We use essential cookies and third-party cookies for content.

The National Times - Vietnamese EV maker Vinfast reports $550 million Q3 loss

Vietnamese EV maker Vinfast reports $550 million Q3 loss

ECONOMY 27.11.2024
Vietnamese EV maker Vinfast reports $550 million Q3 loss
Vietnamese EV maker Vinfast reports $550 million Q3 loss / Photo: © AFP

Vietnamese electric vehicle manufacturer VinFast reported a net loss of $550 million for the third quarter, less than the same period last year as the firm recorded an uptick in sales.

Change text size:

The communist state's first homegrown car manufacturer is aiming to compete with global EV giants such as Tesla.

VinFast shares have fluctuated wildly since debuting on the Nasdaq in August 2023, at one point soaring to a market value bigger than Ford and General Motors before lurching downward.

Late Tuesday, VinFast said its third-quarter net loss was down 14.8 percent compared with last year's July-September period, according to its unaudited financial results.

The company said it delivered almost 22,000 vehicles in the quarter, an on-year increase of 115 percent.

Revenue for the quarter stood at $511 million, an on-year jump of 49 percent.

"We expect to finish 2024 on a strong note and meet our 80,000 vehicle delivery target," VinFast chairwoman Thuy Le said in a statement.

VinFast last year reported a net loss of $2.39 billion, up 14.7 percent from 2022.

With 173 showrooms globally, the company is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada.

The company is scheduled to open factories in Subang, Indonesia and in the southern Indian state of Tamil Nadu next year.

Earlier this month, CEO Pham Nhat Vuong and parent group Vingroup said they would inject $3.5 billion in new funding into the company.

The goal is to achieve the break-even point by the end of 2026.

Vuong, Vietnam's richest person, was appointed CEO of VinFast earlier this year. He is also chairman of parent firm Vingroup.

T.Bennett--TNT

Featured

Equitas Small Finance Bank rebounds after naming interim chief executive

Following a 19 per cent rout in four days, shares of Equitas Small Finance Bank (Equitas SFB) bounced back on Wednesday after the lender named Balaji Nuthalapadi as the interim CEO, subject to the central bank's approval. The bank, on November 3, said it would its Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Balaji Nuthalapadi, who is currently serving as a Whole-Time Director (Executive Director), as its interim CEO, subject to the ap

Bharti Airtel revenue expected to grow at double-digit pace in second quarter

Airtel Q2 results preview: Telecom major Bharti Airtel is expected to report double-digit revenue growth in the September quarter of FY27 (Q2FY27). as reported by brokerages' estimates, the Gurugram-based firm could post a Y-o-Y growth of 14-15 per cent in its topline, driven by steady performance across its businesses.

Titan quarterly profit seen rising as jewellery business drives growth

Titan Company is expected to report healthy double-digit growth in revenue and profit in the September quarter, with brokerages projecting year-on-year sales growth of 16-18. 8 per cent and profit growth of 20-26.

Indian crude-sensitive shares gain after 13% oil-price decline

InterGlobe Aviation (IndiGo) Current Market Price: ₹5,048 IndiGo stock reflects renewed buying interest following a recovery from recent intermediate lows below the ₹4,600, believes Jain. The broader multi-month structure shows the stock stabilizing after its early 2026 cyclical trough near ₹3,900, continuing to navigate a well-defined horizontal trading corridor, the analyst adds.

Change text size: