Shares of VinFast, the Vietnamese electric-vehicle maker, soared in morning trading, experiencing a significant gain of 5%. This surge came shortly after the company announced that its third-quarter revenue had more than doubled compared to the same period last year.
In addition to the impressive revenue growth, VinFast also reported a 5% increase in deliveries of its electric vehicles from the previous quarter. Furthermore, the company’s e-scooter deliveries witnessed a notable surge, solidifying VinFast’s position in the electric mobility market.
Despite the positive developments, VinFast’s journey as a publicly traded company has been characterized by substantial volatility. Following its initial public offering through a special purpose acquisition company (SPAC) in August, the company’s shares have experienced significant ups and downs. However, this roller coaster ride is not unique to VinFast, as many startups that have gone public via SPACs have encountered similar fluctuations.
VinFast’s latest financial results reflect the growing demand and success of their electric vehicles in the Vietnamese market. With an impressive increase in revenue and a steady rise in vehicle deliveries, the company seems to be on the right track towards establishing itself as a key player in the electric mobility sector.
Investors and industry experts will undoubtedly keep a close eye on VinFast’s future performance, observing how the company navigates the challenges and opportunities that lie ahead in the competitive electric-vehicle market.