Vietnamese electric vehicle (EV) maker VinFast reported a smaller net loss of $550 million for the third quarter of 2024, a significant improvement compared to the same period last year. This was driven by lower material costs and increased production volumes. The Haiphong-based company delivered 44,773 cars in the first nine months of the year, achieving over 55% of its 80,000 vehicle delivery target. Around 20% of these deliveries were to related parties.
VinFast remains optimistic about meeting its annual goal, with Chairwoman Thuy Le stating that the momentum seen in the third quarter has continued into the fourth quarter. In September, the company achieved record-breaking operations in North America, thanks to an expanding dealer network, though specific sales figures for the region were not disclosed.
The company reported a 42% revenue increase to $511.6 million in Q3, surpassing analysts’ estimates of $499.37 million. Despite a more than 50% decline in its shares since January, VinFast’s stock rose 4.3% in pre-market trading on Nasdaq.
Looking ahead, VinFast plans to build an assembly plant in India, scheduled to begin operations in 2025, and continues to expand into Asian markets such as Indonesia and the Philippines to meet growing demand for EVs. The company, backed by the Vietnamese conglomerate Vingroup, also secured a $3.35 billion funding round from its parent company, which will be completed by 2026.
