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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
SEGMENT REPORTING |
SEGMENT REPORTING | 24.SEGMENT REPORTING Our Chief Executive Officer, Chief Finance Officer and Chief Strategy and Investment Officer, as the CODM, organises the Company, manages resource allocations and measures performance among three operating and reportable segments: Car, E-scooter and Ebus. The Car segment includes the design, development, manufacturing and sales of cars and related battery lease and battery charging services for cars. The E-scooter segment includes the design, development, manufacturing and sales of e-scooters and related battery lease and battery charging service for e-scooters. The Ebus segment includes the design, development, manufacturing and sales of Ebus. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “All other”. The “All other” category mainly includes sales of spare parts, rendering of after-sale services for automobiles and e-scooters and leasing activities. Cost of Car includes materials, production cost, warranty expense, logistic costs, depreciation and amortization charges and charges to write down the carrying value of our inventory when it exceeds its estimated net realizable value. Cost of E-scooter includes materials, production cost, warranty expense, depreciation and amortization charges and charges to write down the carrying value of our inventory when it exceeds its estimated net realizable value. Cost of E-bus includes materials, warranty expense, depreciation and amortization charges. Our CODM does not evaluate operating segments using asset or liability information. Accordingly, total assets for each reportable segment are not disclosed. Our CODM uses segment gross profit/loss for evaluating product pricing, cost control and optimization, inventory management and short-term cash generating ability of each segment. Information about segments presented revenues and gross profit (loss) by reportable segment were as follows: For the year ended December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency: VND million
​ |  | Car |  | E-scooter |  | Ebus |  | All other |  | Total
Revenues | ​ | 39,460,334 | ​ | 2,275,693 | ​ | 130,838 | ​ | 2,152,150 | ​ | 44,019,015
Cost of sales (*) | ​ | (65,593,249) | ​ | (2,620,417) | ​ | (139,630) | ​ | (943,358) | ​ | (69,296,654)
Gross loss |  | (26,132,915) |  | (344,724) |  | (8,792) |  | 1,208,792 |  | (25,277,639)
Reconciling to operating loss: | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (30,121,519)
Research and development costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (10,025,329)
Selling and distribution costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (7,995,602)
Administrative expenses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (8,892,429)
Net other operating expenses |  | — |  | — |  | — |  | — |  | (3,208,159)
Operating loss |  | — |  | — |  | — |  | — |  | (55,399,158)
​
24. | SEGMENT REPORTING (continued)
For the year ended December 31, 2023 (represented):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  |  |  |  | ​ | ​ | Currency: VND million
​ |  | Car |  | E-scooter |  | Ebus |  | All other |  | Total
Revenues | ​ | 23,565,631 | ​ | 2,540,568 | ​ | 628,115 | ​ | 1,149,507 | ​ | 27,883,821
Cost of sales (*) | ​ | (37,129,034) | ​ | (3,107,640) | ​ | (532,081) | ​ | (825,977) | ​ | (41,594,732)
Gross loss |  | (13,563,403) |  | (567,072) |  | 96,034 |  | 323,530 |  | (13,710,911)
Reconciling to operating loss: | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (28,259,742)
Research and development costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (15,414,442)
Selling and distribution costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5,661,737)
Administrative expenses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5,611,548)
Net other operating expenses |  | — |  | — |  | — |  | — |  | (1,572,015)
Operating loss |  | — |  | — |  | — |  | — |  | (41,970,653)
​ For the year ended December 31, 2022 (represented):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  |  |  |  |  |  | Currency: VND million
​ |  | Car |  | E-scooter |  | Ebus |  | All other |  | Total
Revenues | ​ | 10,580,719 | ​ | 1,531,366 | ​ | 847,128 | ​ | 968,533 | ​ | 13,927,746
Cost of sales (*) | ​ | (23,153,447) | ​ | (2,345,064) | ​ | (697,829) | ​ | (778,185) | ​ | (26,974,525)
Gross loss |  | (12,572,728) |  | (813,698) |  | 149,299 |  | 190,348 |  | (13,046,779)
Reconciling to operating loss: | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (31,509,468)
Research and development costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (21,196,862)
Selling and distribution costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (5,222,963)
Administrative expenses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (4,210,502)
Net other operating expenses |  | — |  | — |  | — |  | — |  | (879,141)
Operating loss |  | — |  | — |  | — |  | — |  | (44,556,247)
​ ​
24. | SEGMENT REPORTING (continued)
For the year ended December 31, 2024 (convenience translation): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency: USD
​ |  | Car |  | E-scooter |  | Ebus |  | All other |  | Total
Revenues | ​ | 1,621,546,497 | ​ | 93,515,225 | ​ | 5,376,536 | ​ | 88,438,463 | ​ | 1,808,876,721
Cost of sales | ​ | (2,695,428,354) | ​ | (107,680,994) | ​ | (5,737,826) | ​ | (38,765,483) | ​ | (2,847,612,657)
Gross loss | ​ | (1,073,881,857) | ​ | (14,165,769) | ​ | (361,290) | ​ | 49,672,980 | ​ | (1,038,735,936)
Reconciling to operating loss: | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (1,237,785,864)
Research and development costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (411,971,605)
Selling and distribution costs | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (328,563,879)
Administrative expenses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (365,417,259)
Net other operating expenses | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (131,833,121)
Operating loss | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (2,276,521,800)
​
(*) | Depreciation and amortization included in Cost of sales for the Car segment for the years ended December 31, 2024, 2023 and 2022 was VND 8,230 billion (USD 338 million), VND 5,725 billion and VND 5,204 billion, respectively.
(*) | Depreciation and amortization included in Cost of sales for the E-scooter segment for the years ended December 31, 2024, 2023 and 2022 was VND 528 billion (USD 22 million), VND 376 billion and VND 356 billion, respectively.
(*) | Depreciation and amortization included in Cost of sales for the Ebus segment for the years ended December 31, 2024, 2023 and 2022 was VND 68 billion (USD 3 million), VND 60 billion and VND 76 billion, respectively.
​ The following table presents revenues by geographic area based on the sales location of the products: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2023 | ​ | For the year ended December 31, 2024
​ |  | VND million |  | VND million |  | VND million |  | USD
Vietnam |  | 13,927,746 |  | 27,146,950 | ​ | 37,405,756 |  | 1,537,117,556
United States | ​ | — | ​ | 159,164 | ​ | 2,728,411 | ​ | 112,118,817
Canada | ​ | — | ​ | 577,707 | ​ | 1,906,089 | ​ | 78,327,068
Europe |  | — |  | — | ​ | 139,026 |  | 5,712,993
Pacific – Asia | ​ | — | ​ | — | ​ | 1,839,733 | ​ | 75,600,287
Total |  | 13,927,746 |  | 27,883,821 | ​ | 44,019,015 |  | 1,808,876,721
​ The following table presents revenues earned from customers for each group of similar products and services: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2023 | ​ | For the year ended December 31, 2024
​ |  | VND million |  | VND million |  | VND million |  | USD
Sales of ICE vehicles and merchandise |  | 6,688,466 |  | 220,397 | ​ | 106,896 |  | 4,392,685
Sales of e-cars |  | 3,846,291 |  | 22,750,175 | ​ | 38,471,395 |  | 1,580,907,952
Sales of e-buses |  | 847,128 |  | 628,115 | ​ | 130,838 |  | 5,376,536
Sales of e-scooters |  | 1,385,479 |  | 1,942,249 | ​ | 1,537,561 |  | 63,183,111
Sale of spare parts |  | 717,080 |  | 882,146 | ​ | 1,823,617 |  | 74,938,032
Rendering of aftermarket services |  | 140,689 |  | 187,141 | ​ | 233,102 |  | 9,578,878
Revenue from leasing activities and other services |  | 302,613 |  | 1,273,598 | ​ | 1,715,606 |  | 70,499,527
Total revenue |  | 13,927,746 |  | 27,883,821 | ​ | 44,019,015 |  | 1,808,876,721
​ The following table presents long-lived assets by geographic area: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2023 | ​ | For the year ended December 31, 2024
​ |  | VND million |  | VND million |  | USD
Vietnam |  | 76,234,650 |  | 71,376,697 |  | 2,933,088,016
United States |  | 7,383,798 |  | 9,068,924 |  | 372,669,976
Other markets |  | 2,585,764 |  | 3,384,119 |  | 139,063,870
Total |  | 86,204,212 |  | 83,829,740 |  | 3,444,821,862
​

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