[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Mike [@MikeLongTerm](/creator/twitter/MikeLongTerm) on x 8681 followers Created: 2025-07-16 23:17:18 UTC BREAKING $GRAB & XanhSm Competition 🧵 A little background, VinFast is a failing Vietnam EV maker, and they cannot sell their EVs in EU or NA or SEA market well due to reliability, software glitches, range issue, and charging took too long. Since VinFast cannot sell its EV, so they are pushing it down to smaller subsidiaries to fake the sales. Xanh SM was created for this reason. If you read public financial information on Vingroup(The parent company), they definitely cooked the book, and idk where they got the money to fund Xanh SM, VinFast or other subsidiaries. They are learning it from China, Japan, Korea, a highly sophisticated economy needs one or X strong automakers. But Manufacturing EV is not a game. Now I don't want to go too deep into the Vingroup Finance, but VinFast lost $2.4B in 2023 and $3.2B in 2024. The group promised to be profitable by 2024, but it never got there even today. XanhSm put up a nasty price war with $GRAB in Vietnam and many other market. Part of the reason why $Goto left Vietnam. And the main reason why Vinfast and XanhSm are burning $4-$5B a year just to compete with $GRAB. But what is happening with $GRAB? Profitable and FCF+ with improved operational efficiency. It is truly unsustainable with these losses and XanhSm cannot swallow all the vehicles it produced. However, XanhSm copying $GRAB was the short-term decision to move inventory for VinFast. For example, in 2023, XanhSm took XX% of VinFast Entire sales because they cannot sell it. So it order for VinFast to survive, it needs to keep pushing EVs to XanhSm, and somehow find $4B-$5B or more annually to support its operation. It is wild! Moving on, XanhSm is moving to Indonesia with many partnerships, $GRAB and $Goto biggest market, and I'm sure they are going to implement the same nasty strategy with unlimited(?) money from the government. $Goto is a goner with this corruption case. Most likely outcome will go away and leave to Grab and XanhSm to compete. A major shift in $GRAB strategy moving forward, and I talked about SuperApp and User Growth on prior thread. I will link it down in the comment so you can be more informed. $GRAB is no longer trying to offer much lower price than XanhSm. $GRAB offers either same exact price or just few cents cheaper than Xanh. XanhSm also mainly operate in just rideshare and recently add food and express. They are trying to copy everything $GRAB is doing as a SuperApp. $GRAB is partnering with EV maker like BYD and many others to give more options to customers/drivers. $GRAB is focusing on bringing in more affordable and reliable services to its SuperApp for user growth. The SuperApp is far superior than what XanhSm offering. In the near term, I do expect XanhSm to put up mad competition for $GRAB, but $GRAB will still dominate with most market share. Xanh however may do better in Vietnam due to its as a spoiled kid to the government with unlimited subsidies. Isn't it crazy that $Grab is winning against all government subsidized businesses? Currently Grab has 75-80% market share in SEA. The fastest growing are: X. Grocery delivery( this should be the first thing they offer). In SEA 95-98% of the time people cook at home. So this will bring massive growth in the next X decades. X. Ads at XX% Yoy X. Financial Service at 36-38% YoY with massive increase in deposit(200%). Deposit is likely to grow very quick as it offers daily interest and no minimum balance. All abt user growth! X. GrabUnlimited Subscription will have the highest margin at 50-60% or higher comparing to 2-30% from others) X. Drone Delivery(estimated between 50-60% margin or higher). Conclusion, XanhSm is a short-term story, it is unsustainable. e will continue to expand more benefits to its GrabUnlimited subscribers. It will continue to compete fairly with a diversified portfolio. Profitable growth is the only way to complete the SuperApp. VinFast will have to figure out how to make better EV and stop losing $3-$4B a year, otherwise, that is the end of XanhSm. You cannot fake sales to XanhSm forever. Alright, that is it. I tried to keep it short. Not Financial Advice  XXXXXX engagements  **Related Topics** [$goto](/topic/$goto) [eu](/topic/eu) [vinfast](/topic/vinfast) [$grab](/topic/$grab) [Post Link](https://x.com/MikeLongTerm/status/1945623807797952582)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Mike @MikeLongTerm on x 8681 followers
Created: 2025-07-16 23:17:18 UTC
BREAKING $GRAB & XanhSm Competition 🧵
A little background, VinFast is a failing Vietnam EV maker, and they cannot sell their EVs in EU or NA or SEA market well due to reliability, software glitches, range issue, and charging took too long.
Since VinFast cannot sell its EV, so they are pushing it down to smaller subsidiaries to fake the sales. Xanh SM was created for this reason. If you read public financial information on Vingroup(The parent company), they definitely cooked the book, and idk where they got the money to fund Xanh SM, VinFast or other subsidiaries. They are learning it from China, Japan, Korea, a highly sophisticated economy needs one or X strong automakers. But Manufacturing EV is not a game.
Now I don't want to go too deep into the Vingroup Finance, but VinFast lost $2.4B in 2023 and $3.2B in 2024. The group promised to be profitable by 2024, but it never got there even today.
XanhSm put up a nasty price war with $GRAB in Vietnam and many other market. Part of the reason why $Goto left Vietnam. And the main reason why Vinfast and XanhSm are burning $4-$5B a year just to compete with $GRAB. But what is happening with $GRAB? Profitable and FCF+ with improved operational efficiency.
It is truly unsustainable with these losses and XanhSm cannot swallow all the vehicles it produced. However, XanhSm copying $GRAB was the short-term decision to move inventory for VinFast. For example, in 2023, XanhSm took XX% of VinFast Entire sales because they cannot sell it. So it order for VinFast to survive, it needs to keep pushing EVs to XanhSm, and somehow find $4B-$5B or more annually to support its operation. It is wild!
Moving on, XanhSm is moving to Indonesia with many partnerships, $GRAB and $Goto biggest market, and I'm sure they are going to implement the same nasty strategy with unlimited(?) money from the government. $Goto is a goner with this corruption case. Most likely outcome will go away and leave to Grab and XanhSm to compete.
A major shift in $GRAB strategy moving forward, and I talked about SuperApp and User Growth on prior thread. I will link it down in the comment so you can be more informed. $GRAB is no longer trying to offer much lower price than XanhSm. $GRAB offers either same exact price or just few cents cheaper than Xanh. XanhSm also mainly operate in just rideshare and recently add food and express. They are trying to copy everything $GRAB is doing as a SuperApp. $GRAB is partnering with EV maker like BYD and many others to give more options to customers/drivers.
$GRAB is focusing on bringing in more affordable and reliable services to its SuperApp for user growth. The SuperApp is far superior than what XanhSm offering. In the near term, I do expect XanhSm to put up mad competition for $GRAB, but $GRAB will still dominate with most market share. Xanh however may do better in Vietnam due to its as a spoiled kid to the government with unlimited subsidies.
Isn't it crazy that $Grab is winning against all government subsidized businesses? Currently Grab has 75-80% market share in SEA. The fastest growing are: X. Grocery delivery( this should be the first thing they offer). In SEA 95-98% of the time people cook at home. So this will bring massive growth in the next X decades. X. Ads at XX% Yoy X. Financial Service at 36-38% YoY with massive increase in deposit(200%). Deposit is likely to grow very quick as it offers daily interest and no minimum balance. All abt user growth! X. GrabUnlimited Subscription will have the highest margin at 50-60% or higher comparing to 2-30% from others) X. Drone Delivery(estimated between 50-60% margin or higher).
Conclusion, XanhSm is a short-term story, it is unsustainable. e will continue to expand more benefits to its GrabUnlimited subscribers. It will continue to compete fairly with a diversified portfolio. Profitable growth is the only way to complete the SuperApp. VinFast will have to figure out how to make better EV and stop losing $3-$4B a year, otherwise, that is the end of XanhSm. You cannot fake sales to XanhSm forever.
Alright, that is it. I tried to keep it short.
Not Financial Advice
XXXXXX engagements
