Vingroup's VinFast Faces Financial Risks Amidst Global Ambitions, With $5.7B Loss Over Past Three Years
Vingroup's VinFast Faces Financial Risks Amidst Global Ambitions, With $5.7B Loss Over Past Three Years
Vietnam's top conglomerate, Vingroup, is ramping up its electric vehicle venture with global ambitions, but financial risks loom from its struggling unit, VinFast Auto Ltd (NASDAQ:VFS).
越南最大的企业集团Vingroup正在以全球雄心扩大其电动汽车业务，但其陷入困境的子公司VinFast Auto Ltd（纳斯达克股票代码：VFS）带来了财务风险。
VinFast's swift expansion relies heavily on sales to related entities, a trend expected to persist this year despite challenges in attracting individual buyers and amid a downturn in global EV demand, per Reuters' examination of recent filings and company data.
路透社对最近文件和公司数据的审查显示，VinFast的快速扩张在很大程度上依赖于对关联实体的销售，尽管在吸引个人买家方面存在挑战，而且全球电动汽车需求下滑，但预计今年这一趋势仍将持续下去。
The results highlight concerns for Vingroup as VinFast incurred losses totaling $5.7 billion in the last three years.
业绩凸显了Vingroup的担忧，因为VinFast在过去三年中蒙受了总额为57亿美元的损失。
Since VinFast's U.S. listing in August last year, Vingroup's stock has plummeted by 38%, while its borrowing expenses have risen.
自去年8月VinFast在美国上市以来，Vingroup的股票暴跌了38％，而其借贷支出却有所增加。
According to a late March filing with the U.S. Securities and Exchange Commission, VinFast obtained $11.4 billion in capital injections from Vingroup, its affiliates, and billionaire founder Pham Nhat Vuong between its establishment in 2017 and Dec. 31, 2023, Reuters added.
路透社补充说，根据3月下旬向美国证券交易委员会提交的文件，从2017年成立至2023年12月31日，VinFast从Vingroup、其附属公司和亿万富翁创始人范日旺那里获得了114亿美元的注资。
Last month, Vingroup revealed a $1.6 billion stake and asset sale in its retail unit Vincom Retail, a significant profit generator alongside real estate subsidiary Vinhomes, which, despite remaining profitable, is encountering challenges in the property market.
上个月，Vingroup透露其零售部门Vincom Retail拥有16亿美元的股份和资产出售。Vincom Retail是房地产子公司Vinhomes的重要利润来源。尽管保持盈利，但房地产市场仍面临挑战。
Vingroup informed Reuters that a portion of the proceeds would be allocated to VinFast, emphasizing its higher growth potential, the report read.
报告称，Vingroup告知路透社，部分收益将分配给VinFast，这突显了其更高的增长潜力。
Most of VinFast's retail sales in Vietnam were boosted by substantial discounts from a joint marketing campaign with Vinhomes, per Reuters. The extent of its dependence on Vingroup for sales and financing hadn't been disclosed before.
据路透社报道，VinFast在越南的大部分零售销售都受到与Vinhomes联合营销活动的大量折扣的推动。其对Vingroup进行销售和融资的依赖程度以前从未透露过。
VinFast had previously stated that approximately 70% of its vehicle deliveries in the past year were to Green SM (GSM), a taxi operator and leasing provider owned 95% by Vuong, the report stated.
报告称，VinFast此前曾表示，在过去的一年中，其交付的车辆中约有70％交付给了Green SM（GSM），这是一家出租车运营商和租赁提供商，由Vuong拥有95％的股权。
Vingroup stated that Green SM's profitability may not be immediate but anticipated it would occur "well before 2030," Reuters added.
路透社补充说，Vingroup表示，Green SM的盈利可能不是立竿见影的，但预计将在 “2030年之前” 实现盈利。
Additionally, drivers may transition from employees to partners if they own a VinFast car.
此外，如果司机拥有 VinFast 汽车，他们可能会从员工过渡到合作伙伴。
VinFast's ambition to almost triple vehicle sales this year faces hurdles amidst declining global EV demand, potentially necessitating additional financial backing from the group, Reuters added.
路透社补充说，在全球电动汽车需求下降的情况下，VinFast今年将汽车销量提高近三倍的目标面临障碍，这可能需要该集团的额外财政支持。
Despite previously claiming that it lined up strategic investors upon its public listing, the EV maker has seen its shares plummeted by 97% since its peak post-debut, resulting in a market capitalization of $9.2 billion, far lower than that of legacy U.S. automaker Ford Motor Company (NYSE:F).
尽管此前曾声称在公开上市后已有战略投资者，但这家电动汽车制造商的股价自首次亮相后达到峰值以来已暴跌97％，市值为92亿美元，远低于美国传统汽车制造商福特汽车公司（纽约证券交易所代码：F）。
Price Action: VFS shares closed lower by 10.67% to $3.600 on Friday. Shares rose 1.67% after hours.
价格走势：周五，VFS股价收盘下跌10.67％，至3.600美元。盘后股价上涨了1.67％。
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
该内容部分是在人工智能工具的帮助下制作的，并由Benzinga编辑审查和发布。
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照片：Shutterstock