HomeBusinessVinFast's Q2 deliveries increase fivefold sequentially

VinFast’s Q2 deliveries increase fivefold sequentially

(Reuters) -Vietnamese electric vehicle maker VinFast said on Monday it had delivered 9,535 vehicles in the second quarter, a more than fivefold increase from the first quarter.

The company, whose U.S.-listed shares fell 1.2% on Monday, reported 11,315 deliveries for the first half of this year.

VinFast’s blockbuster debut on Wall Street in August saw its shares more than triple, but the company’s small number of publicly available shares has left the stock prone to volatility.

Its market capitalization, which reached $160 billion — more than General Motors, Ford Motor and Volkswagen combined — in the weeks after its merger with a blank-check company, fell to $40.4 billion on Monday.

VinFast was valued at $23 billion after special purpose acquisition company Black Spade Acquisition agreed to acquire the company for $10 per share.

The company is almost entirely controlled by Pham Nhat Vuong, Vietnam’s richest man and founder of parent conglomerate Vingroup, with a stake of about 99.7%, a filing shows.

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The EV maker plans to expand to seven more markets in Asia, including Indonesia, where it plans to start deliveries from next year and set up a factory by 2026.

The Indonesian factory will be VinFast’s third, after the main one in the northern Vietnamese city of Haiphong and a new factory in North Carolina in the United States, expected to start operating in 2025.

VinFast said it will release its second-quarter results on September 21.

(Reporting by Chavi Mehta and Akash Sriram in Bengaluru; Editing by Devika Syamnath and Pooja Desai)

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