VinFast reports $623 million net loss despite EV sales of $342 million
By Bryan Ke
Vietnamese electric vehicle (EV) maker VinFast has reported a significant year-on-year revenue net loss two months after the company made its Nasdaq Global Select Market debut.
Key details: VinFast closed the third quarter in September with a net loss amounting to $623 million, a 33.7% increase compared to its losses from the same period in 2022 and 19.7% more than its losses in the second quarter of 2023, according to the EV maker’s Q3 financial report on Thursday.
Sales earning: Despite the losses, VinFast also reported a total revenue of $342 million for the end of September 2023, an increase of 159.3% from its total revenue from September 2022 and 3.8% from the second quarter of 2023.
VinFast noted that most of its revenue came from EV sales, adding that it delivered over 10,000 vehicles in Q3 2023 and reportedly saw an increase in sales in September in North America, notably in Canada.
Falling short: VinFast is reportedly only halfway through its goal of delivering 50,000 cars in 2023 as the EV maker only sold a total of 21,000 as of September.
Making its debut: The latest financial report came just two months after VinFast made its Nasdaq debut in August, which saw the company’s worth to be as much as Ford and GM combined at the time.
VinFast reportedly saw its stock plummet by 36.7% on Friday after releasing 46 million ordinary shares that were locked up as part of the agreement early last week.
Other details: Besides EVs, VinFast also highlighted in its financial report that the company had sold 28,220 e-scooters in the third quarter of 2023, more than 18,000 from its sales in Q2 2023.
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