VinFast Auto Ltd (VFS) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to VinFast Auto's first-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 VinFast Auto 2024 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker, Nhi Nguyen. Please begin.

現在我想將會議交給第一位發言人 Nhi Nguyen。請開始。

Thank you, operator, and good morning to everyone. My name is Nhi Nguyen, IR Manager at VinFast. Thank you for joining us for our 2024 first-quarter earnings conference.

謝謝接線員，大家早安。我叫 Nhi Nguyen，VinFast 的 IR 經理。感謝您參加我們的 2024 年第一季財報會議。

Joining me on the call today are Chairwoman of the Board, Madame Thuy Le; and our CFO, Ms. Anh Nguyen.

今天與我一起參加電話會議的還有董事會主席 Thuy Le 女士；以及我們的財務長 Anh Nguyen 女士。

We will start the call with first-quarter performance update and present our outlook for the year. We will reference a presentation today, which is accessible on the IR website. After management's presentation, we will have 30 minutes for Q&A.

我們將以第一季業績更新開始電話會議，並介紹我們對今年的展望。我們今天將參考一個演示文稿，該演示文稿可在 IR 網站上存取。管理層演講結束後，我們將有 30 分鐘的問答時間。

Before I turn it over to Madame Thuy Le, 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 and operating outlook guidance, as well as macroeconomic, industry trends, company initiatives, and other future events.

在我將其交給 Thuy Le 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未來財務和營運前景指導以及宏觀經濟、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. 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期望。由於許多風險和不確定性，實際事件或結果可能有所不同。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 during this call. A discussion why we use non-GAAP and information regarding the reconciliation of our non-GAAP versus GAAP is available on the press release that we issued this morning, or you can find it in the final page of our presentation.

此外，管理階層將在本次電話會議中參考非公認會計原則財務狀況。我們今天早上發布的新聞稿中討論了我們使用非公認會計原則的原因，以及有關非公認會計原則與公認會計原則協調的信息，或者您也可以在我們演示文稿的最後一頁找到它。

With that said, now, I would like to invite Madame Thuy Le to start with management's presentation.

話雖如此，現在我想邀請 Thuy Le 女士開始管理層的演講。

Thank you, Nhi. I'd like to start by addressing the broader EV industry context. It is important to acknowledge that macroeconomics and geopolitical uncertainties continue to impact businesses and consumers globally. As a global company, we operate in a diverse range of strategic markets, including North America, Europe, Middle East, Southeast Asia, and South Asia.

謝謝你，尼。我想先談談更廣泛的電動車產業背景。重要的是要承認宏觀經濟和地緣政治的不確定性繼續影響全球企業和消費者。作為一家全球性公司，我們在多個策略市場開展業務，包括北美、歐洲、中東、東南亞和南亞。

While we are currently observing certain level of weaknesses in some of our markets, we view this as temporary challenges. Our confidence in the EV industry's medium- and long-term prospects remains strong. This confidence stems from several factors, including supportive government initiatives and the EV market's anticipated transition from early to mass adoption and the exponential growth projected in ex-China markets.

雖然我們目前觀察到一些市場存在一定程度的弱點，但我們認為這是暫時的挑戰。我們對電動車產業的中長期前景仍然充滿信心。這種信心源於多種因素，包括政府的支持性舉措、電動車市場從早期到大規模採用的預期轉變以及中國以外市場的指數級增長。

I also would like to reemphasize our focus on EV over plug-in hybrid or gasoline cars. This strategy allows us to leverage our low-cost manufacturing base, mature supply chain, share platform, and to stay true to our mission to play an impactful role in the push for transition to green mobility and carbon neutrality. EV is a better choice to make it happen.

我還想再次強調我們對電動車的關注，而不是插電式混合動力或汽油車。這項策略使我們能夠利用我們的低成本製造基地、成熟的供應鏈、共享平台，並忠於我們的使命，在推動向綠色出行和碳中和的過渡中發揮影響力的作用。電動車是實現這一目標的更好選擇。

Now, let's turn to our progress in the first quarter. We entered a number of new markets and increased vehicle deliveries across our global markets. We delivered 9,689 vehicles during the first quarter, representing a year-over-year increase of 444%.

現在，讓我們談談第一季的進展。我們進入了許多新市場，並增加了全球市場的車輛交付量。一季交付汽車9,689輛，較去年同期成長444%。

While the majority of our sales this quarter was domestic, we saw an uptick in the US, spurred by a special leasing deal of $249 per month on VF 8. We remain confident of our full-year delivery target of 100,000 vehicles, supported by the robust ramp-up of showrooms and the availability of new models targeting a wider customer base in multiple new markets during the second half of this year.

雖然本季我們的大部分銷售額來自國內，但在 VF 8 每月 249 美元的特殊租賃協議的刺激下，我們在美國的銷售額有所上升。我們對全年 100,000 輛汽車的交付目標仍然充滿信心，這得益於今年下半年展廳的強勁增長以及針對多個新市場更廣泛客戶群的新車型的推出。

For the first quarter, our best-selling models were the A-segment VF 5, our current most affordable option that was launched last year, which accounted for about half of our deliveries, followed by the VF 8 and the VF 6. Our VF 6 model has been well received in the local market since its launch in late December last year, and we are excited for the addition of this model to overseas markets, where options for affordable and good-quality EVs are still limited.

第一季度，我們最暢銷的車型是 A 級 VF 5，這是我們去年推出的目前最實惠的選擇，約占我們交付量的一半，其次是 VF 8 和 VF 6。我們的 VF 6 車型自去年 12 月底推出以來，在當地市場廣受好​​評，我們很高興能將該車型推向海外市場，因為海外市場上價格實惠且優質的電動車的選擇仍然有限。

Now, I would like to share some updates on three fronts -- dealership distribution, new markets engines, and new product deliveries. Since we pivoted to the hybrid distribution strategy in the fourth quarter of 2023, we have made steady progress in developing our dealership network. Our capital-light model is steadily accelerating our global go-to-market strategy and will support both our sales growth and cash position.

現在，我想分享三個方面的最新動態——經銷商分銷、新市場引擎和新產品交付。自 2023 年第四季轉向混合分銷策略以來，我們在發展經銷商網路方面取得了穩步進展。我們的輕資本模式正在穩步加速我們的全球進入市場策略，並將支持我們的銷售成長和現金狀況。

At the end of the first quarter, in North America, our active distribution network includes 15 VinFast-owned showrooms in California, two showrooms owned by Leith and Castor USA in North Carolina and Kansas, and other VinFast-owned showrooms in Canada. In the US alone, we completed the signing of another 10 dealership agreements besides the pre-existing six agreements. We are working to continue growing our dealership coverage in this region and will share more progress in our future announcements.

截至第一季末，在北美，我們活躍的分銷網絡包括位於加利福尼亞州的15 個VinFast 擁有的陳列室、位於北卡羅來納州和堪薩斯州的Leith 和Castor USA 擁有的兩個陳列室以及位於加拿大的其他VinFast 擁有的陳列室。光是在美國，除了現有的 6 份經銷商協議外，我們還簽署了另外 10 份經銷商協議。我們正在努力繼續擴大我們在該地區的經銷商覆蓋範圍，並將在未來的公告中分享更多進展。

We are already seeing our hybrid distribution strategy deliver promising results in the US, with sales starting to be generated from our dealers. We have also seen promising growth in the US market, following the launch of VF 8 and its continuous improvements and software updates. We expect further growth in 2024, as the VF 9 will be available for delivery in the US market starting in late Q2, early Q3, and the VF 7 after that.

我們已經看到我們的混合分銷策略在美國取得了可喜的成果，我們的經銷商開始產生銷售。隨著 VF 8 的推出及其不斷改進和軟體更新，我們也看到了美國市場的可喜成長。我們預計 2024 年將進一步成長，因為 VF 9 將於第二季末、第三季初開始在美國市場交付，之後是 VF 7。

Notably, we saw a pickup in consumer interest on the back of attractive lease offers amidst macroeconomic headwinds, confirming our belief in consumers' demand for EV in this market. Our dealers have been receiving positive feedback from US customers. Most were surprised how well equipped the VF 8 is as the first product from a new EV brand. Customers have particularly praised the smooth acceleration, spacious interior with comfortable seats, and well-thought-out layout.

值得注意的是，我們看到，在宏觀經濟逆風中，由於有吸引力的租賃優惠，消費者的興趣有所回升，這證實了我們對消費者對該市場電動車需求的信心。我們的經銷商一直收到美國客戶的正面回饋。大多數人都對 VF 8 作為新電動車品牌的首款產品的裝備之精良感到驚訝。客戶特別稱讚其平穩的加速、寬敞的內部空間、舒適的座椅以及深思熟慮的佈局。

In addition to the US, Canadian, and European markets, we are also exploring dealership partnership with other parts of the world, while the EV revolution is still at early stage, like in South and Southeast Asia, at the same time, capturing opportunities in new markets such as the Middle East and Africa. As discussed in the last quarter, Asia will remain one of our key strategic markets. We believe that it represents the future of the automotive and electric vehicle market, driven by demographics and government drive and incentives for EV adoption.

除了美國、加拿大和歐洲市場外，我們還在探索與世界其他地區的經銷商合作夥伴關係，而電動車革命仍處於早期階段，如南亞和東南亞，同時抓住以下機會：中東、非洲等新市場。正如上季所討論的，亞洲仍將是我們的關鍵策略市場之一。我們相信，它代表了汽車和電動車市場的未來，受到人口統計和政府對電動車採用的推動和激勵措施的推動。

Let's take a closer look at our performance in three key markets in Asia. We will start with Thailand. Last month, we announced our official launch in Thailand, one of Southeast Asia's most vibrant electric vehicle market with a relatively established charging stations infrastructure out of ASEAN countries.

讓我們仔細看看我們在亞洲三個主要市場的表現。我們將從泰國開始。上個月，我們宣佈在泰國正式推出產品，泰國是東南亞最具活力的電動車市場之一，在東協國家中擁有相對完善的充電站基礎設施。

To showcase our commitment to sustainable mobility, we unveiled a diverse range of green solutions during the Bangkok International Motor Show and signed [LOI] with 15 initial dealers in Thailand. Many of those are already discussing with us regarding optimal showroom locations. At the event, we display right-hand drive versions of six of our models, including the VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9, along with our complete lineup of electric scooters and our electric pickup concept, the VF Wild.

為了展示我們對永續交通的承諾，我們在曼谷國際汽車展期間推出了多種綠色解決方案，並與泰國 15 家初始經銷商簽署了 [意向書]。其中許多人已經在與我們討論最佳陳列室位置。在此次活動中，我們展示了六款車型的右駕版本，包括 VF 5、VF e34、VF 6、VF 7、VF 8 和 VF 9，以及我們完整的電動踏板車和電動皮卡產品線概念， VF Wild。

Now, I would like to turn to India. India's rapidly growing market has great potential and is a key component of our global multifaceted expansion strategy. During February, we broke ground on our EV manufacturing facility in the state of Tamil Nadu, and by the middle of March, construction was already underway. We take a realistic capital allocation approach with the initial CKD phase of 50,000 EVs per year and would be able to rapidly increase capacity as conditions require.

現在，我想談談印度。印度快速成長的市場潛力巨大，是我們全球多面向擴張策略的關鍵組成部分。二月，我們在泰米爾納德邦的電動車製造工廠破土動工，到三月中旬，建設工作已經開始。我們採取切合實際的資本配置方法，初始 CKD 階段每年生產 50,000 輛電動車，並將能夠根據條件快速增加產能。

And finally, let's turn to Indonesia. Following our successful debut at the 2024 Indonesia International Motor Show in February, we started opening orders for the VF e34 in Indonesia last month, marking another milestone in our expansion in Southeast Asia. With the introduction of this model at a very competitive price, our aim is to support Indonesian consumers as they embark on their journey toward a sustainable transportation future. Also, the first dealer store was opened in Greater Jakarta, which will start selling the VF 5, VF e34. During 2024, we plan to expand our EV distribution network across major cities in Indonesia.

最後，讓我們轉向印尼。繼 2 月在 2024 年印尼國際車展上成功亮相後，我們上個月開始在印尼接受 VF e34 的訂單，這標誌著我們在東南亞擴張的另一個里程碑。透過以極具競爭力的價格推出該車型，我們的目標是支持印尼消費者踏上永續交通未來的旅程。此外，第一家經銷商店在大雅加達開業，將開始銷售 VF 5、VF e34。2024 年，我們計劃將電動車分銷網絡擴展到印尼主要城市。

With regards to our expanding product lineup, the much-awaited VF 3 is under development, while on track for launch locally in Vietnam within 2024 and then overseas from 2025 onwards. VF Wild, our highly anticipated pickup truck, is at early stage of study, and we plan to share a target launch soon.

關於我們不斷擴大的產品陣容，備受期待的 VF 3 正在開發中，預計將於 2024 年在越南本地推出，然後從 2025 年起在海外推出。我們備受期待的皮卡車 VF Wild 正處於研究的早期階段，我們計劃很快分享目標發布。

Other milestones achieved in the first quarter of 2024 include closing our merger with VinES Energy Solutions. This is an important step in completing VinFast's integrated supply chain and will help to build a competitive advantage for us in the global EV market.

2024 年第一季實現的其他里程碑包括完成與 VinES Energy Solutions 的合併。這是完善VinFast整合供應鏈的重要一步，將有助於我們在全球電動車市場建立競爭優勢。

We started building our own charging network in Vietnam that is exclusive to VinFast, in addition to working with partners overseas, allowing VinFast access to over 850,000 charge points globally. Our founder recently established an independent charging infrastructure company, V-Green, to focus on developing charging stations. This will aid VinFast's global expansion, especially in markets where infrastructure is still at an early stage. V-Green shall act as a partner of VinFast and will provide charging access to VinFast EVs in many markets, which shall translate into reduction in CapEx for VinFast, helping VinFast stay focused on our EV business's growth.

除了與海外合作夥伴合作外，我們還開始在越南建立 VinFast 專屬的充電網絡，使 VinFast 能夠連接全球超過 85 萬個充電點。我們的創辦人最近成立了一家獨立的充電基礎設施公司V-Green，專注於開發充電站。這將有助於 VinFast 的全球擴張，特別是在基礎設施仍處於早期階段的市場。V-Green 將作為 VinFast 的合作夥伴，將為許多市場的 VinFast 電動車提供充電接入，這將減少 VinFast 的資本支出，幫助 VinFast 繼續專注於我們的電動車業務的成長。

Looking ahead, we remain committed to executing our strategic priorities to strengthen and grow our business globally. With regards to our product lineup, our focus during 2024 includes: first, delivering the new, highly expected, and very affordable VF 3 model in the domestic market; secondly, delivering the new product, the VF 9, VF 7 in North America; and finally, completing our full EV lineup for global market in both left-hand drive and right-hand drive versions, along with the worldwide launch of all models.

展望未來，我們仍然致力於執行我們的策略重點，以加強和發展我們的全球業務。就我們的產品陣容而言，2024年我們的重點包括：一是在國內市場推出備受期待、價格實惠的全新VF 3車型；其次，新產品VF 9、VF 7在北美交付；最後，完成我們面向全球市場的左舵和右舵版本的完整電動車產品線，並在全球推出所有車型。

With regards to our global footprint, we expect to start delivering our EVs in markets with high EV demand growth, including key focus on Indonesia, Thailand, the Philippines, and India this year. Our team in these markets are proactively working with dealers to accelerate the readiness of their showrooms. Our distribution partners in other parts of the world are also progressing to the next phase of discussion needed to import EVs and commence local sales.

就我們的全球足跡而言，我們預計將開始在電動車需求高成長的市場提供電動車，其中今年將重點放在印尼、泰國、菲律賓和印度。我們在這些市場的團隊正在積極與經銷商合作，以加快他們在展廳的準備工作。我們在世界其他地區的分銷合作夥伴也正在進入進口電動車並開始本地銷售所需的下一階段的討論。

In closing, we expect the majority of sales to come in in the second half of the year, with the first half dedicated to setting up the foundation, including production ramp-up, new product launch, and finalizing dealership agreements.

最後，我們預期大部分銷售額將在下半年實現，上半年致力於打下基礎，包括提高產量、推出新產品和敲定經銷協議。

With that, I would like to hand over to Lan Anh, our CFO, to present our financial results of the quarter.

接下來，我想請我們的財務長 Lan Anh 介紹我們本季的財務表現。

Thank you, Madame Thuy, and hello, everyone. First, I'd like to address a housekeeping item.

謝謝你，Thuy 女士，大家好。首先，我想談談家務管理專案。

As mentioned in the previous call, following the completed acquisition of VinES in January, a significant step towards completing VinFast's fully increased production chain, we consolidated the two companies' financial statements in the first quarter of 2024 and restated the full year 2023, incorporating VinES's financials for comparison purposes. The impacts on the financial statement in the first quarter of 2024 include a $4.7 million increase in R&D and an $11.3 million increase in depreciation expense.

如同先前電話會議中所提到的，繼1 月完成對VinES 的收購（這是VinFast 全面擴大生產鏈的重要一步）之後，我們合併了兩家公司2024 年第一季的財務報表，並重述了2023年全年財務報表，其中納入了VinES財務數據用於比較目的。對2024年第一季財務報表的影響包括研發費用增加470萬美元，折舊費用增加1,130萬美元。

We kicked off 2024 with $302.6 million in revenues for the first quarter. As a lowest season in the domestic market, this is a decline of 31% compared to the previous quarter, but an improvement on a year-over-year basis, with revenue up by 269.7%. I'd like to remind you all that Q1 2023 recorded only about 6.8% of our full year's revenue, or only 5% of our 2023's total delivery. Our Q1 in 2024 was in line with our internal forecast on the expectation of increasing brand awareness and acceptance, positive impacts of our active sales and marketing campaigns, and the early contribution of our expanded dealership network.

2024 年伊始，我們第一季的營收為 3.026 億美元。作為國內市場最低的季節，本季比上一季下降了31%，但年比有所改善，營收成長了269.7%。我想提醒大家，2023 年第一季的營收僅占我們全年營收的 6.8% 左右，或只占我們 2023 年總交付量的 5%。我們 2024 年第一季的業績符合我們的內部預測，即品牌知名度和接受度不斷提高、我們積極的銷售和行銷活動的正面影響以及我們擴大的經銷商網路的早期貢獻。

Our gross loss in the first quarter of 2024 was $150.8 million, equivalent to a gross margin of negative 49.8% as compared to negative 172.9% in the first quarter of 2023 and negative 43% in the fourth quarter of 2023. The improvement of gross margin over the first quarter of 2023 was attributed to increased sales and improved costs. As Q1 sales was low seasonally, gross profit margin declined compared to the Q4 last year, mostly due to depreciation. Our bill of materials has shown constant progress and will be one of the key drivers for lower cost and profitability.

我們 2024 年第一季的毛虧損為 1.508 億美元，相當於毛利率為負 49.8%，而 2023 年第一季為負 172.9%，2023 年第四季為負 43%。毛利率較 2023 年第一季提高歸因於銷售額增加和成本改善。由於第一季銷售季節性較低，毛利率較去年第四季下降，主要原因是折舊。我們的物料清單不斷取得進展，並將成為降低成本和獲利能力的關鍵驅動力之一。

On the operational front, we have made strides in improving our profitability. Our operating loss in the first quarter of 2024 was $421.8 million, representing a decrease of 7.8% from the first quarter of 2023 and a decrease of 15.4% from the fourth quarter of 2023. This was largely due to the decline in our R&D expenses, the majority of which were front-loaded by design in the early years of our product development. With increasing product readiness, expanding dealership network, and growth brand awareness, we expect our operating margins to improve in the future.

在營運方面，我們在提高獲利能力方面取得了長足進步。我們2024年第一季的營運虧損為4.218億美元，較2023年第一季下降7.8%，較2023年第四季下降15.4%。這主要是由於我們的研發費用下降，其中大部分是在產品開發初期透過設計預先加載的。隨著產品準備程度的提高、經銷商網路的擴大以及品牌知名度的提高，我們預計未來的營業利潤率將會提高。

Turning to our liquidity position, as of March 31, 2024, we have not utilized our reserve of $1.8 billion, including cash on hand, reserves in grants from [Fouder] and our [e-lock] facility. This can continue to support our cash needs for operations and mandatory Capex needed underlying our growth plan this year. We expect a lump sum CapEx between $1 billion and $1.5 billion in 2024, majority of which is to fund the construction of VinFast's manufacturing facilities in the US, India, and Indonesia. We plan to fund this using our liquidity reserve, as mentioned above, and if needed, from the new funding resources, combining equity and equity link. We are committed to our manufacturing expansion plans, but also understand the ability to achieve our top-line target of 2024 independently as our Vietnam's product brand and growing global distribution network can support such growth.

至於我們的流動性狀況，截至 2024 年 3 月 31 日，我們尚未動用 18 億美元的儲備，包括手頭現金、[Fouder] 的贈款儲備和我們的 [e-lock] 設施。這可以繼續支持我們的營運現金需求以及我們今年成長計畫所需的強制性資本支出。我們預計 2024 年一次性資本支出將在 10 億至 15 億美元之間，其中大部分用於資助 VinFast 在美國、印度和印尼的製造工廠的建設。如上所述，我們計劃使用我們的流動性儲備來為此提供資金，如果需要，還可以透過結合股權和股權連結的新融資資源來提供資金。我們致力於我們的製造擴張計劃，但也了解獨立實現 2024 年營收目標的能力，因為我們的越南產品品牌和不斷增長的全球分銷網絡可以支持這種增長。

Our debt service is prepared using refinanced or extended facilities that have been agreed in principle with our partners, besides being supported by our self-generated cash flows.

除了我們自己產生的現金流的支持外，我們的債務還本付息是使用與我們的合作夥伴原則上同意的再融資或延期融資來準備的。

In summary, our financial performance in the first quarter of 2024 is in line with our internal forecast. We continue to accelerate the foundational work to meet our 2024 targets in the next quarters. The executive team have a very flexible and adaptive mindset to address real market conditions quickly, and as Madame Thuy has mentioned earlier, we are very excited about our second half and the longer-term outlook of VinFast.

綜上所述，我們2024年第一季的財務表現符合我們的內部預測。我們將繼續加快基礎工作，以在接下來的幾季實現 2024 年的目標。執行團隊具有非常靈活和適應性強的心態，可以快速應對實際的市場狀況，正如 Thuy 女士之前提到的，我們對 VinFast 的下半年和長期前景感到非常興奮。

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

接下來，我將請 Thuy 女士做閉幕致詞。

Thank you, Lan Anh.

謝謝你，蘭安。

Finally, I would like to conclude reaffirming our target of 100,000 deliveries of 2024. We stay focused on launching new products and entering new markets to support this target. Cost control is a priority for us, and we have shown progress quarter over quarter since last year and continue to be our daily to-do item, including bump cost, production cost, general operational cost, and always screening and opting for the most cost-effective options available. We maintain our target of breakeven by the end of 2025.

最後，我想重申我們 2024 年交付 10 萬輛的目標。我們繼續專注於推出新產品和進入新市場以支持這一目標。成本控制是我們的首要任務，自去年以來我們逐季取得進步，並繼續成為我們每天要做的事情，包括碰撞成本、生產成本、一般運營成本，並始終篩選和選擇成本最高的- 可用的有效選項。我們維持在 2025 年底達到損益兩平的目標。

I would like to hand over to the operator for the Q&A section.

我想將問答部分交給接線生。

(Operator Instructions)

（操作員說明）

Thank you, operator. We already have the first two questions from [Thuc Than], with Capital Securities Company. The first question is, how do you plan to achieve 100,000 EV guidance while Q1 is only slightly more than 9.3%?

謝謝你，接線生。我們已經收到了 [Thuc Than] 和 Capital Securities Company 提出的前兩個問題。第一個問題是，在第一季僅略高於 9.3% 的情況下，您計劃如何實現 10 萬輛電動車的目標？

Thank you. We maintain our guidance of 100,000 EVs in 2024. Lower-priced products to be added in the coming quarters, targeting a broader customer base, combined with a growing dealership network and expansion to the market, will make our EVs much more accessible to customers and help accelerate in-house pull-out and drive our sales growth in the second half of the year.

謝謝。我們維持 2024 年 10 萬輛電動車的目標。未來幾季將增加價格較低的產品，瞄準更廣泛的客戶群，再加上不斷增長的經銷商網路和市場擴張，將使我們的電動車更容易為客戶所接受，並有助於加速內部撤出和驅動我們下半年的銷售成長。

As Lan Anh already mentioned earlier, the Q1 performance is in line with our internal forecast, reflecting a low season for Vietnam and delivery based on the existing models, mostly. Overall, the first half of 2024 is the time where we focus on the foundation for growth in the second half, including signing with dealers in the US and globally, accelerating the opening of new showrooms with them, and at the same time, continuing to complete the development of products and different variances to be added to the market.

正如 Lan Anh 之前提到的，第一季的表現符合我們的內部預測，反映了越南的淡季和主要基於現有車型的交付。總體而言，2024年上半年是我們重點為下半年成長奠定基礎的時間，包括與美國和全球的經銷商簽約，加速與他們開設新的展廳，同時繼續完成產品的開發以及要添加到市場的不同差異。

Thank you, Madame Thuy. We have the second question. How many of your deliveries in Q1 came from GSM?

謝謝你，翠女士。我們有第二個問題。第一季有多少交付來自 GSM？

Thank you. Vietnam remains the key market in Q1, and products for the market overseas are underway to be shipped out and delivered in the coming quarters. And for GSM, GSM in Q1 is about 52% of total deliveries, so less than last year.

謝謝。越南仍是第一季的主要市場，海外市場的產品正在陸續出貨並在未來幾季交付。對於 GSM，第一季的 GSM 約佔總交付量的 52%，因此低於去年。

Thank you, Ms. Anh Nguyen. We have the next question from John Murphy, Bank of America. Can you disclose the profit from e-scooters versus EVs, maybe even just directionally?

謝謝您，Anh Nguyen 女士。我們有美國銀行約翰墨菲 (John Murphy) 提出的下一個問題。您能否透露電動滑板車與電動車的利潤，甚至可能只是定向利潤？

So e-scooters have been in the market longer than EVs, and so we have time to optimize on them. The profit on EVs is taking a little bit more time. E-scooters are getting there in terms of breakeven.

因此，電動滑板車的上市時間比電動車更長，因此我們有時間對其進行最佳化。電動車的利潤需要更多的時間。電動滑板車正在實現損益平衡。

Thank you, Madame Thuy. The second question is, when is your target going to reach gross profit breakeven? Has anything changed with recent EV pricing pressures?

謝謝你，翠女士。第二個問題是，你的目標什麼時候才能達到毛利損益平衡？最近的電動車定價壓力有什麼變化嗎？

We remain to target gross profit margin breakeven by 2025. Some models might return profit earlier than others because they've been on the market for longer. But overly, 2025 is still the target for the whole portfolio.

我們的目標仍是在 2025 年達到毛利率損益兩平。某些型號可能會比其他型號更早收回利潤，因為它們上市的時間更長。但總的來說，2025 年仍然是整個投資組合的目標。

Pricing pressure, we are assessing and will continue to study the impact of the market conditions. We adopt, as you can see, a very flexible approach in our go-to-market execution to make sure that it fits the market conditions that we enter. And we are able to do so, thanks to the wide range of products, especially those at a very affordable price point. So we are very diversified in our market target, which gives us room to be creative as well.

對於定價壓力，我們正在評估並將繼續研究市場狀況的影響。正如您所看到的，我們在進入市場的執行中採用了非常靈活的方法，以確保它適合我們進入的市場條件。我們能夠做到這一點，得益於廣泛的產品，特別是那些價格非常實惠的產品。所以我們的市場目標非常多元化，也給了我們創新的空間。

The ultimate and the most important goal is to achieve our target and make sure that our offering is competitive, and we take care of the total cost ownership throughout the life cycle of the customer, basically giving them high value for the purchase.

最終也是最重要的目標是實現我們的目標並確保我們的產品具有競爭力，並且我們在客戶的整個生命週期中照顧總成本所有權，基本上為他們提供高購買價值。

Thank you, Madame Thuy. And the third question from John is, could you make sense to focus on growing in fewer markets to focus volume growth and expand market later?

謝謝你，翠女士。約翰的第三個問題是，集中精力在較少的市場中成長，以集中銷售成長並隨後擴大市場，這是否有意義？

Yeah, we continuously evaluate our entry into each of the markets. As you can see, we are focusing on a few markets. A few of the markets are actually important to us, and we focus our resources on those markets.

是的，我們不斷評估我們進入每個市場的情況。正如您所看到的，我們專注於幾個市場。有一些市場其實對我們很重要，我們將資源集中在這些市場。

However, we have the opportunity to play on a global field, thanks to our unique benefit from the trade agreements with many countries and we are not restricted by geopolitical constraints. So we would like to roll out to multiple markets where we can. But you will see that certain markets are important to us, and we focus more resources on those markets.

然而，我們有機會在全球舞台上發揮作用，這要歸功於我們與許多國家簽訂的貿易協定所帶來的獨特優勢，而且我們不受地緣政治的限制。因此，我們希望盡可能向多個市場推廣。但你會發現某些市場對我們很重要，我們將更多資源集中在這些市場。

Thank you, Madame Thuy. We have the next question from Thuc Than. What is your refinancing plan for the domestic bond worth VND11.5 trillion that will mature in December 2024?

謝謝你，翠女士。Thuc Than 提出了下一個問題。對於將於2024年12月到期的價值11.5兆越南盾的國內債券，您的再融資計畫是什麼？

So this is a tech-combined bond, which is already in the refinancing plan, agreed with our partner.

所以這是一隻科技聯合債券，已經在我們的合作夥伴同意的再融資計劃中了。

Thank you, Ms. Anh Nguyen. We have the next question from Thuc. Why did the loss in Q1 2024 gross margin widen versus Q4 2023?

謝謝您，Anh Nguyen 女士。Thuc 提出了下一個問題。為什麼 2024 年第一季毛利率的損失較 2023 年第四季擴大？

For the loss in Q1 2020 -- the gross margin in 2024 Q1 widened versus Q4 2023 due to the low seasonal sales. Gross profit margin was higher compared to the Q4, mostly due to the depreciation allocated to the low volume. In fact, our build material has shown a constant progress and will be one of the key drivers for a lower cost and thus profitability as mentioned.

對於 2020 年第一季的虧損——由於季節性銷售較低，2024 年第一季的毛利率較 2023 年第四季擴大。毛利率高於第四季度，主要是由於分配給低銷量的折舊。事實上，我們的建築材料已經顯示出不斷的進步，並將成為降低成本和盈利的關鍵驅動因素之一，如上所述。

Dan Ives, Wedbush.

丹艾夫斯，韋德布希。

Thanks. So can you talk about how important is Indonesia on the growth plan, especially this year?

謝謝。那麼您能否談談印尼對於成長計畫的重要性，特別是今年的成長計畫？

Hi, Dan. Nice to hear your voice. Indonesia is one of the key important markets for us. It's a large market, over 350 million people, third most populous country in the world, very low EV penetration. And so we start out in the market on the same footing as with other people. So it's a very, very important market. And it's part of ASEAN as well. And we've been focusing on this market from the beginning of the year.

嗨，丹。很高興聽到你的聲音。印尼是我們最重要的市場之一。這是一個巨大的市場，擁有超過 3.5 億人口，是世界第三人口大國，電動車普及率非常低。因此，我們以與其他人相同的基礎進入市場。所以這是一個非常非常重要的市場。它也是東協的一部分。我們從今年年初就開始關注這個市場。

Great. And then just a follow-up to Madame Thuy, when you think about the 100K for the year, and here it is, we're seeing in April, I mean, does it feel like everything is sort of tracking relative to expectations? I mean, if you think about where we were even three, four months ago, can you talk about that just from a trajectory perspective in terms of as much as you could talk about it?

偉大的。然後是 Thuy 女士的後續行動，當你想到今年的 10 萬美元時，我們在 4 月份看到的就是這個，我的意思是，是否感覺一切都在跟踪預期？我的意思是，如果你想想我們三、四個月前的情況，你能從軌跡的角度盡可能多地談論它嗎？

Sure. Q1 is -- Q1 lastly check our internal plan for the year. So we also were confident about the guidance of 100,000 vehicles. As I mentioned from the last earnings call, most of the deliveries, when happened in the second year, we still rely a lot on the domestic market.

當然。第一季是——第一季最後檢查我們今年的內部計劃。所以我們對於10萬輛的引導也是充滿信心的。正如我在上次財報電話會議中提到的，大部分交付發生在第二年，我們仍然在很大程度上依賴國內市場。

However, we also started expanding into international markets. And as the products available for international markets and dealership agreements are signed, the showrooms are open, markets enter, we will start seeing more volume coming in as well. So still confident about the number.

然而，我們也開始擴展到國際市場。隨著面向國際市場的產品和經銷商協議的簽署、陳列室的開放、市場的進入，我們也將開始看到更多的銷售量。所以對這個數字還是有信心的。

Great. Okay, awesome. Thanks.

偉大的。好吧，太棒了。謝謝。

Brian Dobson, Chardan Capital Markets.

布萊恩·多布森，查丹資本市場。

Hi, good morning. Thanks very much for taking my call. So I guess, first, you provided some good color on the expansion of your hybrid dealership network in the United States. Do you think you could speak to some of the feedback you're hearing from those dealers, what the new potential dealers are excited about, what some of their hesitancies might be, and the overall tone of those conversations?

嗨，早安。非常感謝您接聽我的電話。所以我想，首先，您為美國混合動力經銷商網路的擴張提供了一些很好的資訊。您認為您可以談談您從這些經銷商那裡聽到的一些反饋嗎？

Sure. So we signed 10 more dealership agreements in Q1, with the addition of the six agreements that we already announced. So we have 16 dealership agreements signed in the US. We are still evaluating, I think, 82 different applications for about close to 150 locations in the US. So very robust pipeline of showrooms for consideration in the US.

當然。因此，我們在第一季又簽署了 10 份經銷商協議，加上我們已經宣布的 6 份協議。我們在美國簽署了 16 份經銷協議。我認為，我們仍在評估美國近 150 個地點的 82 種不同的應用程式。因此，美國有非常強大的陳列室可供考慮。

The feedback that we receive is pretty positive. As you could see, two of the dealership points already opened and started selling in Q1. The feedback from the customers are good about the product. We receive a lot of also constructive feedback from the dealers as well in order to improve our own service and product offering. But so far, the dealers are very excited and very cooperative and happy with us.

我們收到的回饋非常正面。正如您所看到的，兩個經銷點已在第一季開業並開始銷售。客戶對該產品的反饋良好。我們也從經銷商那裡收到了很多建設性的回饋，以改善我們自己的服務和產品供應。但到目前為止，經銷商們對我們都很興奮，也很配合，也很滿意。

Thank you for that color. As you're thinking about sales through the balance of the year, there have been many recent reports that have pointed to weaker near-term electric vehicle demand and rising production of hybrid vehicles. Do you think that that's a very US- and European-focused viewpoint? And furthermore, do you believe that potential relative softer demand in the near term in those markets could be offset by potential sales in Asia and the rest of the world, other markets that you're selling into?

謝謝你的那個顏色。當您考慮今年剩餘時間的銷售時，最近有許多報告指出近期電動車需求疲軟以及混合動力汽車產量上升。您認為這是一個非常關注美國和歐洲的觀點嗎？此外，您是否認為這些市場短期內潛在的相對疲軟的需求可能會被亞洲和世界其他地區以及您正在銷售的其他市場的潛在銷售所抵消？

We believe that the sales for EV is still growing. Maybe it's not growing as fast as the growth -- as fast growth rate as before, but it's still growing, and that's clearly a show in the statistic for all the regions, even in the US and European markets.

我們相信電動車的銷量仍在成長。也許它的成長速度沒有以前那麼快，但它仍在成長，這在所有地區的統計數據中都清楚地顯示出來，甚至在美國和歐洲市場也是如此。

Actually, you brought up a very interesting point that maybe it's different between US and European and other markets. Because I think in US and European more developed markets, we will start having to -- after the initial adoption, then you have to start dealing with adopting the mass markets, with people that use the EVs for their daily use, versus in the more nascent markets like Indonesia, like India, like ASEAN for us, where EV adoption is still very low and we will start by enabling the adoption with various strategies.

實際上，您提出了一個非常有趣的觀點，也許美國和歐洲以及其他市場之間有所不同。因為我認為在美國和歐洲更發達的市場，我們將開始不得不——在最初採用之後，你必須開始應對大眾市場的採用，即人們在日常使用電動車時使用電動車，而不是在更多的市場中使用電動車。

So our approaches to more developed markets versus nascent markets are slightly different as well. And the potential are also different in those markets.

因此，我們針對較發達市場和新興市場的方法也略有不同。這些市場的潛力也不同。

Thanks. I think that's an important point to distinguish there. And then I guess just thinking about the balance of the year, I suppose EV sales were roughly sub-10% in the first quarter, which was pretty close to our expectations. As you're thinking about sales cadence in 2Q, 3Q and 4Q, I suppose, right now, do you think that the lion's share of sales will be coming in the back half of the year? And can you give us any additional color on guidance?

謝謝。我認為這是一個需要區分的重要觀點。然後我想，只要考慮今年的餘額，我認為第一季電動車銷量大約低於 10%，這非常接近我們的預期。當您考慮第二季、第三季和第四季的銷售節奏時，我想，您現在認為最大的銷售份額將出現在下半年嗎？您能給我們任何額外的指導嗎？

So as we -- if you look at some major -- I mean, Vietnam will continue growing as we're adding more vehicles. The VF 7 just started. So we, especially when the VF 3 come in toward the end of the year, will start seeing more volume from the affordable models. Because in Q1, you could see that about half of our sales is from the VF 5. And people are very excited about the upcoming more affordable model, VF 3.

因此，如果你看看一些主要的國家，我的意思是，隨著我們增加更多車輛，越南將繼續成長。VF 7 剛剛啟動。因此，尤其是當 VF 3 接近年底上市時，我們將開始看到經濟實惠型號的銷售增加。因為在第一季度，您可以看到我們大約一半的銷售額來自 VF 5。人們對即將推出的更實惠的車型 VF 3 感到非常興奮。

So Vietnam will continue growing. The other markets, as we start delivering in end of Q2, early Q3, and then in Q4, you'll start seeing the volume in those markets as well. And in the US and North America in general, as we add more and more dealership points to our mix, and as they start selling in the whole North America, you will also start seeing more volume coming in.

因此越南將持續成長。其他市場，當我們在第二季末、第三季初和第四季開始交付時，您也會開始看到這些市場的銷售量。總的來說，在美國和北美，隨著我們在我們的組合中添加越來越多的經銷點，並且隨著他們開始在整個北美銷售，您也將開始看到更多的銷售。

So we are still confident about the guidance of 100,000 vehicles per year -- for this year. But most of it will start coming in more in Q3 and Q4 this year.

因此，我們對今年每年 10 萬輛汽車的指導方針仍然充滿信心。但其中大部分將在今年第三季和第四季開始增加。

Excellent. That's very encouraging. Thanks so much.

出色的。這非常令人鼓舞。非常感謝。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hi, good morning, everyone, or good evening. And congratulations on the quarter, and thanks for taking our questions. I think a lot of our questions have been asked by now.

嗨，大家早安，或晚上好。恭喜本季度的業績，並感謝您提出我們的問題。我想現在我們已經提出了很多問題。

But maybe just following up on Brian's questions, similarly, how should we think about gross margins throughout this year and maybe early into next year, understanding that the higher-volume vehicle deliveries will come in the second half? So presumably, that's when we'll see the big improvement in margins. But just curious if you could perhaps give us some color on how should we think about margins for next quarter and maybe for the second half of this year. Thank you.

但也許只是跟進布萊恩的問題，同樣，我們應該如何考慮今年全年甚至明年初的毛利率，了解下半年將出現更多的車輛交付量？因此，大概到那時我們就會看到利潤率的大幅改善。但只是好奇您能否給我們一些關於我們應該如何考慮下個季度甚至今年下半年的利潤率的信息。謝謝。

Hi, Andres. So as I mentioned in the last earnings call and as we are checking similarly to previously where we believe that we should be getting close to the gross margin breakeven for the whole portfolio by the end of this year, early next year.

嗨，安德烈斯。正如我在上次財報電話會議中提到的，正如我們正在進行與之前類似的檢查，我們認為到今年年底明年初，我們應該接近整個投資組合的毛利率盈虧平衡。

Different products are different. The products that are more mature, like VF e34, VF 5 in Vietnam, for example, we're getting there faster. And the newer products in newer markets with smaller volume would get there a little bit slower. But as a whole portfolio, we're heading into a gross profit margin positive early next year. So that's the plan.

不同的產品是不同的。較成熟的產品，如越南的VF e34、VF 5，我們進展得更快。而新市場中銷售量較小的新產品的到達速度會慢一些。但作為整個投資組合，我們將在明年初實現正毛利率。這就是計劃。

Got it. Thanks, Thuy Le. That's helpful. And maybe to follow up there, how should we think about liquidity and potential capital raising opportunities throughout the year? I'm wondering how you're thinking about that still, and any color there that you can provide. Thank you.

知道了。謝謝，翠樂。這很有幫助。也許接下來，我們該如何考慮全年的流動性和潛在的融資機會？我想知道你是如何看待這個問題的，以及你可以提供的任何顏色。謝謝。

So as Lan Anh mentioned before, we still have the same pool of liquidity that we had at the beginning of the year, so we haven't tapped into it yet. The cash, the grant from our shareholders, the e-lock, they're all still intact. And we've been continuing the operations.

正如 Lan Anh 之前提到的，我們仍然擁有與年初相同的流動性池，所以我們還沒有動用它。現金、股東的資助、電子鎖，它們都完好無損。我們一直在繼續行動。

We have multiple fundraising in the pipeline as well for various projects. So as they materialize, we will be able to discuss more. But we also plan our investment and our spending accordingly as well. Otherwise, we still have the liquidity reserve, we still have our operations, and we're pushing according to the plan.

我們正在為各種項目進行多次籌款。因此，當它們實現時，我們將能夠進行更多討論。但我們也會相應地規劃我們的投資和支出。否則，我們仍然有流動性儲備，我們仍然有我們的業務，我們正在按照計劃推進。

Got it. That's very helpful. Thank you. And maybe just one last one, if I could. Just wondering, any updates on the North Carolina facility, and is that still on track for middle of next year? Thank you.

知道了。這非常有幫助。謝謝。如果可以的話，也許只是最後一件事。只是想知道，北卡羅來納州設施有任何更新嗎？謝謝。

North Carolina is still ongoing. We're still on track to start the operation by the end of next year, start hiring in a lot of workers and putting in operations by the end of next year. But probably, the full operation is going to take a couple of months.

北卡羅來納州仍在進行中。我們仍有望在明年底前開始運營，開始僱用大量工人並在明年底前投入運營。但完整的操作可能需要幾個月的時間。

Wonderful. Great. Thank you so much. I'll pass it on. Thanks again. Bye-bye.

精彩的。偉大的。太感謝了。我會把它傳遞下去。再次感謝。再見。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Hi, good morning, everyone. Thanks for taking the question there. I wanted to just talk a little bit about India here and the recent news from the government trying to incentivize EVs and a lot of global auto OEMs potentially looking to enter the market. I mean, could we see you guys try and pull that factory forward? I guess just broadly speaking as well, how are you thinking about the strategy for that market given the construction's ongoing at the facility today? Just any broad strokes on that. Thank you.

嗨，大家早安。感謝您在那裡提出問題。我想在這裡簡單談談印度，以及最近政府試圖激勵電動車和許多可能尋求進入該市場的全球汽車原始設備製造商的消息。我的意思是，我們能看到你們嘗試推動工廠前進嗎？我想從廣義上講，鑑於目前該設施正在進行建設，您如何考慮該市場的策略？只是對此的任何粗略描述。謝謝。

Thanks, Tyler. We also benefit similarly from the EV policy in India with our factory. So we also get the significant -- get the tax benefit before we open the factory, as well as the incentive from the government for investing in India.

謝謝，泰勒。我們的工廠也同樣受惠於印度的電動車政策。因此，我們也獲得了重要的成果——在開辦工廠之前獲得稅收優惠，以及政府對在印度投資的激勵措施。

So the factory is -- we cleared the land. I was there last week. We cleared the land, we started the construction. So we implement a very kind of frugal CapEx plan with that factory. So we're building -- what we're building is a 50,000 CKD factory, simple, effective to start with, and we can scale it up as and when needed. But right now, the total investment is not major. There's a lot of benefits coming from the government as well for building the EV factory in India. So we see a lot of benefits out of that.

所以工廠是──我們清理了土地。上週我在那裡。我們清理了土地，開始了施工。因此，我們與該工廠實施了一項非常節儉的資本支出計劃。所以我們正在建造——我們正在建造的是一座 50,000 輛 CKD 工廠，一開始就簡單、有效，而且我們可以根據需要擴大規模。但目前來看，總投資並不大。在印度建設電動車工廠也能從政府獲得許多好處。所以我們看到了很多好處。

And also, India market, since you brought it up, it's a very important market for us. However, the consumers are quite price sensitive and sensitive to the warranties and other -- the service of the company. So we believe that our wide range of products and our warranty, our market -- the industry-leading warranty will help further comfort the consumer in India. So huge market again, and we have a lot of confidence in the market.

還有，印度市場，既然你提到了，這對我們來說是一個非常重要的市場。然而，消費者對價格非常敏感，對公司的保固和其他服務也很敏感。因此，我們相信，我們廣泛的產品和我們的保固、我們的市場——業界領先的保固將有助於進一步安慰印度的消費者。市場又如此巨大，我們對這個市場充滿信心。

Okay, great. And then in terms of the margin breakeven target, I'm curious, how much of the incremental benefit of reaching that target do you expect to just come from overall fixed cost absorption as you scale up the factory versus benefits of component sourcing and bill of materials? Just curious how you're thinking about squeezing out some incremental efficiencies there as you look to roll out the different products here and increase presence in the market.

好的，太好了。然後就利潤率盈虧平衡目標而言，我很好奇，當您擴大工廠規模時，您期望達到該目標的增量收益有多少來自於總體固定成本吸收，而不是組件採購和賬單的收益材料？只是好奇當您希望在這裡推出不同的產品並增加市場佔有率時，您如何考慮在那裡提高一些增量效率。

So last year -- in the last 1.5 years, when we started building the vehicles, factory here in Vietnam, as you know, at the beginning, it always -- there's a lot more wastage. We had a lot more fine tune to do. So we did a lot in terms of optimizing the production in the past year, 1.5 years already, and we achieved a lot of optimization from the production cost per unit. However, as we ramp up the volume, then a lot of the fixed costs can be spread over the higher volume. And then as a result of that, unit costs will be lower. So we expect that this year as well.

所以去年——在過去的 1.5 年裡，當我們開始在越南這裡建造車輛和工廠時，如你所知，一開始，總是——有更多的浪費。我們還有很多微調要做。所以去年我們在生產優化方面做了很多工作，已經1.5年了，我們從單位生產成本上也實現了很多優化。然而，當我們增加產量時，許多固定成本可以分攤到更高的產量上。因此，單位成本將會降低。所以我們預計今年也是如此。

However, most of the savings, most of the optimization, we believe will come from the optimization of the bill of material and all the initiatives, like hundreds of initiatives that we are taking this year in order to bring down the bomb cost. There are other cost optimization initiatives as well, like operational cost in general, but we think that the bomb cost when optimization and the volume scale will bring the most saving per unit.

然而，我們相信，大部分節省、大部分優化將來自物料清單和所有措施的優化，例如我們今年為降低炸彈成本而採取的數百項措施。還有其他成本優化舉措，例如一般的營運成本，但我們認為優化時的炸彈成本和體積規模將為單位帶來最大的節省。

Okay, great. Thank you. Really appreciate the time. We'll turn it back to the queue.

好的，太好了。謝謝。真的很感激這段時間。我們會將其轉回隊列中。

Thank you. I'm currently showing no further questions on the phone lines. I'd like to turn the call back over to Nhi Nguyen for closing remarks.

謝謝。我目前在電話線路上沒有顯示任何其他問題。我想將電話轉回 Nhi Nguyen 以供結束發言。

Thank you, operator. We have the next question from [Huyen Phan]. How is your negotiation with PV Oil to establish charging point in their gas stations?

謝謝你，接線生。我們有下一個問題[Huyen 潘].您與 PV Oil 在其加油站建立充電站的談判進展如何？

With the PV Oil, VinFast maintains a cooperation with PV Oil to set up a charging station throughout PV Oil gas stations, then most parties can share mutual revenue sharing.

VinFast與PV Oil保持合作，在整個PV Oil加油站設立充電站，然後大多數各方可以共享收益。

Thank you, Ms. Nguyen. We have the next question from Thanh Le, VCBF. Please share your criteria to choose to cooperate with a dealership and what are the typical terms in the cooperation between VFS and a dealership.

謝謝你，阮女士。VCBF 的 Thanh Le 提出了下一個問題。請分享您選擇與經銷商合作的標準以及VFS與經銷商合作的典型條款是什麼。

So let me talk about the terms first. I think our terms, we have basically the same terms for dealership -- in different markets, we have different set of terms, for example, in Vietnam market, in US market, Canada, Europe, and the Middle East, for example. So we have basically similar terms for those dealers because each of the markets have different -- they have specific characters to them.

那麼讓我先談談條款。我認為我們的條款，我們對於經銷商的條款基本上是相同的——在不同的市場，我們有不同的條款，例如，在越南市場、美國市場、加拿大、歐洲和中東。因此，我們對這些經銷商的條款基本上是相似的，因為每個市場都有不同的——他們有特定的特徵。

In each of the markets, we take applications from the dealers and we evaluate various criteria for the dealers, starting from their performance, their history with other brands, their financial situation, especially the location and the showroom that they want to open with us. We get to know the dealers intimately to see -- because it's a long-term partnership, so we need to get to know our partners. So it's a very detailed process in order to get to know the dealers before we sign the dealership agreement with them.

在每個市場中，我們都會收到經銷商的申請，並根據經銷商的表現、與其他品牌合作的歷史、財務狀況，尤其是他們希望與我們合作開設的地點和陳列室來評估經銷商的各種標準。我們要深入了解經銷商才能看到——因為這是長期合作夥伴關係，所以我們需要了解我們的合作夥伴。因此，在與經銷商簽訂經銷商協議之前，我們需要一個非常詳細的過程來了解經銷商。

Thank you, Madame Thuy. We have another question from Mike Novak. Can you confirm details of the VF 7 launch in North America, such as starting price, first delivery date?

謝謝你，翠女士。麥克·諾瓦克向我們提出了另一個問題。您能否確認 VF 7 在北美上市的詳細信息，例如起始價格、首次交付日期？

So the current plan is to start delivering VF 7 in the US in Q3 or Q4 this year. We will announce the starting price later when we -- right before the launch of the market.

所以目前的計畫是今年第三季或第四季開始在美國交付VF 7。我們將在稍後市場啟動之前宣布起始價格。

Thank you, Madame Thuy. We have now concluded the Q&A section.

謝謝你，翠女士。我們現在已經結束了問答部分。

Thank you, everyone, again for joining us today. Should you need any clarification, please let us know by sending an email to ir@vinfastauto.com. We look forward to speaking with you again soon. Take care, and goodbye.

再次感謝大家今天加入我們。如果您需要任何說明，請發送電子郵件至 ir@vinfastauto.com 告知我們。我們期待很快再次與您交談。保重，再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。