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Vietnamese EV maker VinFast’s third-quarter revenue more than doubles
© Reuters. FILE PHOTO: VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa Baertlein/File Photo
(Reuters) -Vietnamese electric-vehicle (EV) maker VinFast (NASDAQ:) on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the United States.
In the filing, VinFast also said it would launch an assembly facility in India, the world’s third biggest car producing nation, to take advantage of the South Asian government’s incentives for EVs.
VinFast, which is backed by Vietnam’s largest conglomerate Vingroup, is gearing up to strengthen its foothold overseas.
However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the United States.
The company delivered 10,027 EVs in the third quarter ended Sept. 30.
Revenue was 8.25 trillion Vietnamese dong ($338 million), while net loss widened to 15 trillion Vietnamese dong.
($1 = 24,380.0000 dong)
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