(Reuters) – Vietnamese electric-vehicle (EV) maker VinFast reported a 159% increase in revenue during the third quarter. This surge was attributed to the company’s efforts to boost sales through partnerships with US dealers and an increase in car deliveries.
VinFast, which is backed by Vietnam’s largest conglomerate Vingroup, aims to expand its presence overseas. In an effort to take advantage of the incentives provided by the Indian government for EVs, the company plans to launch an assembly facility in India. India is the world’s third biggest car producing nation.
However, VinFast has faced challenges, most notably when it voluntarily recalled its initial batch of 999 cars delivered to the United States earlier this year.
During the third quarter, VinFast successfully delivered 10,027 EVs. The company’s revenue for this period amounted to 8.25 trillion Vietnamese dong ($338 million). Nonetheless, its net loss widened to 15 trillion Vietnamese dong in the same time frame.
($1 = 24,380.0000 dong)
Reporting for this article was done by Phuong Nguyen in Hanoi and Chavi Mehta in Bengaluru. The article was edited by Sriraj Kalluvila.
Credit: The Star : Tech Feed
