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VinFast reported its first quarter as a publicly traded company on Friday.
Courtesy VinFast
VinFast Auto
stock was tumbling Friday after the Vietnamese EV maker’s earnings revealed a large quarterly loss even as management offered a solid forecast for the full year.
VinFast (ticker: VFS), which reported its results in Vietnamese dong, had a second-quarter net loss of about 12.5 trillion Vietnamese dong from sales of 7.5 trillion dong. At current exchange rates, the loss is equivalent to $514 million, while the sales were worth about $307 million. The net loss in the first quarter was equivalent to $579 million; the comparable figure for the second quarter of 2022 was $560 million.
The second-quarter loss worked out to about 22 cents a share but that figure isn’t directly comparable to the one for the second quarter of 2022 because In August, the company launched itself into the U.S. public market by merging with a special-purpose acquisition company. The transaction significantly changed the number of shares outstanding.
Along with financial results, VinFast delivered 9,535 EVs in the second quarter—up from 1,780 in the first quarter and 1,789 EVs in the second quarter of 2022.
Most of the second-quarter volume was delivered to fleets controlled by VinFast’s parent company. A taxi company called Green and Smart Mobility, controlled by
Vingroup
(VIC.Vietnam), purchased more than 7,000 EVs in 2023.
The company also delivered 10,182 e-scooters in the second quarter—up from 9,757 delivered in the first quarter, and down from 15,299 e-scooters…
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