Vietnamese electric vehicle (EV) manufacturer Vinfast has announced a substantial surge in vehicle deliveries during the second quarter of this year. The company reported delivering 9,535 vehicles during this period, marking a remarkable more than fivefold increase compared to the first quarter. In total, Vinfast has recorded 11,315 deliveries for the first half of this year.
Despite an impressive debut on Wall Street in August, where its shares more than tripled in value, Vinfast has faced notable volatility in the stock market. This turbulence is primarily attributed to its limited number of publicly available shares. Since its initial public offering, the company's shares have experienced a decline of approximately 53% and exhibited a 2.17% drop to $17.15 in premarket trading on Monday.
The company made headlines earlier this year when it entered the Nasdaq Global Select Market under the symbol VFS, following a merger with the special-purpose acquisition company Black Spade Acquisition Co. Notably, its stock surged by 255% from the closing price of the SPAC, making Vinfast the top-performing de-SPAC on a US exchange in 2021.
Vinfast's valuation experienced a meteoric rise, surpassing that of BMW AG and even exceeding the combined market capitalization of Ford and Rivian Automotive Inc. However, it still falls behind BYD Co Ltd in terms of market value.
Vinfast is scheduled to release its second-quarter financial results on September 21, which is expected to provide further insights into its performance and growth strategies.