you experiencing an increase in your production costs?

謝謝你，接線生。在等待格雷格的同時，我們也收到了網路廣播的其他問題。下一個問題是，為什麼毛利率會隨著收入的成長而下降？您的車輛是否在打折或生產成本是否增加？

Let me take that question. I think I provided an answer to that question before. The reality is the gross margins actually decreased. There was a one-off adjustment for inventory at the end of the year. The profit margin actually got better from Q4, from Q3. And the improvement in gross margin was due to improved production costs, improved (inaudible) so basically, better cost optimization in Q4 versus Q3.

讓我來回答這個問題。我想我之前已經回答過這個問題了。現實情況是毛利率實際上下降了。年末對存貨進行了一次性調整。利潤率實際上比第四季、第三季有所改善。毛利率的提高是由於生產成本的提高，基本上是第四季比第三季更好的成本最佳化。

Thank you, Madame Thuy. The next question, what was the total use of cash during the quarter? And could you please provide an update on the funding efforts moving forward?

謝謝你，翠女士。下一個問題是，該季度的現金總使用量是多少？您能否提供後續融資工作的最新資訊？

In Q4?

在第四季？

That is correct.

那是對的。

So basically, if you looked at VinFast, every quarter in (inaudible) operations -- and this is looking into 2024 as well. Each quarter, we roughly burn about -- from operations, about $250 million. And we spend probably somewhere like $100 million, $150 million in R&D in the -- previously, per quarter, which is reducing our going forward because we already pretty much completed the R&D for the vehicle, and then a little bit on CapEx for manufacturing. I think the last quarter, it was to just, I think, $40 million, $50 million, something like that. So if you asked about the Q4.

所以基本上，如果你看一下 VinFast，每個季度（聽不清楚）的營運情況——這也包括 2024 年的情況。每個季度，我們在營運中大約消耗 2.5 億美元。此前，我們每季在研發上的支出可能約為 1 億美元、1.5 億美元，這減少了我們的未來發展，因為我們已經基本完成了車輛的研發，然後在製造資本支出上花費了一些。我認為上個季度的收入只有 4,000 萬美元、5,000 萬美元之類的。所以如果你問Q4。

Thank you. The next question from the webcast. Can we get a sense of your expectation of margin profile trajectory going forward?

謝謝。網路廣播的下一個問題。我們能否了解您對未來利潤率軌跡的預期？

We expect that margin will continue improving. So if you look at the trend, it's been trending better quarter by quarter. Like I said earlier, we expect that by the end of the year 2024, we're going to get very close to 0% gross profit margin. And then we're heading into positive territory next year.

我們預計利潤率將繼續改善。因此，如果你觀察趨勢，你會發現每季的趨勢都在更好。正如我之前所說，我們預計到 2024 年底，我們的毛利率將非常接近 0%。然後我們明年將進入積極的領域。

Thank you, Madame Thuy. The next question from the webcast. How many more charging points have been added to the VinFast network over the quarter?

謝謝你，翠女士。網路廣播的下一個問題。本季 VinFast 網路新增了多少個充電站？

I think we've added something like 90-something, almost 100,000 charging points to our network to bring our total charging point globally to about 800,000 charging points. I think I explained it a little bit in the previous quarters. But in Vietnam -- I mean, it's different in different markets, and we continue to be that way.

我認為我們已經在我們的網路中添加了大約 90 個、近 100,000 個充電點，使我們的全球充電點總數達到約 800,000 個。我想我在前幾個季度對此進行了一些解釋。但在越南——我的意思是，不同市場的情況有所不同，我們將繼續如此。

In Vietnam, we built out the whole charging network of up [to 150,000] charging points because we don't have a public charging network in Vietnam. So we own the charging network in Vietnam in order to [go sell].

在越南，我們建立了由多達 150,000 個充電點組成的整個充電網絡，因為我們在越南沒有公共充電網絡。因此，我們擁有越南的充電網絡，以便[去賣吧]。

Outside of Vietnam, in developed markets, like US and EU, we tap into the existing charging network by integrating our vehicles with the CPOs in the market. So as we add more CPOs and as our CPOs add more charging, our charging network continue growing.

在越南以外的已開發市場，如美國和歐盟，我們透過將我們的車輛與市場上的 CPO 整合來利用現有的充電網路。因此，隨著我們增加更多的 CPO 以及我們的 CPO 增加更多的充電服務，我們的充電網路將繼續成長。

In some newer markets, like India and Indonesia or other markets where charging markets is not developed yet, then we might consider building charging network as well together with other partners in those markets. So it's really market by market, but our charging network will continue growing.

在一些較新的市場，例如印度、印尼或其他充電市場尚未發展的市場，我們可能會考慮與這些市場的其他合作夥伴一起建立充電網路。所以這確實是一個市場一個市場的問題，但我們的充電網路將繼續成長。

Thank you, Madame Thuy. Next question from the webcast. How many of the 100,000 projected cars are expected to be sold to GSM?

謝謝你，翠女士。網路廣播的下一個問題。預計 10 萬輛汽車中有多少輛將出售給 GSM？

We still think that as GSM is growing in different markets -- in Vietnam alone, GSM already in 19 different cities and continue growing. So I think the demand from Vietnam is also -- will still be significant, but not as much as last year.

我們仍然認為，隨著 GSM 在不同的市場中不斷成長——僅在越南，GSM 就已經在 19 個不同的城市中普及，而且還在繼續成長。因此，我認為越南的需求仍然很大，但不會像去年那麼多。

But as GSM grows internationally, starting from Laos and other countries like Indonesia, like Philippines, based on what they explained to me, there will be demand from GSM as well for those markets. But we believe that the total number will be -- or at least a percentage of our total sales for 2024 would be significantly less than in 2023.

但隨著 GSM 在國際上的發展，從寮國和印尼、菲律賓等其他國家開始，根據他們向我解釋的情況，這些市場也會有 GSM 的需求。但我們相信 2024 年的總銷售額將顯著低於 2023 年，或至少占我們總銷售額的一定比例。

Thank you. Next question from the webcast. Can you share the expected CapEx for fiscal year '24 and how the company plans to fund that?

謝謝。網路廣播的下一個問題。您能否分享 24 財年的預期資本支出以及公司計劃如何為其提供資金？

Okay. I give it to Lan Anh to answer this question.

好的。我把這個問題交給 Lan Anh 來回答。

Yeah. We anticipate that the CapEx between $1 billion and $1.5 billion this year, with $1 billion invested in the US factory over the next two years and the remaining allocated to the facilities in India, Indonesia, and Vietnam. We are exploring avenues to support CapEx needs from local and international financing. And we have a strong commitment from Vingroup and our Chairman to support CapEx needs in the long-term growth. Thank you.

是的。我們預計今年的資本支出將在 10 億至 15 億美元之間，其中 10 億美元在未來兩年投資於美國工廠，其餘分配給印度、印尼和越南的工廠。我們正在探索透過本地和國際融資支持資本支出需求的途徑。Vingroup 和我們的董事長堅定承諾支持長期成長的資本支出需求。謝謝。

Thank you. Next question from the webcast. How would you characterize your BOM and battery costs over the quarters? Were you able to realize the benefits from falling metal and lithium prices?

謝謝。網路廣播的下一個問題。您如何描述這些季度的 BOM 和電池成本？您是否能夠意識到金屬和鋰價格下跌的好處？

So like other OEMs, our material costs are being adjusted, I think, on quarterly basis, supplier by supplier, but pretty much the same in the whole industry, being adjusted when the commodities or the material are going up and down. So we follow the same practice of the industry.

因此，與其他原始設備製造商一樣，我們的材料成本正在按季度、逐個供應商進行調整，但整個行業幾乎相同，當商品或材料漲跌時進行調整。所以我們遵循業界的相同做法。

Thank you. Next question from the webcast. Could you please provide an update on sources of funding moving forward?

謝謝。網路廣播的下一個問題。您能否提供有關未來資金來源的最新資訊？

So I think -- I've heard a lot of questions about liquidity plan, so let me address the our liquidity plan. Because that way, we don't have to answer the same question multiple times. So right now, if you -- I think in the presentation, we showed that our current liquidity is about $1.8 billion, so roughly about $2 billion, from the cash on the balance sheet at the end of the year plus the remaining grants from our Chairman in Vingroup, the equity line of credit. So roughly, that's what we have.

所以我想——我聽到了很多關於流動性計劃的問題，所以讓我談談我們的流動性計劃。因為這樣，我們就不必多次回答同一問題。所以現在，如果你——我想在演示中，我們表明我們目前的流動性約為 18 億美元，所以大約 20 億美元來自年底資產負債表上的現金加上我們的剩餘贈款Vingroup董事長，股權信用額度。粗略地說，這就是我們所擁有的。

And then we -- after the listing of VinFast, it opened up quite a lot of avenues for funding from both public and private. And we are expecting that after the blackout period, we should be able to raise funds based on the pipeline that we have.

VinFast 上市後，我們為公共和私人融資開闢了許多途徑。我們預計，在封鎖期過後，我們應該能夠根據現有的管道籌集資金。

Also, for the -- you asked about CapEx before. So as Lan Anh already explained, we have planned to fund a portion of the CapEx locally in those markets to pay for our CapEx. So going forward -- and as you also see, that -- we pivoted from the CapEx-heavy direct-to-consumer distribution model to the CapEx-light dealership model. So that would also help with the cost of expansion, if not used with the direct-to-consumer model.

另外，對於您之前詢問過的資本支出。正如 Lan Anh 已經解釋的那樣，我們計劃在這些市場中本地提供部分資本支出，以支付我們的資本支出。因此，展望未來 - 正如您也看到的那樣 - 我們從資本支出重的直接面向消費者的分銷模式轉向資本支出輕的經銷商模式。因此，如果不採用直接面向消費者的模式，這也將有助於降低擴張成本。

And then we also have in our pipeline multiple transactions that we think that we'd be able to execute on this year. I think I mentioned earlier in one of the interviews that we plan to add to the free float about 10 -- at least 10% to 20% to the free float. So that plan is still ongoing right now. So I hope that would give some idea about our liquidity plan for 2024 and going forward.

然後，我們的管道中還有多項交易，我們認為我們今年能夠執行這些交易。我想我之前在一次訪談中提到，我們計劃在自由流通量中增加約 10%——至少 10% 到 20% 的自由流通量。所以這個計劃現在仍在進行中。因此，我希望這能讓我們對 2024 年及未來的流動性計畫有所了解。

Thank you, Madame Thuy. . Next question from the webcast. Have you shipped more cars to the US yet? How are sales going into the US?

謝謝你，翠女士。。網路廣播的下一個問題。你們有向美國運送更多汽車嗎？美國的銷售情況如何？

Sales in the US actually, this year -- we've seen very positive sign in the US this year. Last year, after receiving very critical but important feedback from the market and then we improved on the vehicles and started delivering the vehicles, I think in January, we saw a huge uptick in deliveries. We had only one dealer open in -- maybe it's a competition between the direct to consumer and the dealerships.

事實上，今年在美國的銷售——我們今年在美國看到了非常積極的跡象。去年，在收到來自市場的非常關鍵但重要的回饋後，我們改進了車輛並開始交付車輛，我認為在一月份，我們看到了交付量的大幅上升。我們只有一家經銷商開業——也許這是直接面向消費者和經銷商之間的競爭。

But somehow, in January, our sales in our own store in California also increased significantly. And this year -- this month, in February, we also increased -- we received a lot of orders this month already. Like I mentioned, we had one dealer open in January. And as we add more and more dealers, we expect that the sales in the US in multiple markets would increase as well as our customers will be able to have access to our vehicles.

但不知何故，一月份，我們在加州自己店裡的銷售額也大幅成長。今年——這個月，二月份，我們也增加了——這個月我們已經收到了很多訂單。正如我所提到的，我們在一月份開設了一家經銷商。隨著我們增加越來越多的經銷商，我們預計美國多個市場的銷售量將會增加，我們的客戶也將能夠使用我們的車輛。

Keep in mind also that we have about -- we still have around almost 9,000 thousand orders in the US that we already have received the deposits. A lot of them actually are in different states. They're not in California. They're in different states. So as we open dealers in multiple states, we should be able to materialize some of the order books that we already had in the past years.

還要記住，我們在美國仍有大約 9,000,000 個訂單，我們已經收到了訂金。他們中的許多人實際上位於不同的州。他們不在加州。他們在不同的州。因此，當我們在多個州開設經銷商時，我們應該能夠實現過去幾年已經擁有的一些訂單。

Thank you. Next question from the webcast from John Murphy of Bank of America. How much capital would be saved in efficiency gains by leveraging dealers, specifically in the US?

謝謝。美國銀行的約翰墨菲 (John Murphy) 的網路廣播提出了下一個問題。透過利用經銷商（特別是在美國）來提高效率可以節省多少資本？

I think initially -- based on the calculation initially, it's actually -- it's looked better initially to actually sell through the dealers instead of paying for CapEx, especially in this high interest rate environment, in order to come to follow the direct-to-consumer model. But I think that's only one of the benefits. I mean, cost is one of the -- margin is one of the benefits.

我認為最初——根據最初的計算，實際上——最初透過經銷商實際銷售而不是支付資本支出看起來更好，特別是在這種高利率環境下，以便遵循直接到-消費者模型。但我認為這只是好處之一。我的意思是，成本是其中之一——利潤是收益之一。

The important benefits for opening the third-party dealership network is to be able to access the whole US market. With a direct-to-consumer model, we could access only about half of the states in the US. But with the dealership network, we can leverage existing dealership to be able to have products available in all of states in the US.

開放第三方經銷網路的重要好處是能夠進入整個美國市場。採用直接面向消費者的模式，我們只能覆蓋美國大約一半的州。但透過經銷商網絡，我們可以利用現有的經銷商，在美國所有州提供產品。

Thank you. Next question from the webcast. The expected timing for positive EBITDA and FCF.

謝謝。網路廣播的下一個問題。EBITDA 和 FCF 為正值的預期時間。

Okay. I'll pass it on to Lan Anh.

好的。我會把它轉給蘭安。

Yeah. So we expect that that we're going to have the positive EBITDA on 2025 and be cash flow positive in 2027. Thank you.

是的。因此，我們預計 2025 年我們將實現正 EBITDA，並在 2027 年實現正現金流。謝謝。

Thank you very much. Next question coming in from the webcast. Can you please disclose how much cash was raised under the Yorkville agreement during the quarter?

非常感謝。下一個問題來自網路廣播。您能否透露本季根據約克維爾協議籌集了多少現金？

We raised -- we used that facility gently. So over $30 million is what we drew from the facility in Q4.

我們籌集資金——我們溫和地使用了該設施。因此，我們在第四季度從該設施中提取了超過 3000 萬美元。

Thank you. And that is all the questions we have from the webcast.

謝謝。這就是我們從網路廣播中得到的所有問題。

Please proceed with any closing remarks.

請繼續發表結束語。

Thank you very much for attending the first full-year earnings call for VinFast. Again, thank you very much for your continued support. As you have seen, we have gathered a lot of momentum in the past years, especially in 2023, the year of the firsts -- the first time that we listed, the first time that we went international, the first time that we had a full line-up of vehicles.

非常感謝您參加 VinFast 第一次全年財報電話會議。再次非常感謝您一直以來的支持。正如你所看到的，我們在過去的幾年裡聚集了很大的動力，特別是在2023年，第一次的一年——我們第一次上市，第一次走向國際，第一次有一個車輛陣容齊全。

We believe that we've done a lot of things that's never been done in the industry, and we have gathered momentum to be ready for this year. We believe that this year's going to be a pivotal -- important year for us, and we hope that you will continue supporting us. Thank you very much. Happy New Year. Happy Lunar New Year.

我們相信，我們已經做了很多業內從未做過的事情，我們已經積蓄了動力，為今年做好準備。我們相信，今年對我們來說將是關鍵的、重要的一年，我們希望您繼續支持我們。非常感謝。新年快樂。農曆新年快樂。

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。