VFSWW VinFast Auto Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K/A
(Amendment No. 1)

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2024

 

Commission File Number: 001-41782

 

VinFast Auto Ltd.

 

Dinh Vu – Cat Hai Economic Zone

Cat Hai Islands, Cat Hai Town, Cat Hai District

Hai Phong City, Vietnam

 

(Address of principal executive 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  ¨

 

 

 

EXPLANATORY NOTE

 

VinFast Auto Ltd. (“VinFast”, “we”, or the “Company”) is amending its report on Form 6-K originally furnished to the Securities and Exchange Commission on April 17, 2024 (the “Original 6-K”) in order to restate and replace the unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2023 and 2024 (the “Interim Financial Statements”) included in the Original 6-K.

 

As previously reported, on July 29, 2024, the management of the Company and the Company’s board of directors and audit committee concluded that the Company’s previously issued Interim Financial Statements should no longer be relied upon. The accounting errors requiring the restatement of the Interim Financial Statements relate to the recognition of revenue from sale of vehicles on a bill-and-hold basis, the accounting for an after-sales policy. In addition, the restated Interim Financial Statements reflect an update of the financial statements of VinFast’s subsidiary, VinES Energy Solution Joint Stock Company following its 2023 audited financial statements as a subsequent event as the subsidiary’s fiscal year 2023 audit was completed after the date of the Company’s previously issued Interim Financial Statements. This Form 6-K/A includes the restated Interim Financial Statements and restated delivery information also originally included in the Original 6-K. The individual restatement matters that underlie the restatement adjustments are described in Exhibit 99.1 to this Form 6-K/A under the heading “Restatement of the financial statements.”

 

In connection with the restatement of the Interim Financial Statements and in accordance with the Company’s updated methodology for presenting vehicle delivery information previously disclosed in the Company’s Amendment No. 1 to its annual report on Form 20-F, filed with the Commission on September 10, 2024, the Company is also correcting the delivery information included in the Original 6-K as set forth in Exhibit 99.2 to this Form 6-K/A.

 

This Form 6-K/A shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-278251) of VinFast Auto Ltd. (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.

 

 

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: September 19, 2024	By:	/s/ Le Thi Thu Thuy
		Name:	Le Thi Thu Thuy
		Title:	Chairwoman and Director

 

 

EXHIBIT INDEX

 

Exhibit		Description of Exhibit
99.1		Restated Unaudited Condensed Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2023 and 2024
99.2		Restated Delivery Information

 

 

 

Exhibit 99.1

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Balance Sheets

 

		As of December 31, 2023				As of March 31, 2024				As of March 31, 2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents			4,095,472				2,959,316				123,289,422
Restricted cash			102,932				53,918				2,246,303
Trade receivables			469,918				415,926				17,328,084
Advances to suppliers			4,753,634				4,338,778				180,759,822
Inventories, net			30,141,381				27,861,431				1,160,747,865
Short-term prepayments and other receivables			8,006,103				8,469,212				352,839,728
Short-term derivative assets			548,010				697,520				29,059,701
Current net investment in sales-type lease			87,552				68,515				2,854,435
Short-term investments			4,105				4,106				171,062
Short-term amounts due from related parties			2,374,382				2,493,265				103,873,058
Total current assets			50,583,489				47,361,987				1,973,169,479
NON-CURRENT ASSETS
Trade receivables			110,312				112,370				4,681,498
Property, plant and equipment, net			79,122,703				81,148,209				3,380,752,781
Intangible assets, net			1,346,324				1,307,720				54,481,523
Investment in equity investees			1,214,938				1,213,504				50,556,347
Other long-term investments			918,040				918,040				38,246,886
Operating lease right-of-use assets			7,081,509				6,889,380				287,021,622
Long-term derivative assets			66,124				-				-
Long-term prepayments			217,180				214,270				8,926,801
Non-current net investment in sales-type lease			620,665				642,616				26,772,320
Long-term amounts due from related parties			51,073				51,073				2,127,776
Long-term restricted cash			660,363				706,913				29,451,027
Other non-current assets			4,865,001				5,438,107				226,559,472
Total non-current assets			96,274,232				98,642,202				4,109,578,053
TOTAL ASSETS			146,857,721				146,004,189				6,082,747,532

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Balance Sheets (continued)

 

		As of December 31, 2023				As of March 31, 2024				As of March 31, 2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Short-term and current portion of long-term interest-bearing loans and borrowings			42,924,034				47,544,059				1,980,754,864
Convertible debenture			1,190,475				1,222,605				50,935,508
Short-term financial liabilities			18,258,063				19,253,692				802,136,900
Trade payables			12,146,588				7,835,821				326,451,735
Deposits and down-payment from customers			1,194,112				998,387				41,594,259
Short-term deferred revenue			149,747				146,495				6,103,195
Short-term accruals			11,431,878				10,526,833				438,563,221
Other current liabilities			13,875,625				14,045,921				585,173,562
Current operating lease liabilities			1,524,356				1,540,230				64,168,229
Amounts due to related parties			49,341,144				56,862,943				2,368,993,168
Total current liabilities			152,036,022				159,976,986				6,664,874,641
NON-CURRENT LIABILITIES
Long-term interest-bearing loans and borrowings			30,170,149				24,766,799				1,031,820,981
Long-term derivative liabilities			137,057				58,048				2,418,364
Other non-current liabilities			2,194,253				2,882,082				120,071,741
Non-current operating lease liabilities			5,330,344				5,171,218				215,440,487
Long-term deferred revenue			1,569,733				1,721,792				71,732,367
Deferred tax liabilities			1,025,264				992,319				41,341,457
Long-term accruals			123,867				179,371				7,472,858
Amounts due to related parties			19,682,747				30,246,856				1,260,128,151
Total non-current liabilities			60,233,414				66,018,485				2,750,426,405
Commitments and contingencies
EQUITY
Ordinary shares – VinFast Auto (2,337,788,498 and 2,337,865,164 shares issued and outstanding as of December 31, 2023 and March 31, 2024 respectively)			9,847,536				9,861,943				410,862,934
Accumulated losses			(190,502,556	)			(205,223,838	)			(8,549,924,509	)
Additional paid-in capital			38,258,499				38,370,811				1,598,583,969
Other comprehensive loss			(385,873	)			(348,292	)			(14,510,353	)
Deficit attributable to equity holders of the parent			(142,782,394	)			(157,339,376	)			(6,554,987,960	)
Non-controlling interests			77,370,679				77,348,094				3,222,434,446
Total deficit			(65,411,715	)			(79,991,282	)			(3,332,553,514	)
TOTAL DEFICIT AND LIABILITIES			146,857,721				146,004,189				6,082,747,532

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Operations

 

		For the three months ended March 31,
		2023				2024				2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
Revenues
Sales of vehicles			1,529,758				5,754,230				239,729,617
Sales of merchandise			38,269				41,555				1,731,242
Sales of spare parts and components			191,545				288,880				12,035,162
Rendering of services			74,720				215,743				8,988,168
Rental income
Revenue from leasing activities			130,473				225,456				9,392,826
Revenues			1,964,765				6,525,864				271,877,015
Cost of vehicles sold			(4,802,400	)			(9,535,524	)			(397,263,842	)
Cost of merchandise sold			(38,533	)			(41,286	)			(1,720,035	)
Cost of spare parts and components sold			(180,872	)			(186,941	)			(7,788,235	)
Cost of rendering services			(173,466	)			(369,312	)			(15,386,077	)
Cost of leasing activities			(148,305	)			(221,710	)			(9,236,762	)
Cost of sales			(5,343,576	)			(10,354,773	)			(431,394,951	)
Gross loss			(3,378,811	)			(3,828,909	)			(159,517,935	)
Operating expenses
Research and development costs			(5,179,913	)			(2,592,704	)			(108,015,831	)
Selling and distribution costs			(1,277,860	)			(1,713,130	)			(71,371,495	)
Administrative expenses			(1,215,608	)			(1,344,055	)			(55,995,292	)
Net other operating expenses			66,872				(550,441	)			(22,932,175	)
Operating loss			(10,985,320	)			(10,029,239	)			(417,832,729	)
Finance income			160,395				28,449				1,185,227
Finance costs			(2,865,586	)			(4,164,757	)			(173,509,853	)
Net (loss)/gain on financial instruments at fair value through profit or loss			(671,463	)			(609,830	)			(25,406,408	)
Share of gain/(losses) from equity investees			2,809				(1,434	)			(59,743	)
Loss before income tax expense			(14,359,165	)			(14,776,811	)			(615,623,505	)
Tax income/(expense)			19,502				32,944				1,372,495
Net loss for the period			(14,339,663	)			(14,743,867	)			(614,251,010	)
Net loss attributable to non-controlling interests			(28,865	)			(22,585	)			(940,924	)
Net loss attributable to controlling interest			(14,310,798	)			(14,721,282	)			(613,310,086	)

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss

 

		For the three months ended March 31,
		2023				2024				2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
Net loss for the period			(14,339,663	)			(14,743,867	)			(614,251,010	)
Other comprehensive (loss)/income
Other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations			(18,824	)			37,580				1,565,679
Net other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods			(18,824	)			37,580				1,565,679
Total comprehensive loss for the period, net of tax			(14,358,487	)			(14,706,287	)			(612,685,331	)
Net loss attributable to non-controlling interests			(28,865	)			(22,585	)			(940,924	)
Comprehensive loss attributable to controlling interest			(14,329,622	)			(14,683,702	)			(611,744,407	)
Net loss per share attributable to ordinary shareholders			VND				VND				USD
Basic and diluted			(6,224	)			(6,297	)			(0.26	)
Weighted average number of shares used in loss per share computation
Basic and diluted			2,299,999,998				2,337,862,964				2,337,862,964

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Cash Flows

 

		For the three months ended March 31,
		2023				2024				2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
OPERATING ACTIVITIES
Net loss for the period			(14,339,663	)			(14,743,867	)			(614,251,010	)
Adjustments to reconcile net loss to net cash flows:
Depreciation of property, plant and equipment			1,190,905				2,021,967				84,238,095
Amortization of intangible assets			56,268				81,429				3,392,451
Impairment of goodwill, assets and changes in fair value of held for sale assets			350,610				36,436				1,517,977
Changes in operating lease right-of-use assets			207,744				294,866				12,284,548
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories			2,830,972				2,560,902				106,690,914
Deferred income tax income			(19,502	)			(32,944	)			(1,372,495	)
Unrealized foreign exchange (gain)/losses			(87,585	)			379,399				15,806,316
Shares of (gain)/loss from equity investees			-				1,434				59,743
Net (gain)/loss on financial instruments at fair value through profit or loss			671,463				609,830				25,406,408
Change in amortized costs of financial instruments measured at amortized cost			798,271				809,053				33,706,328
Share-based compensation expenses			(2,809	)			47,880				1,994,751
Change in working capital:
Trade receivables, advance to suppliers, net investment in sales-type lease			1,856,615				(638,888	)			(26,617,006	)
Inventories			(6,147,799	)			564,207				23,505,687
Trade payables, deferred revenues and other payables			(1,723,131	)			(4,180,575	)			(174,168,854	)
Operating lease liabilities			(243,317	)			(245,989	)			(10,248,261	)
Prepayments, other receivables and other assets			(16,408	)			7,913				329,667
Net cash flows used in operating activities			(14,617,366	)			(12,426,947	)			(517,724,743	)

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Cash Flows (continued)

 

		For the three months ended March 31,
		2023				2024				2024
		VND million				VND million				USD
		(As adjusted(1))				(Unaudited) (Restated)				(Unaudited) (Restated)
INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)			(6,222,318	)			(4,789,704	)			(199,546,057	)
Disbursement of bank deposit			(10,480,000	)			-				-
Collection of loans			677,900				-				-
Payment for acquisition of subsidiary (net of cash held by entity being acquired)			(480,804	)			(10,252	)			(427,113	)
Receipt from government grants			-				509,821				21,239,887
Net cash flows used in investing activities			(16,505,222	)			(4,290,135	)			(178,733,283	)
FINANCING ACTIVITIES
Deemed contribution from owners			-				74,904				3,120,610
Proceeds from borrowings			45,127,185				24,627,697				1,026,025,788
Repayment of borrowings			(13,931,753	)			(9,190,864	)			(382,904,804	)
Net cash flows from financing activities			31,195,432				15,511,737				646,241,595
Net increase in cash, cash equivalents and restricted cash			72,844				(1,205,345	)			(50,216,431	)
Cash, cash equivalents and restricted cash at the beginning of the period			4,361,631				4,858,766				202,423,280
Net foreign exchange difference			(14,645	)			66,726				2,779,903
Cash, cash equivalents and restricted cash at the end of period			4,419,830				3,720,147				154,986,752
Supplement disclosures of non-cash activities
Non-cash property, plant and equipment additions			4,254,079				6,713,519				279,694,996
Establishment of right-of-use assets and lease liabilities at commencement dates and lease modification			2,966,933				102,737				4,280,173
Supplemental Disclosure
Interest paid, net of capitalized interest			1,232,327				2,096,344				87,336,750

 

(1)	As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

 

 

Restatement of the Interim Financial Statements

 

The Interim Financial Statements of VinFast Auto Ltd. (the “Company”, “our”, or “we”) as of March 31, 2024 and for the three months then ended were restated to (a) correct accounting errors relating to (i) the recognition of revenue from the sale of vehicles on a bill-and-hold basis and (ii) the accounting for an after-sale policy and (b) to reflect as a subsequent event an update of the 1Q24 financial statements of VinES Energy Solution Joint Stock Company (“VinES”) – a subsidiary of the Company following the completion of the audit of its fiscal year 2023 financial statements. Details are as follows:

 

-

In relation to accounting errors in connection with recognition of revenue from sale of vehicles on the bill-and-hold basis, the Company delivered and transferred risk and control of 412 EVs and 2,192 e-scooters to GSM JSC and 12 EVs to an unrelated third party in Vietnam in the first quarter of 2024. Therefore, the Company excluded those sales in its restated financial statements for fiscal year 2023, and the Company has recognized those sales in the first quarter of 2024 by adjusting the corresponding revenue, amount due from a related party, advance from customer, trade receivables, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories.

 

Separately, after the fiscal year ended December 31, 2023, the sale of 425 EVs and 924 e-scooters to GSM JSC, 291 EVs to Vinhomes JSC and 182 EVs and 38 e-scooters to unrelated third parties in Vietnam were originally recorded as revenue in the first quarter of 2024. However, the dispatching of these vehicles for delivery began in the second quarter of 2024 or risk and controls had not been fully transferred to the customers during the first quarter of 2024. Therefore, the Company corrected this error by adjusting the corresponding revenue, advance from customer, amount due to a related party, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories, as reflected in the restated Interim Financial Statements;

 

-

In 2024, the Company announced an after-sales policy that provides eligible customers who previously purchased the Company’s ICE vehicles with service vouchers. The Company recognized expenses in relation to vehicles sold prior to effectiveness of this policy as selling and distribution costs rather than as a reduction to revenue. Since the after-sales expenses policy is tied to previously recognized revenue and current customer agreements, the support provided under the after-sales policy is consideration payable to a customer and should have been recorded as a reduction to revenue during the first quarter of 2024. Accordingly, the Company corrected this error by decreasing selling and distribution costs and revenue by the same amount.

 

-

In January 2024, we acquired our affiliate, VinES, a Vietnam-based EV battery company, from Mr. Pham Nhat Vuong. The Company has reflected the audited financial statements of VinES for fiscal year 2023 in the restated Interim Financial Statements as the VinES financial statements were released subsequent to the issuance of Company’s original Interim Financial Statements. In particular, the following line items are adjusted: including account property, plant and equipment, net, other long-term investments, trade payables, provision for warranty, amounts due to a related party, deferred tax liabilities, cost of sale, research and development costs and finance costs.

 

 

The financial statements of the Company as of March 31, 2024 and for the three months then ended have been updated to reflect the events mentioned above. Details are as follows:

 

		As previously reported				Adjustment				As adjusted				As adjusted
CONSOLIDATED BALANCE SHEET		VND million				VND million				VND million				USD
As of March 31, 2024
ASSETS
Trade receivables			526,856				(110,930	)			415,926				17,328,084
Inventories, net			26,711,521				1,149,910				27,861,431				1,160,747,865
Short-term prepayments and other receivables			8,329,867				139,345				8,469,212				352,839,728
Short-term amounts due from related parties			3,376,097				(882,832	)			2,493,265				103,873,058
Total current assets			47,066,494				295,493				47,361,987				1,973,169,479
Property, plant and equipment, net			80,986,881				161,328				81,148,209				3,380,752,781
Other long-term investments			937,268				(19,228	)			918,040				38,246,886
Total non-current assets			98,500,102				142,100				98,642,202				4,109,578,053
TOTAL ASSETS			145,566,596				437,593				146,004,189				6,082,747,532
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Trade payables			7,688,438				147,383				7,835,821				326,451,735
Deposits and down-payment from customers			663,849				334,538				998,387				41,594,259
Short-term accruals			10,541,709				(14,876	)			10,526,833				438,563,221
Other current liabilities			14,143,625				(97,704	)			14,045,921				585,173,562
Amounts due to related parties			56,856,137				6,806				56,862,943				2,368,993,168
Total current liabilities			159,600,839				376,147				159,976,986				6,664,874,641
Other non-current liabilities			2,930,699				(48,617	)			2,882,082				120,071,741
Long-term deferred revenue			1,763,294				(41,502	)			1,721,792				71,732,367
Deferred tax liabilities			987,819				4,500				992,319				41,341,457
Amounts due to related parties			30,114,664				132,192				30,246,856				1,260,128,151
Total non-current liabilities			65,971,912				46,573				66,018,485				2,750,426,405
Accumulated losses			(205,239,009	)			15,171				(205,223,838	)			(8,549,924,509	)
Deficit attributable to equity holders of the parent			(157,354,547	)			15,171				(157,339,376	)			(6,554,987,960	)
Non-controlling interests			77,348,392				(298	)			77,348,094				3,222,434,446
Total deficit			(80,006,155	)			14,873				(79,991,282	)			(3,332,553,514	)
TOTAL DEFICIT AND LIABILITIES			145,566,596				437,593				146,004,189				6,082,747,532

 

 

			As previously reported				Adjustment				As adjusted				As adjusted
CONSOLIDATED STATEMENT OF OPERATIONS			VND million				VND million				VND million				USD
For the three months ended March 31, 2024
Sales of vehicles			6,492,833				(738,603	)			5,754,230				239,729,617
Revenues			7,264,467				(738,603	)			6,525,864				271,877,015
Cost of vehicles sold			(10,064,701	)			529,177				(9,535,524	)			(397,263,842	)
Cost of sales			(10,883,950	)			529,177				(10,354,773	)			(431,394,951	)
Gross loss			(3,619,483	)			(209,426	)			(3,828,909	)			(159,517,935	)
Research and development costs			(2,626,801	)			34,097				(2,592,704	)			(108,015,831	)
Selling and distribution costs			(1,982,864	)			269,734				(1,713,130	)			(71,371,495	)
Operating loss			(10,123,644	)			94,405				(10,029,239	)			(417,832,729	)
Finance costs			(4,162,257	)			(2,500	)			(4,164,757	)			(173,509,853	)
Loss before income tax expense			(14,868,716	)			91,905				(14,776,811	)			(615,623,505	)
Tax income			26,839				6,105				32,944				1,372,495
Net loss for the period			(14,841,877	)			98,010				(14,743,867	)			(614,251,010	)
Net loss attributable to non-controlling interests			(22,673	)			88				(22,585	)			(940,924	)
Net loss attributable to controlling interest			(14,819,204	)			97,922				(14,721,282	)			(613,310,086	)
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE LOSS
For the three months ended March 31, 2024
Net loss for the period			(14,841,877	)			98,010				(14,743,867	)			(614,251,010	)
Total comprehensive loss for the period, net of tax			(14,804,297	)			98,010				(14,706,287	)			(612,685,331	)
Net loss attributable to non-controlling interests			(22,673	)			88				(22,585	)			(940,924	)
Comprehensive loss attributable to controlling interest			(14,781,624	)			97,922				(14,683,702	)			(611,744,407	)
Net loss per share attributable to ordinary shareholders
Basic and diluted			(6,339	)			42				(6,297	)			(0.26	)
CONSOLIDATED STATEMENTS OF CASH FLOW
Net loss for the period			(14,841,877	)			98,010				(14,743,867	)			(614,251,010	)
Depreciation of property, plant and equipment			2,009,490				12,477				2,021,967				84,238,095
Amortization of intangible assets			90,080				(8,651	)			81,429				3,392,451
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories			2,610,649				(49,747	)			2,560,902				106,690,914
Deferred tax income			(26,839	)			(6,105	)			(32,944	)			(1,372,495	)
Change in amortized costs of financial instruments measured at amortized cost			806,554				2,499				809,053				33,706,328
Change in working capital:
Trade receivables, advance to suppliers, net investment in sales-type lease			(1,110,933	)			472,045				(638,888	)			(26,617,006	)
Inventories			1,093,508				(529,301	)			564,207				23,505,687
Trade payables, deferred revenues and other payables			(4,171,500	)			(9,075	)			(4,180,575	)			(174,168,854	)
Net cash flows used in operating activities			(12,409,099	)			(17,848	)			(12,426,947	)			(517,724,743	)
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)			(4,807,718	)			18,014				(4,789,704	)			(199,546,057	)
Payment for acquisition of subsidiary (net of cash held by entity being acquired)			-				(10,252	)			(10,252	)			(427,113	)
Net cash flows used in investing activities			(4,297,897	)			7,762				(4,290,135	)			(178,733,283	)
Payment for initial public offering costs			(10,252	)			10,252				-				-
Repayment of borrowings			(9,190,698	)			(166	)			(9,190,864	)			(382,904,804	)
Net cash flows from financing activities			15,501,651				10,086				15,511,737				646,241,595

 

 

 

Exhibit 99.2

 

Operating Highlights for the First Quarter of 2024

 

			1Q2024				4Q2023				1Q2023
EV Deliveries(1)			9,176				12,036				1,904
E-scooters Deliveries			7,837				22,109				9,758

 

Related Party Transactions

 

·

Out of 9,176 EVs delivered in the first quarter of 2024, 57% were to related parties of the Company.

·

Out of the 7,837 e-scooter delivered in the first quarter of 2024, 36% were to related parties of the Company.

 

¹ Includes VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus

 

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