Total revenues grew by almost 160 percent to $342.7 million in the third quarter, but the loss widened to over $1.4 billion, including $623 million in Q3 alone.
Vietnam's VinFast caused quite a stir when its stock value placed it as the world's third most valuable carmaker in late August, shortly after going public on Nasdaq via a SPAC merger. At the time, VinFast's market capitalization exceeded $191 billion, briefly surpassing major automakers like Volkswagen Group and General Motors, but the stock has since plummeted. VinFast shares lost nearly 90 percent from a high of $82 in late August, dropping below $10 this week.
The automaker said it maintained its target to reach global deliveries of 40,000-50,000 vehicles this year, even though it has only shipped a total of 21,000 in the first nine months. Last year, the company delivered 7,400 EVs, all in Vietnam. VinFast also delivered 28,220 e-scooters during the latest quarter, up 177.2 percent over the 10,182 units delivered in the second quarter, and 112.9 percent more than the 13,253 e-scooters it delivered a year ago.
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