VinFast Auto (VFS): June 2024 Business Updates

VinFast Auto (NASDAQ: VFS)

June 2024 Business Updates

Manufacturing Facilities

In select target markets, VinFast Auto Ltd. (“VinFast”, “we”, “us”, “our”, or the “Company”) have decided to accelerate the establishment of our manufacturing facilities to leverage attractive government incentives.

In India, the target production start date for our Completely Knocked Down (“CKD”) facility in Thoothukudi, Tamil Nadu, is expected to be in the first half of 2025.

In Indonesia, the target production start date for our CKD facility is expected to be by the end of 2025. We expect to break ground on our manufacturing facility in Indonesia within the next two months.

Our CKD facilities in Thoothukudi, Tamil Nadu, and in Indonesia are each expected to have an annual capacity of approximately 50,000 vehicles for phase 1, with a potential ramp-up to 300,000 vehicles per year depending on market demand.

Philippines Market

In May 2024, we officially launched our brand in the Philippines. We are preparing to open a series of showrooms, with vehicle sales commencing shortly thereafter.

Business Outlook

We are expecting a 30x to 40x increase in sales in the U.S. market this year over $6.4 million in 2023 and believe that this growth trajectory can be sustained over the next five years.

We also expect to reach break-even point soon.

This outlook reflects our current and preliminary view on the business and existing market conditions, which is subject to change.

This Form 6-K shall be deemed to be incorporated by registration statement on Form S-8 (File No. 333-278251) of the Company (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

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