Miguel Cordon · · 1 min readVinFast delivers 11,315 units in first half of 2023
Photo credit: VinFast
VinFast said it delivered a total of 11,315 electric vehicles globally in the first half of 2023.
For the second quarter, the Vietnamese EV maker said 9,535 electric vehicles were delivered, representing an over 5x growth compared to Q1 2023.
However, the number appears to be quite far below Vingroup chair Pham Nhat Vuong’s expectation of selling 50,000 cars this year.
According to VinFast’s filing to the US Securities and Exchange Commission, over half of the units sold in H1 2023 went to Green and Smart Mobility, the taxi firm of Pham – who also has a 99.7% stake in VinFast.
VinFast’s shares ended Monday down 1.2% at US$17.32 apiece.
The company closed its SPAC deal in August, pegging its enterprise value at US$27 billion and equity value at US$23 billion. Its stock once rallied to make VinFast the third-most valuable automaker globally, but its shares have since gone down 80% since its peak of US$87.83 in August, according to Tech in Asia’s calculations.
Still, it appears to be plotting some new expansion plans, including to India and Indonesia.
The company is expected to report its Q2 earnings on September 21.
See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race
Editing by Thu Huong Le and Dhania Putri Sarahtika
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