6-K
VinFast Auto Ltd. (VFS)
UNITED STATES
SECURITIES AND EXCHANGECOMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGNPRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIESEXCHANGE ACT OF 1934
For the month of July 2024
Commission File Number: 001-41782
VinFast Auto Ltd.
Dinh Vu – CatHai Economic Zone
Cat Hai Islands, CatHai Town, Cat Hai District
Hai Phong City, Vietnam
(Address of principalexecutive 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 ¨
INFORMATION CONTAINEDIN THIS REPORT ON FORM 6-K
On July 12, 2024, VinFast Auto Ltd. (the “Company”) announced the delivery result for its second quarter 2024, business updates, and the release date for its second quarter 2024 financial results. A copy of that press release is furnished as Exhibit 99.1 to this Report on Form 6-K.
The information in Exhibit 99.1 of this report on Form 6-K relating to the Company’s second quarter vehicle delivery results and the Company’s North Carolina manufacturing facility development plans shall be deemed to be incorporated by reference into the 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registration statement) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
| Exhibit | Description of Exhibit |
|---|---|
| 99.1 | Press release, dated July 12, 2024 |
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: July 15, 2024 | By: | /s/ Le Thi Thu Thuy | |
| Name: | Le Thi Thu Thuy | ||
| Title: | Chairwoman and Director |
Exhibit 99.1
VinFast Announces Delivery Results for the SecondQuarter of 2024 and Business Updates
12,058 vehicles delivered in Q2 2024, an increaseof 24% quarter-over-quarter, and a 26% increase year-over-year
Singapore, July 12, 2024 – VinFast Auto Ltd. (“VinFast” or the “Company”), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its delivery results for the second quarter of 2024.
For the second quarter of 2024, VinFast delivered 12,058 vehicles, representing an increase of 24% quarter-over-quarter and an increase of 26% compared to the same period of last year. Through 1H2024, VinFast has delivered 21,747 vehicles, up by 92% compared to 1H2023.
While the second quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and global EV landscape necessitate a more prudent outlook for the rest of the year. The Company now anticipates delivering approximately 80,000 electric vehicles in 2024, compared to 34,855 vehicles delivered in 2023, or 2.3x year-over-year growth.
In addition, VinFast has made the strategic decision to adjust the timeline for the launch of its North Carolina manufacturing facility, which is now expected to begin production in 2028. This decision will allow the Company to optimize its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations.
Madam Thuy Le, Chairwoman of the Board of Directors, stated, “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking intofull consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven executioncapabilities position us well to meet the evolving needs of the dynamic global EV market.”
The Company also announced that it will release its 2Q24 financial results before the market opens on August 15^th^, 2024. On the same day, VinFast’s management will host a live webcast to discuss the Company’s business performance and strategy. Details for the call are below:
| - | What: VinFast Q2 2024 Financial Results and Q&A Webcast |
|---|---|
| ^-^ | When: Thursday, August 15^th^, 2024 |
| --- | --- |
| - | Time: 8:00 am. Eastern Standard Time |
| --- | --- |
| - | Live webcast: https://edge.media-server.com/mmc/p/urnhoxtg |
A replay of the webcast will also be made available on the Company’s website.
For additional information, please visit https://vinfastauto.us/investor-relations
Investor Relations: Email: ir@vinfastauto.com
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe, and Asia.
Learn more at https://vinfast.com/
Forward Looking Statements
Forward-looking statements in this announcement,which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955.These statements include statements regarding our future results of operations and financial position, planned products and services,business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitiveposition and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actualresults, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In somecases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative ofthese words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-lookingstatements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherentlyuncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) theeffect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships,performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a materialprice decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedingsand regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintainthe listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) theability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) theability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable termsand the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with beinga new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidencein its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new productsand services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costsassociated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule atacceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationshipswith existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with newsuppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timelymanner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expectedlevels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) theavailability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or eliminationof government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure tomaintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financialcondition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failureof the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or otherissues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’sresearch and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) productrecalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control andexert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup andits affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests withor any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroupand Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionarystatements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as ofthe date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statementsto reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-lookingstatements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference shouldbe drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statementin this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in suchstatement are material. Undue reliance should not be placed upon the forward-looking statements.