Vinfast Auto Ltd. · NASDAQ:VFS
Vinfast Auto — SPAC Merger (June 2023)
42 slides from Vinfast Auto's SPAC merger presentation, Jun 6, 2023
Slide 1: Investor Presentation June 2023
Investor Presentation June 2023
Slide 2: Disclaimer
2 Disclaimer This presentation contains proprietary and confidential information of VinFast Auto Pte. Ltd. (the “Company”) and Black Spade Acquisition Co (“Black Spade”). This presentation has been prepared to assist interested parties in making their own evaluation with respect to a potential busin
Slide 3: Disclaimer: Forward-Looking Statements
3 Disclaimer Forward-Looking Statements This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between the Company and Black Spade, including statements regarding the benefits of the transaction, the antic
Slide 4: Disclaimer: Industry and Market Data
4 Disclaimer Industry and Market Data In this presentation, the Company and Black Spade rely on and refer to certain information, estimates and statistics obtained from third-party sources (including Frost & Sullivan and S&P Capital IQ). No third party can guarantee the accuracy of such information.
Slide 5: Risks related to VinFast's business
5 The risks presented below are certain of the general risks related to VinFast’s business, industry and ownership structure and are not exhaustive. The list below is qualified in its entirety by disclosures to be contained in future public filings by VinFast with the U.S. Securities and Exchange Co
Slide 6: About VinFast
Vv. - About VinFast ~~ ere
Slide 7: Our Mission: Create a Sustainable Future for Everyone
7 Our Mission: Create a Sustainable Future for Everyone The path to sustainable mobility is achievable when everyone has easy access to smart, safe and environmentally friendly EVs
Slide 8: What Defines Us: DNA Execution Excellence
8 What Defines Us: DNA Execution Excellence We do everything with passion, speed, courage and forward thinking – all to make the world a better place We prioritize Execution Excellence at the core of everything we do Execution Excellence is in our DNA
Slide 9: Visionary Drive is Part of Our Heritage
9 Visionary Drive is Part of Our Heritage… Execution Excellence Has Enabled Vingroup to Become One of the Most Significant Commercial Enterprises in Vietnam and APAC Market Capitalization (1) Rank in Pham Nhat Vuong ~US$21.2Bn Vietnam Chairman and Founder (3) (2) Auto & Vingroup and VinFast ~1.1% #1
Slide 10: Outstanding Speed and Quality: Hai Phong Manufacturing Complex
10 Outstanding Speed and Quality… 860-Acre, Highly-Automated Manufacturing Complex in Hai Phong 2017 – Company Founding and Facility Construction 2018 – E-Scooter Production Commenced 2019 – Facility Phase 1 Completed 2022 – 2023: First EV Shipment in November 2022 and 2020 – Focused on ICE Producti
Slide 11: Proof of Our Execution: Making the Impossible(s) Possible
11 Proof of Our Execution: Making the Impossible(s) Possible (2) In-Production Platforms by Year Challenge #1 (Number of models) Four EV models Electric Vehicles Build a global automotive OEM in Vietnam (4) launched to date E-Buses 6 ICE Vehicles Challenge #2 2 1 1 E-Scooters (1) 1 Achieve #1 market
Slide 12: Next Challenge: Global Expansion of Our EV Product Line
12 Next Challenge: Global Expansion of Our EV Product Line
Slide 13: The World is Noticing Our Progress
13 The World is Noticing Our Progress We have been reporting on The excitement among the VinFast returns to Vietnamese automaker VinFast's media scrum…flowed from CES 2023 with a efforts to penetrate the U.S. a stand introducing the showcase of its market with its all-electric SUVs VinFast electric
Slide 14: We Solve the Critical Issues Facing the EV Industry
14 We Solve the Critical Issues Facing the EV Industry MISCONCEPTION REAL ISSUE MISCONCEPTION REAL ISSUE MISCONCEPTION REAL ISSUE Demand Supply Engineering Execution EV Adoption Economics
Slide 15: Three Key Pillars of Our Smart Mobility Philosophy
15 We Aim to Differentiate Ourselves Through Three Key Pillars of Our Smart Mobility Philosophy 1 Premium Quality Products Inclusive and Flexible Pricing 2 3 Excellent Aftersales Service
Slide 16: DNA We Have Already Delivered with Execution Excellence
16 DNA We Have Already Delivered with Execution Excellence US$1.3T 45,000 3,300 (1) (2) (3) Total Addressable Market EV Reservations Received VF 5 Reservations Received in the First 9 Hours 3,800 13,000/100,000 12,300/175,000 (4) (4) EV Vehicles Delivered in April 2023 EV Vehicles Sold/ICE + EV Vehi
Slide 17: DNA Execution Excellence is a Management Requirement
17 DNA Execution Excellence is a Management Requirement Industry Veterans from Automotive, Technology, and Finance Sectors Le Thi Thu Thuy, CFA David Mansfield Michael Johnson Stuart Ian Taylor Le Mai Tuyet Trinh Global CEO CFO Deputy CEO, Deputy CEO, Deputy CEO, Years of experience: 23 Years of exp
Slide 18: Demonstrated Drive to Do Well by Doing Good
18 Demonstrated Drive to Do Well by Doing Good Climate & Environment • Fully ceased ICE vehicle production • Signatory to COP26 ZEV and The Climate Pledge Business Sustainability • Supplier selection and monitoring process in (1) place – including CoC and responsible sourcing • 76% of suppliers have
Slide 19: What Drives Us – We Are Limitless
19 What Drives Us – We Are Limitless AMBITION SUSTAINABILITY COLLABORATION INNOVATION EXECUTION ENGINEERING OPPORTUNITY EXPERIENCE SPEED STYLE EXCELLENCE ACHIEVEMENT INTENSITY PIONEERING PASSION SAFETY CREATIVITY DRIVERS – PARTNERS - TEAM COME JOIN THE CHARGE WITH US
Slide 20: How We Aim To Stand Out
20 How We Aim To Stand Out Skillfully Engineered, Innovation-Driven, Luxurious EV SUVs in Every Technology-Centric Platform Segment Highly-Automated Flexible Offering at an Production Facilities – Inclusive Price Point DNA Execution Excellence Strategic Focus on High Differentiated Ownership Growth
Slide 21: Luxurious EV SUVs in Every Segment: VF 8 and VF 9
21 Skillfully Engineered, Luxurious EV SUVs in Every Segment VF 8: A Premium Electric Compact SUV to Complement Any Lifestyle VF 9: A High-End Electric Full-Size SUV Desired by All Vehicle Overview Vehicle Overview • D-segment SUV • E-segment SUV • Available to consumers in US, Canada, Europe and Vi
Slide 22: Luxurious EV SUVs in Every Segment: VF 5, VF 6, VF 7
22 Skillfully Engineered, Luxurious EV SUVs in Every Segment VF 6: Family-Oriented B-SUV VF 7: Sporty and Stylish C-SUV VF 5: Compact and Efficient A-SUV Vehicle Overview Vehicle Overview Vehicle Overview • A-segment SUV • B-segment SUV • C-segment SUV • Available to consumers in Vietnam only• Avail
Slide 23: Innovation-Driven, Technology-Centric Platform
23 Innovation-Driven, Technology-Centric Platform Advanced Safety Systems Enhanced User Convenience VinFast vehicle Mobile home Single, large central In-car Heads-up Advanced Cloud-based Emphasis on (1) as a “Live and features screen for multiple e-commerce/ display warning and secure providing late
Slide 24: Electrical / Electronic Architecture
24 Innovation-Driven, Technology-Centric Platform Electrical / Electronic Architecture • Standardized architecture used for all SUV-segment models • Ability to tailor feature sets based on model requirements • Heads-up display enables drivers to keep their eyes on the road and hands on the wheel • D
Slide 25: Connect Intelligence Globally
25 Connect Intelligence Globally Development Capabilities Strengthened by Shared Expertise of Vingroup and Global Partners Key battery partner providing battery packs for VinFast vehicles Technology Ecosystem > 1,100 engineers ~ 930 R&D Professionals Leading ~US$8.2Bn Development Invested to In-hous
Slide 26: Highly-Automated and Integrated Manufacturing Facilities
26 Highly-Automated and Integrated Manufacturing Facilities Plant Footprint Spanning 860 Acres with Substantial Room for Expansion Automation Allows Acceleration of Production with Quality and Safety under Control Scalable Manufacturing Facility in Vietnam Automated Incl. 95% Paint Shop US Facility
Slide 27: On-site Integrated Supplier Park System in Vietnam
27 Highly-Automated and Integrated Manufacturing Facilities On-site Integrated Supplier Park System in Vietnam Helps Lower Sourcing and Inventory Costs of Key Components Local Sourcing Select On-site Global Tier 1 Partners Key Benefits Overheads, Seat Logistical economies of scale Sun Visors Up to 6
Slide 28: Flexible Offering at an Inclusive Price Point
28 Flexible Offering at an Inclusive Price Point Our Products are Inclusively Priced with a Lower Relative Total Cost of Ownership for Our Customers (1) Total Cost of Ownership VinFast’s Cost Advantages Battery Inclusive Up to 17% Cost Saving Connecting Intelligence Globally Up to 6% Cost Saving $80
Slide 29: Strategic Focus on High Growth Segments
29 Strategic Focus on High Growth Segments… Our EV SUV Portfolio Encompasses One of the Broadest Offerings to Facilitate the Greatest Outreach to our Target Markets VinFast’s Planned Vehicle Lineup Targets the Highest (1) …With Features and a Price Point that Target ICE Converts and EV Markets Growt
Slide 30: ... and High Potential Markets
30 ... and High Potential Markets… Our Focus Markets Represent Differentiated Upside Opportunities in the Medium Term and Beyond VinFast’s Focus Markets are Sizable with Significantly Higher Growth… ... from Lower Penetration with Less Competition than China Annual EV shipments by region EVs as % sh
Slide 31: An Extensive Global Expansion Plan
31 ….with An Extensive Global Expansion Plan Our Global Roll-Out Strategy Tactically Targets Locations With Efficient Infrastructure and Manufacturing, as well as Highest Expected EV Penetration Rates EV Addressable Market # of Global Showroom as at (thousand units per year) th (1) US April 30 , 202
Slide 32: Differentiated Ownership Experience to Drive Brand Loyalty
32 Differentiated Ownership Experience to Drive Brand Loyalty End to End Digital Features Sales Vehicle Charging Navigation Service Ownership Customize OTA Accessibility and Flexibility Smart Features Peace of Mind Community
Slide 33: Differentiated Ownership Experience: Warranty and Services
33 Differentiated Ownership Experience to Drive Brand Loyalty One of the Best Warranty Packages On-Demand and Personalized Services Comprehensive Power Solutions (1) • 10-year / 125,000-mile • Smart At-Home charging solutions Remote care via OTA warranty • Access to a wide charging network (1) Mobil
Slide 34: Fully Charged for the Road Ahead
34 Fully Charged for the Road Ahead Global Roll-out of Continue Augmenting our Innovate Our Commercial Approach (1) 6 EV Models “Technology for Life” Offering to Drive Incremental Market Share Pursue Enhanced Manufacturing Increase and Refine Our Grow Our Ancillary Automation and Capacity Expansion
Slide 35: Black Spade Acquisition Co
35 Black Spade Acquisition Co
Slide 36: Black Spade Acquisition Co
36 Black Spade Acquisition Co Black Spade Acquisition Co (“BSAQ”) has entered into a merger agreement with VinFast, the leading automotive manufacturer in Vietnam. VinFast remains committed to its mission of creating a green future for everyone through its full portfolio of electric SUVs, e-scooters
Slide 37: Transaction Summary
Vv _—_— Transaction Summary
Slide 38: Transaction Summary Overview
38 Transaction Summary Overview Transaction • On May 12, 2023, VinFast and BSAQ jointly entered into a business combination agreement Structure th • BSAQ and VinFast are working towards a completion by September 30 2023, subject to regulatory and shareholder approvals, (1) along with other customary
Slide 39: Estimated Sources & Uses and Pro Forma Capitalization
39 Transaction Overview 4 Estimated Sources & Uses Illustrative Pro Forma Sources Amount ($mm) Pro Forma Capitalization Amount % (1) VinFast Equity Shareholders 23,000.0 VinFast Rollover Equity 2,300.0 99.1% (2) (2)(3) BSAQ Cash in Trust 169.0 Public BSAQ Shareholders 16.9 0.7% PIPE TBD BSAQ Sponsor
Slide 40: Comparable Companies Benchmarking
40 Comparable Companies Benchmarking (3) (5) Current Manufacturing Capacity 2023 Revenue 2023 Revenue Estimate Number of EV Models on the Road (2) Earnout Target v/s 2022 (1) v/s 2022 1,900,000 4 4 196% 145% 300,000 2 150,000 ~110,000 53% 1 1 90,000 30% 23% VinFast Tesla Rivian Polestar Lucid (4) th
Slide 41: Comparable Companies Benchmarking (cont.)
41 Comparable Companies Benchmarking (cont.) (1) (2)(3) Equity Value / 2023E Revenue Equity Value / Cumulative Deliveries 14.2x 2.0x 12.3x 5.5x 0.4x 3.1x 2.3x 0.2x 0.1x 0.1x VinFast Lucid Rivian Tesla Polestar (3) VinFast LCID TSLA RIVN PSNY th Note: Based on market data from S&P Capital IQ as of Ma
Slide 42: Contact Information
Contact Information VinFast Auto Pte. Ltd. 61 Robinson Road, #06-01,, Singapore 068893 Tel: +84 225 396 9999 Fax: +84 225 396 9999 Website: https://vinfastauto.com/en/ir E-mail: ir@vinfastauto.com