VinFast (VFS) recently released its delivery figures, which were positively received by the market. The company’s share price increased by nearly 12% following the announcement, significantly outperforming the S&P 500 index, which remained relatively flat.
VinFast reported a total delivery of 21,912 electric vehicles (EVs) in the third quarter of the year, marking a substantial year-over-year growth of 116% and a quarter-over-quarter increase of 66%. This success was largely due to robust sales in its domestic market, particularly in Vietnam, where the company delivered over 9,300 vehicles in September alone. This achievement marked the first time a Vietnamese EV maker outperformed all international competitors to secure the top position.
VinFast also announced that it would release its financial results for the third quarter before the market opens on Tuesday, November 6.
Following its U.S. initial public offering (IPO) last year, VinFast was initially a popular stock, though investor interest waned due to a significant loss in the second quarter. However, the latest delivery figures are likely to renew investor interest in the company. Despite the growth, investors are reminded that VinFast has yet to establish consistent profitability and is undergoing expensive expansion efforts outside of Vietnam. Nonetheless, it remains a noteworthy player in the EV market.