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).
越南最大的企業集團Vingroup正在以全球雄心擴大其電動汽車業務，但其陷入困境的子公司VinFast Auto Ltd（納斯達克股票代碼：VFS）帶來了財務風險。
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.
路透社對最近文件和公司數據的審查顯示，VinFast的快速擴張在很大程度上依賴於對關聯實體的銷售，儘管在吸引個人買家方面存在挑戰，而且全球電動汽車需求下滑，但預計今年這一趨勢仍將持續下去。
The results highlight concerns for Vingroup as VinFast incurred losses totaling $5.7 billion in the last three years.
業績凸顯了Vingroup的擔憂，因爲VinFast在過去三年中蒙受了總額爲57億美元的損失。
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在美國上市以來，Vingroup的股票暴跌了38％，而其借貸支出卻有所增加。
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.
路透社補充說，根據3月下旬向美國證券交易委員會提交的文件，從2017年成立至2023年12月31日，VinFast從Vingroup、其附屬公司和億萬富翁創始人範日旺那裏獲得了114億美元的注資。
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.
上個月，Vingroup透露其零售部門Vincom Retail擁有16億美元的股份和資產出售。Vincom Retail是房地產子公司Vinhomes的重要利潤來源。儘管保持盈利，但房地產市場仍面臨挑戰。
Vingroup informed Reuters that a portion of the proceeds would be allocated to VinFast, emphasizing its higher growth potential, the report read.
報告稱，Vingroup告知路透社，部分收益將分配給VinFast，這突顯了其更高的增長潛力。
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.
據路透社報道，VinFast在越南的大部分零售銷售都受到與Vinhomes聯合營銷活動的大量折扣的推動。其對Vingroup進行銷售和融資的依賴程度以前從未透露過。
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.
報告稱，VinFast此前曾表示，在過去的一年中，其交付的車輛中約有70％交付給了Green SM（GSM），這是一家出租車運營商和租賃提供商，由Vuong擁有95％的股權。
Vingroup stated that Green SM's profitability may not be immediate but anticipated it would occur "well before 2030," Reuters added.
路透社補充說，Vingroup表示，Green SM的盈利可能不是立竿見影的，但預計將在 “2030年之前” 實現盈利。
Additionally, drivers may transition from employees to partners if they own a VinFast car.
此外，如果司機擁有 VinFast 汽車，他們可能會從員工過渡到合作伙伴。
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.
路透社補充說，在全球電動汽車需求下降的情況下，VinFast今年將汽車銷量提高近三倍的目標面臨障礙，這可能需要該集團的額外財政支持。
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).
儘管此前曾聲稱在公開上市後已有戰略投資者，但這家電動汽車製造商的股價自首次亮相後達到峯值以來已暴跌97％，市值爲92億美元，遠低於美國傳統汽車製造商福特汽車公司（紐約證券交易所代碼：F）。
Price Action: VFS shares closed lower by 10.67% to $3.600 on Friday. Shares rose 1.67% after hours.
價格走勢：週五，VFS股價收盤下跌10.67％，至3.600美元。盤後股價上漲了1.67％。
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
該內容部分是在人工智能工具的幫助下製作的，並由Benzinga編輯審查和發佈。
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照片：Shutterstock