(Reuters) – Vietnamese electric-vehicle maker VinFast reported a significant increase in revenue in its first quarterly report since going public in August. The rise in revenue was attributed to higher deliveries to domestic customers. In the second quarter ended June 30, the company posted revenue of 7.95 trillion Vietnamese dong (equivalent to $327 million).
During the same period, VinFast’s net loss narrowed to 12.54 trillion Vietnamese dong from 13.65 trillion Vietnamese dong in the previous year. This improvement was driven by an increase in delivery volume and cuts in research and development costs.
Despite its loss-making status, VinFast achieved a remarkable valuation of approximately $85 billion upon its Wall Street debut, surpassing that of U.S. automakers Ford and General Motors.
The company’s delivery figure rose by over fivefold, with 9,535 vehicles delivered in the second quarter compared to the previous quarter. However, a significant portion of VinFast’s revenue is derived from sales to subsidiaries of its parent company Vingroup.
The current exchange rate is $1 = 24,310.0000 dong.
Chavi Mehta reporting in Bengaluru; Editing by Sriraj Kalluvila.
Credit: The Star : Tech Feed
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