Vietnamese electric vehicle maker VinFast Auto (NASDAQ: VFS) reported strong Q2 results. The company’s revenues surged 131.2% year-over-year to $334.1 million in the second quarter.
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In Q2, VinFast’s net loss narrowed to $526.7 million, declining by 8.2% year-over-year. The company’s vehicle sales surged by 147% year-over-year to $314.6 million. The company’s EV deliveries were 9,535 in the second quarter, a jump of 436% from the first quarter of FY23.
David Mansfield, VinFast’s CFO commented, “We are pleased to report a strong second quarter marked by high growth and progress towards profitability. Our EV deliveries saw a 436% year-over-year increase, driving revenues to VND7,952,531 million. In addition, growing delivery volume and operating efficiency led to an improvement in gross margin to negative 34% as we continue to work on cost control initiatives.”
In FY23, the company expects to deliver between 40,000 and 50,000 vehicles and stated that it was on track “to commence delivery of the VF 9 in North America and the VF 6 in Vietnam by the end of this year” while the deliveries of VF 7 and VF 3 are expected to begin from next year.
What is the Market Capitalization of VinFast?
After VinFast’s listing back in August, VFS stock is down by 2.22% in the past month. Currently, the company has a market capitalization of $39.6 billion.
