VFS 0001104659-24-101170 6-K/A Filing: Sep 19, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K/A (Amendment No. 1)

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2024

Commission File Number: 001-41782

VinFast Auto Ltd.

Dinh Vu – Cat Hai Economic Zone

Cat Hai Islands, Cat Hai Town, Cat Hai District

Hai Phong City, Vietnam

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

EXPLANATORY NOTE

VinFast Auto Ltd. (“VinFast”, “we”, or the “Company”) is amending its report on Form 6-K originally furnished to the Securities and Exchange Commission on April 17, 2024 (the “Original 6-K”) in order to restate and replace the unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2023 and 2024 (the “Interim Financial Statements”) included in the Original 6-K.

As previously reported, on July 29, 2024, the management of the Company and the Company’s board of directors and audit committee concluded that the Company’s previously issued Interim Financial Statements should no longer be relied upon. The accounting errors requiring the restatement of the Interim Financial Statements relate to the recognition of revenue from sale of vehicles on a bill-and-hold basis, the accounting for an after-sales policy. In addition, the restated Interim Financial Statements reflect an update of the financial statements of VinFast’s subsidiary, VinES Energy Solution Joint Stock Company following its 2023 audited financial statements as a subsequent event as the subsidiary’s fiscal year 2023 audit was completed after the date of the Company’s previously issued Interim Financial Statements. This Form 6-K/A includes the restated Interim Financial Statements and restated delivery information also originally included in the Original 6-K. The individual restatement matters that underlie the restatement adjustments are described in Exhibit 99.1 to this Form 6-K/A under the heading “Restatement of the financial statements.”

In connection with the restatement of the Interim Financial Statements and in accordance with the Company’s updated methodology for presenting vehicle delivery information previously disclosed in the Company’s Amendment No. 1 to its annual report on Form 20-F, filed with the Commission on September 10, 2024, the Company is also correcting the delivery information included in the Original 6-K as set forth in Exhibit 99.2 to this Form 6-K/A.

This Form 6-K/A shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-278251) of VinFast Auto Ltd. (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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VinFast Auto Ltd.
Date:<br>September 19, 2024	By:	/s/ Le Thi Thu Thuy
		Name:	Le<br>Thi Thu Thuy
		Title:	Chairwoman and Director

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Restated Unaudited Condensed Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2023 and 2024
99.2	Restated Delivery Information

Exhibit 99.1

VinFast Auto Ltd.

Unaudited Condensed Consolidated Balance Sheets

	As of December 31, 2023		As of March 31, 2024		As of March 31, 2024
	VND million		VND million		USD
	(As adjusted^(1)^)		(Unaudited) (Restated)		(Unaudited)<br><br>(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		4,095,472		2,959,316		123,289,422
Restricted cash		102,932		53,918		2,246,303
Trade receivables		469,918		415,926		17,328,084
Advances to suppliers		4,753,634		4,338,778		180,759,822
Inventories, net		30,141,381		27,861,431		1,160,747,865
Short-term prepayments and other receivables		8,006,103		8,469,212		352,839,728
Short-term derivative assets		548,010		697,520		29,059,701
Current net investment in sales-type lease		87,552		68,515		2,854,435
Short-term investments		4,105		4,106		171,062
Short-term amounts due from related parties		2,374,382		2,493,265		103,873,058
Total current assets		50,583,489		47,361,987		1,973,169,479
NON-CURRENT ASSETS
Trade receivables		110,312		112,370		4,681,498
Property, plant and equipment, net		79,122,703		81,148,209		3,380,752,781
Intangible assets, net		1,346,324		1,307,720		54,481,523
Investment in equity investees		1,214,938		1,213,504		50,556,347
Other long-term investments		918,040		918,040		38,246,886
Operating lease right-of-use assets		7,081,509		6,889,380		287,021,622
Long-term derivative assets		66,124		-		-
Long-term prepayments		217,180		214,270		8,926,801
Non-current net investment in sales-type lease		620,665		642,616		26,772,320
Long-term amounts due from related parties		51,073		51,073		2,127,776
Long-term restricted cash		660,363		706,913		29,451,027
Other non-current assets		4,865,001		5,438,107		226,559,472
Total non-current assets		96,274,232		98,642,202		4,109,578,053
TOTAL ASSETS		146,857,721		146,004,189		6,082,747,532
(1)	As adjusted retrospectively to reflect the historical financial<br>statements of VinES acquired on January 19, 2024, deemed as business combination under<br>common control.
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VinFast Auto Ltd.

Unaudited Condensed Consolidated Balance Sheets (continued)

	As of December 31, 2023			As of March 31, 2024			As of March 31, 2024
	VND million			VND million			USD
	(As adjusted^(1)^)			(Unaudited)<br><br>(Restated)			(Unaudited)<br><br>(Restated)
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Short-term and current portion of long-term interest-bearing loans and borrowings		42,924,034			47,544,059			1,980,754,864
Convertible debenture		1,190,475			1,222,605			50,935,508
Short-term financial liabilities		18,258,063			19,253,692			802,136,900
Trade payables		12,146,588			7,835,821			326,451,735
Deposits and down-payment from customers		1,194,112			998,387			41,594,259
Short-term deferred revenue		149,747			146,495			6,103,195
Short-term accruals		11,431,878			10,526,833			438,563,221
Other current liabilities		13,875,625			14,045,921			585,173,562
Current operating lease liabilities		1,524,356			1,540,230			64,168,229
Amounts due to related parties		49,341,144			56,862,943			2,368,993,168
Total current liabilities		152,036,022			159,976,986			6,664,874,641
NON-CURRENT LIABILITIES
Long-term interest-bearing loans and borrowings		30,170,149			24,766,799			1,031,820,981
Long-term derivative liabilities		137,057			58,048			2,418,364
Other non-current liabilities		2,194,253			2,882,082			120,071,741
Non-current operating lease liabilities		5,330,344			5,171,218			215,440,487
Long-term deferred revenue		1,569,733			1,721,792			71,732,367
Deferred tax liabilities		1,025,264			992,319			41,341,457
Long-term accruals		123,867			179,371			7,472,858
Amounts due to related parties		19,682,747			30,246,856			1,260,128,151
Total non-current liabilities		60,233,414			66,018,485			2,750,426,405
Commitments and contingencies
EQUITY
Ordinary shares – VinFast Auto (2,337,788,498 and 2,337,865,164 shares issued and outstanding as of December 31, 2023 and March 31, 2024 respectively)		9,847,536			9,861,943			410,862,934
Accumulated losses		(190,502,556	)		(205,223,838	)		(8,549,924,509	)
Additional paid-in capital		38,258,499			38,370,811			1,598,583,969
Other comprehensive loss		(385,873	)		(348,292	)		(14,510,353	)
Deficit attributable to equity holders of the parent		(142,782,394	)		(157,339,376	)		(6,554,987,960	)
Non-controlling interests		77,370,679			77,348,094			3,222,434,446
Total deficit		(65,411,715	)		(79,991,282	)		(3,332,553,514	)
TOTAL DEFICIT AND LIABILITIES		146,857,721			146,004,189			6,082,747,532
(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19,<br>2024, deemed as business combination under common control.
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VinFast Auto Ltd.

Unaudited Condensed Consolidated Statements of Operations

	For the three months ended March 31,
	2023			2024			2024
	VND million			VND million			USD
	(As adjusted^(1)^)			(Unaudited) (Restated)			(Unaudited) (Restated)
Revenues
Sales of vehicles		1,529,758			5,754,230			239,729,617
Sales of merchandise		38,269			41,555			1,731,242
Sales of spare parts and components		191,545			288,880			12,035,162
Rendering of services		74,720			215,743			8,988,168
Rental income
Revenue from leasing activities		130,473			225,456			9,392,826
Revenues		1,964,765			6,525,864			271,877,015
Cost of vehicles sold		(4,802,400	)		(9,535,524	)		(397,263,842	)
Cost of merchandise sold		(38,533	)		(41,286	)		(1,720,035	)
Cost of spare parts and components sold		(180,872	)		(186,941	)		(7,788,235	)
Cost of rendering services		(173,466	)		(369,312	)		(15,386,077	)
Cost of leasing activities		(148,305	)		(221,710	)		(9,236,762	)
Cost of sales		(5,343,576	)		(10,354,773	)		(431,394,951	)
Gross loss		(3,378,811	)		(3,828,909	)		(159,517,935	)
Operating expenses
Research and development costs		(5,179,913	)		(2,592,704	)		(108,015,831	)
Selling and distribution costs		(1,277,860	)		(1,713,130	)		(71,371,495	)
Administrative expenses		(1,215,608	)		(1,344,055	)		(55,995,292	)
Net other operating expenses		66,872			(550,441	)		(22,932,175	)
Operating loss		(10,985,320	)		(10,029,239	)		(417,832,729	)
Finance income		160,395			28,449			1,185,227
Finance costs		(2,865,586	)		(4,164,757	)		(173,509,853	)
Net (loss)/gain on financial instruments at fair value through profit or loss		(671,463	)		(609,830	)		(25,406,408	)
Share of gain/(losses) from equity investees		2,809			(1,434	)		(59,743	)
Loss before income tax expense		(14,359,165	)		(14,776,811	)		(615,623,505	)
Tax income/(expense)		19,502			32,944			1,372,495
Net loss for the period		(14,339,663	)		(14,743,867	)		(614,251,010	)
Net loss attributable to non-controlling interests		(28,865	)		(22,585	)		(940,924	)
Net loss attributable to controlling interest		(14,310,798	)		(14,721,282	)		(613,310,086	)
(1)	As adjusted retrospectively to reflect the historical financial<br>statements of VinES acquired on January 19, 2024, deemed as business combination under<br>common control.
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VinFast Auto Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

	For the<br>three months ended March 31,
	2023			2024			2024
	VND million			VND million			USD
	(As<br>adjusted^(1)^)			(Unaudited)<br><br>(Restated)			(Unaudited)<br><br><br>(Restated)
Net loss for the period		(14,339,663	)		(14,743,867	)		(614,251,010	)
Other comprehensive (loss)/income
Other comprehensive (loss)/income that will be reclassified<br>to profit or loss in subsequent periods (net of tax):
Exchange differences<br>on translation of foreign operations		(18,824	)		37,580			1,565,679
Net other comprehensive (loss)/income<br>that will be reclassified to profit or loss in subsequent periods		(18,824	)		37,580			1,565,679
Total comprehensive loss for the period, net of tax		(14,358,487	)		(14,706,287	)		(612,685,331	)
Net loss attributable<br>to non-controlling interests		(28,865	)		(22,585	)		(940,924	)
Comprehensive loss attributable<br>to controlling interest		(14,329,622	)		(14,683,702	)		(611,744,407	)
Net loss per share attributable to ordinary shareholders		VND			VND			USD
Basic and diluted		(6,224	)		(6,297	)		(0.26	)
Weighted average number of shares used in loss per share computation
Basic and diluted		2,299,999,998			2,337,862,964			2,337,862,964
(1)	As adjusted retrospectively to reflect the historical financial<br>statements of VinES acquired on January 19, 2024, deemed as business combination under<br>common control.
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VinFast Auto Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	For the three months ended March 31,
	2023			2024			2024
	VND million			VND million			USD
	(As adjusted^(1)^)			(Unaudited)<br><br>(Restated)			(Unaudited)<br><br>(Restated)
OPERATING ACTIVITIES
Net loss for the period		(14,339,663	)		(14,743,867	)		(614,251,010	)
Adjustments to reconcile net loss to net cash flows:
Depreciation of property, plant and equipment		1,190,905			2,021,967			84,238,095
Amortization of intangible assets		56,268			81,429			3,392,451
Impairment of goodwill, assets and changes in fair value of held for sale assets		350,610			36,436			1,517,977
Changes in operating lease right-of-use assets		207,744			294,866			12,284,548
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories		2,830,972			2,560,902			106,690,914
Deferred income tax income		(19,502	)		(32,944	)		(1,372,495	)
Unrealized foreign exchange (gain)/losses		(87,585	)		379,399			15,806,316
Shares of (gain)/loss from equity investees		-			1,434			59,743
Net (gain)/loss on financial instruments at fair value through profit or loss		671,463			609,830			25,406,408
Change in amortized costs of financial instruments measured at amortized cost		798,271			809,053			33,706,328
Share-based compensation expenses		(2,809	)		47,880			1,994,751
Change in working capital:
Trade receivables, advance to suppliers, net investment in sales-type lease		1,856,615			(638,888	)		(26,617,006	)
Inventories		(6,147,799	)		564,207			23,505,687
Trade payables, deferred revenues and other payables		(1,723,131	)		(4,180,575	)		(174,168,854	)
Operating lease liabilities		(243,317	)		(245,989	)		(10,248,261	)
Prepayments, other receivables and other assets		(16,408	)		7,913			329,667
Net cash flows used in operating activities		(14,617,366	)		(12,426,947	)		(517,724,743	)
(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired<br>on January 19, 2024, deemed as business combination under common control.
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VinFast Auto Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows (continued)

	For the three months ended March 31,
	2023			2024			2024
	VND million			VND million			USD
	(As adjusted^(1)^)			(Unaudited)<br><br>(Restated)			(Unaudited)<br><br>(Restated)
INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)		(6,222,318	)		(4,789,704	)		(199,546,057	)
Disbursement of bank deposit		(10,480,000	)		-			-
Collection of loans		677,900			-			-
Payment for acquisition of subsidiary (net of cash held by entity being acquired)		(480,804	)		(10,252	)		(427,113	)
Receipt from government grants		-			509,821			21,239,887
Net cash flows used in investing activities		(16,505,222	)		(4,290,135	)		(178,733,283	)
FINANCING ACTIVITIES
Deemed contribution from owners		-			74,904			3,120,610
Proceeds from borrowings		45,127,185			24,627,697			1,026,025,788
Repayment of borrowings		(13,931,753	)		(9,190,864	)		(382,904,804	)
Net cash flows from financing activities		31,195,432			15,511,737			646,241,595
Net increase in cash, cash equivalents and restricted cash		72,844			(1,205,345	)		(50,216,431	)
Cash, cash equivalents and restricted cash at the beginning of the period		4,361,631			4,858,766			202,423,280
Net foreign exchange difference		(14,645	)		66,726			2,779,903
Cash, cash equivalents and restricted cash at the end of period		4,419,830			3,720,147			154,986,752
Supplement disclosures of non-cash activities
Non-cash property, plant and equipment additions		4,254,079			6,713,519			279,694,996
Establishment of right-of-use assets and lease liabilities at commencement dates and lease modification		2,966,933			102,737			4,280,173
Supplemental Disclosure
Interest paid, net of capitalized interest		1,232,327			2,096,344			87,336,750
(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired<br>on January 19, 2024, deemed as business combination under common control.
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Restatement of the Interim Financial Statements

The Interim Financial Statements of VinFast Auto Ltd. (the “Company”, “our”, or “we”) as of March 31, 2024 and for the three months then ended were restated to (a) correct accounting errors relating to (i) the recognition of revenue from the sale of vehicles on a bill-and-hold basis and (ii) the accounting for an after-sale policy and (b) to reflect as a subsequent event an update of the 1Q24 financial statements of VinES Energy Solution Joint Stock Company (“VinES”) – a subsidiary of the Company following the completion of the audit of its fiscal year 2023 financial statements. Details are as follows:

In relation to accounting errors in connection with recognition of revenue from sale of vehicles on the bill-and-hold basis, the Company delivered and transferred risk and control of 412 EVs and 2,192 e-scooters to GSM JSC and 12 EVs to an unrelated third party in Vietnam in the first quarter of 2024. Therefore, the Company excluded those sales in its restated financial statements for fiscal year 2023, and the Company has recognized those sales in the first quarter of 2024 by adjusting the corresponding revenue, amount due from a related party, advance from customer, trade receivables, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories.

Separately, after the fiscal year ended December 31, 2023, the sale of 425 EVs and 924 e-scooters to GSM JSC, 291 EVs to Vinhomes JSC and 182 EVs and 38 e-scooters to unrelated third parties in Vietnam were originally recorded as revenue in the first quarter of 2024. However, the dispatching of these vehicles for delivery began in the second quarter of 2024 or risk and controls had not been fully transferred to the customers during the first quarter of 2024. Therefore, the Company corrected this error by adjusting the corresponding revenue, advance from customer, amount due to a related party, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories, as reflected in the restated Interim Financial Statements;

-	In 2024, the Company announced an after-sales policy that provides<br>eligible customers who previously purchased the Company’s ICE vehicles with service vouchers. The Company recognized expenses in<br>relation to vehicles sold prior to effectiveness of this policy as selling and distribution costs rather than as a reduction to revenue.<br>Since the after-sales expenses policy is tied to previously recognized revenue and current customer agreements, the support provided under<br>the after-sales policy is consideration payable to a customer and should have been recorded as a reduction to revenue during the first<br>quarter of 2024. Accordingly, the Company corrected this error by decreasing selling and distribution costs and revenue by the same amount.
-	In January 2024, we acquired our affiliate, VinES, a Vietnam-based<br>EV battery company, from Mr. Pham Nhat Vuong. The Company has reflected the audited financial statements of VinES for fiscal year<br>2023 in the restated Interim Financial Statements as the VinES financial statements were released subsequent to the issuance of Company’s<br>original Interim Financial Statements. In particular, the following line items are adjusted: including account property, plant and equipment,<br>net, other long-term investments, trade payables, provision for warranty, amounts due to a related party, deferred tax liabilities, cost<br>of sale, research and development costs and finance costs.
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In 2024, the Company announced an after-sales policy that provides eligible customers who previously purchased the Company’s ICE vehicles with service vouchers. The Company recognized expenses in relation to vehicles sold prior to effectiveness of this policy as selling and distribution costs rather than as a reduction to revenue. Since the after-sales expenses policy is tied to previously recognized revenue and current customer agreements, the support provided under the after-sales policy is consideration payable to a customer and should have been recorded as a reduction to revenue during the first quarter of 2024. Accordingly, the Company corrected this error by decreasing selling and distribution costs and revenue by the same amount.

In January 2024, we acquired our affiliate, VinES, a Vietnam-based EV battery company, from Mr. Pham Nhat Vuong. The Company has reflected the audited financial statements of VinES for fiscal year 2023 in the restated Interim Financial Statements as the VinES financial statements were released subsequent to the issuance of Company’s original Interim Financial Statements. In particular, the following line items are adjusted: including account property, plant and equipment, net, other long-term investments, trade payables, provision for warranty, amounts due to a related party, deferred tax liabilities, cost of sale, research and development costs and finance costs.

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The financial statements of the Company as of March 31, 2024 and for the three months then ended have been updated to reflect the events mentioned above. Details are as follows:

	As previously<br>reported			Adjustment			As adjusted			As adjusted
CONSOLIDATED BALANCE<br>SHEET	VND million			VND million			VND million			USD
As of March 31, 2024
ASSETS
Trade receivables		526,856			(110,930	)		415,926			17,328,084
Inventories, net		26,711,521			1,149,910			27,861,431			1,160,747,865
Short-term prepayments and other receivables		8,329,867			139,345			8,469,212			352,839,728
Short-term amounts due from related parties		3,376,097			(882,832	)		2,493,265			103,873,058
Total current assets		47,066,494			295,493			47,361,987			1,973,169,479
Property, plant and equipment, net		80,986,881			161,328			81,148,209			3,380,752,781
Other long-term investments		937,268			(19,228	)		918,040			38,246,886
Total non-current assets		98,500,102			142,100			98,642,202			4,109,578,053
TOTAL ASSETS		145,566,596			437,593			146,004,189			6,082,747,532
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Trade payables		7,688,438			147,383			7,835,821			326,451,735
Deposits and down-payment from customers		663,849			334,538			998,387			41,594,259
Short-term accruals		10,541,709			(14,876	)		10,526,833			438,563,221
Other current liabilities		14,143,625			(97,704	)		14,045,921			585,173,562
Amounts due to related parties		56,856,137			6,806			56,862,943			2,368,993,168
Total current liabilities		159,600,839			376,147			159,976,986			6,664,874,641
Other non-current liabilities		2,930,699			(48,617	)		2,882,082			120,071,741
Long-term deferred revenue		1,763,294			(41,502	)		1,721,792			71,732,367
Deferred tax liabilities		987,819			4,500			992,319			41,341,457
Amounts due to related parties		30,114,664			132,192			30,246,856			1,260,128,151
Total non-current liabilities		65,971,912			46,573			66,018,485			2,750,426,405
Accumulated losses		(205,239,009	)		15,171			(205,223,838	)		(8,549,924,509	)
Deficit attributable to equity holders of the parent		(157,354,547	)		15,171			(157,339,376	)		(6,554,987,960	)
Non-controlling interests		77,348,392			(298	)		77,348,094			3,222,434,446
Total deficit		(80,006,155	)		14,873			(79,991,282	)		(3,332,553,514	)
TOTAL DEFICIT AND LIABILITIES		145,566,596			437,593			146,004,189			6,082,747,532

	As previously reported		Adjustment		As adjusted		As adjusted
CONSOLIDATED STATEMENT OF OPERATIONS	VND million		VND million		VND million		USD
For the three months ended March 31, 2024
Sales of vehicles	6,492,833		(738,603	)	5,754,230		239,729,617
Revenues	7,264,467		(738,603	)	6,525,864		271,877,015
Cost of vehicles sold	(10,064,701	)	529,177		(9,535,524	)	(397,263,842	)
Cost of sales	(10,883,950	)	529,177		(10,354,773	)	(431,394,951	)
Gross loss	(3,619,483	)	(209,426	)	(3,828,909	)	(159,517,935	)
Research and development costs	(2,626,801	)	34,097		(2,592,704	)	(108,015,831	)
Selling and distribution costs	(1,982,864	)	269,734		(1,713,130	)	(71,371,495	)
Operating loss	(10,123,644	)	94,405		(10,029,239	)	(417,832,729	)
Finance costs	(4,162,257	)	(2,500	)	(4,164,757	)	(173,509,853	)
Loss before income tax expense	(14,868,716	)	91,905		(14,776,811	)	(615,623,505	)
Tax income	26,839		6,105		32,944		1,372,495
Net loss for the period	(14,841,877	)	98,010		(14,743,867	)	(614,251,010	)
Net loss attributable to non-controlling interests	(22,673	)	88		(22,585	)	(940,924	)
Net loss attributable to controlling interest	(14,819,204	)	97,922		(14,721,282	)	(613,310,086	)
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE LOSS
For the three months ended March 31, 2024
Net loss for the period	(14,841,877	)	98,010		(14,743,867	)	(614,251,010	)
Total comprehensive loss for the period, net of tax	(14,804,297	)	98,010		(14,706,287	)	(612,685,331	)
Net loss attributable to non-controlling interests	(22,673	)	88		(22,585	)	(940,924	)
Comprehensive loss attributable to controlling interest	(14,781,624	)	97,922		(14,683,702	)	(611,744,407	)
Net loss per share attributable to ordinary shareholders
Basic and diluted	(6,339	)	42		(6,297	)	(0.26	)
CONSOLIDATED STATEMENTS OF CASH FLOW
Net loss for the period	(14,841,877	)	98,010		(14,743,867	)	(614,251,010	)
Depreciation of property, plant and equipment	2,009,490		12,477		2,021,967		84,238,095
Amortization of intangible assets	90,080		(8,651	)	81,429		3,392,451
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories	2,610,649		(49,747	)	2,560,902		106,690,914
Deferred tax income	(26,839	)	(6,105	)	(32,944	)	(1,372,495	)
Change in amortized costs of financial instruments measured at amortized cost	806,554		2,499		809,053		33,706,328
Change in working capital:
Trade receivables, advance to suppliers, net investment in sales-type lease	(1,110,933	)	472,045		(638,888	)	(26,617,006	)
Inventories	1,093,508		(529,301	)	564,207		23,505,687
Trade payables, deferred revenues and other payables	(4,171,500	)	(9,075	)	(4,180,575	)	(174,168,854	)
Net cash flows used in operating activities	(12,409,099	)	(17,848	)	(12,426,947	)	(517,724,743	)
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)	(4,807,718	)	18,014		(4,789,704	)	(199,546,057	)
Payment for acquisition of subsidiary (net of cash held by entity being acquired)	-		(10,252	)	(10,252	)	(427,113	)
Net cash flows used in investing activities	(4,297,897	)	7,762		(4,290,135	)	(178,733,283	)
Payment for initial public offering costs	(10,252	)	10,252		-		-
Repayment of borrowings	(9,190,698	)	(166	)	(9,190,864	)	(382,904,804	)
Net cash flows from financing activities	15,501,651		10,086		15,511,737		646,241,595

Exhibit 99.2

Operating Highlights for the First Quarter of 2024

	1Q2024	4Q2023	1Q2023
EV Deliveries^(1)^	9,176	12,036	1,904
E-scooters Deliveries	7,837	22,109	9,758

Related Party Transactions

·	Out of 9,176 EVs delivered in the first quarter of 2024, 57% were to related parties<br>of the Company.
·	Out of the 7,837 e-scooter delivered in the first quarter of 2024, 36% were to<br>related parties of the Company.
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^1^ Includes VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus

VFS 6-K/A