Vietnamese electric vehicle (EV) manufacturer VinFast reported a net loss of $550 million for the third quarter, down from a year earlier, as lower material costs and increased production volumes helped offset losses.
The Haiphong-based automaker delivered 44,773 vehicles in the first nine months of 2024, representing 55% of its annual delivery target of 80,000 vehicles. Approximately 20% of these deliveries were to related parties, the company stated.
âThe momentum in Q3 has continued into Q4,â said VinFast Chairwoman Thuy Le. âWe expect to finish 2024 on a strong note and meet our 80,000 vehicle delivery target.â The company reported Q3 deliveries of 21,912 units, supported by robust domestic demand for its mid-sized EVs.
VinFast has also achieved notable progress in North America, driven by an expanding dealer network. However, specific sales data for the region was not disclosed.
Third-quarter revenue rose by 42% quarter-over-quarter to $511.6 million, surpassing analystsâ estimates of $499.37 million compiled by LSEG. VinFast shares climbed 4.3% in pre-market trading on Nasdaq to $4.10, though the stock remains down over 50% since January.
As part of its regional expansion, VinFast announced plans to open an assembly plant in India by 2025. The automaker is also pursuing opportunities in other Asian markets, including Indonesia and the Philippines, aiming to capitalize on increasing EV adoption.
Backed by Vietnamâs leading conglomerate Vingroup, VinFast secured a $3.35 billion funding commitment from its founder and parent company earlier this month to support its growth initiatives through 2026.
