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VinFast Auto Ltd. shares rose more than 2% on Thursday after the Vietnam-based EV maker reported third-quarter revenue that more than doubled from a year ago.
VinFast
VFS,
earlier Thursday reported the sales of slightly more than 10,000 EVs in the quarter.
In a separate release later Thursday, the company said its total sales rose to VND8,254,306 million ($342.7 million), 159% higher than the third quarter of 2022. Revenue was mostly from EV sales, the maker said. VinFast also makes electric scooters.
VinFast widened its losses in the quarter, however, posting a net loss of VND15,003,845 ($623 million), about 34% more than losses of VND11,223,262 in the third quarter of 2022.
FactSet does not compile analyst estimates for VinFast. The quarterly report shows unaudited results, VinFast said.
The automaker said that its strategy in the U.S. is making its cars available in more states through dealer partnerships. VinFast said that as of Sept. 30, it had letters of intent from 27 auto dealers with more than 100 points of sale in 12 states, including Florida, New Jersey and Texas.
Shares of VinFast soared in their Nasdaq debut, boosting the company’s valuation well above U.S. automakers such as Ford Motor Co.
F,
and General Motors Co
GM,
By early September, however, the shares had slid under their IPO price of $22, and have traded in recent sessions around $8. So far this year, the stock has lost 18%, contrasting with an advance of about 10% for the S&P 500 index
SPX.
Vingroup’s chairman and VinFast founder Pham Nhat Vuong controls about 99% of VinFast’s shares, putting only a small sliver of the company available to investors. The small number of shares available for trading also means that big swings are common.
