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SEGMENT REPORTING

12 Months Ended

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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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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