Vietnamese EV maker VinFast (VFS) announced Monday that EV deliveries rose over 400% in Q2 compared to the first three months of the year. However, the primary reason for the jump is due to sales to a related party.
A closer look at VinFast’s Q2 EV deliveries
VinFast delivered 9,535 electric vehicles in the second quarter of 2023, up 435% from Q1, bringing the total to 11,315 for the first half of the year.
However, of the 11K EVs delivered, 7,310 were for Green and Smart Mobility (GSM), according to Barrons. VinFast’s parent company, Vingroup, established the green transport rental and taxi company in March to promote the use of the automaker’s electric cars and scooters throughout Vietnam.
GSM began operations in April and is expected to expand throughout the region. According to an SEC filing last week, sales of vehicles to GSM accounted for $6.3 million of VinFast’s roughly $84 billion in first-quarter sales.
VinFast will release its second-quarter earnings on Thursday, July 21, before the market opens. We will get a closer look at what percent of sales were directly to GSM then.
First VinFast VF 9 deliveries (Source: VinFast)
The Vietnamese EV maker has been trending in the news after its explosive US IPO last month led to a massive valuation, surpassing that of Ford, GM, VW, Rivian, and more.
At one point, VinFast’s market cap was worth $215 billion, more than all four listed above combined. VinFast is worth around $40 billion today, still higher than Rivian ($23B) and Lucid ($13B).
VinFast (VFS) stock chart since IPO (Source: TradingView)
Since hitting a peak of $93 per share in intraday trading on August 28, VinFast stock has fallen over 81%, settling around $17.50.
Electrek’s Take
Although SPACs have been known for their wild price swings, there’s another reason for the volatility. About 99.7% of VinFast’s stock is controlled by Vingroup’s former chairman, Pham Nhat Vuong, leaving an extremely small float (amount of shares available for public trading).
Nearly 1.2 billion of VinFast’s 2.3 billion shares outstanding are held by VinGroup. Another 1.1 billion is owned by Vietnam Investment Group, which Voung is the sole shareholder of, and another investment company (Asian Star) controlled by the leader.
Last week’s filing was to register around 11 million shares in a secondary sale, which will increase the number of shares available for trading. You can already see it having an impact on share prices.
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Volvo’s flagship electric sedan is almost here. With its debut just weeks away, Volvo previewed the new ES90, boasting it’s “one of the most technically advanced cars on the market today.” Packed with two high-tech NVIDIA computers, it will also be the most advanced Volvo car yet.
Volvo teases new ES90 EV ahead of its debut
The ES90 is Volvo’s first vehicle to feature dual NVIDIA Drive AGX Orin computers, making it the company’s most powerful in terms of computing capacity.
NVIDIA’s new in-vehicle computer platform delivers around 508 trillion operations per second (TOPS). To give you a better idea, the most powerful PlayStation (PlayStation 5 Pro) has 16.7 trillion, or around 3% of the computing power. It’s even an eightfold improvement from Volvo’s previous models.
Combined with Volvo’s Superset tech stack, the electric sedan is a “truly software-defined car,” making it more efficient and safe than ever.
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Anders Bell, Volvo’s chief engineer, claimed, “The Volvo ES90 is one of the most technically advanced cars on the market today. It will also improve with regular OTA updates that are now standard on all Volvo models based on the Superset.
The new EV is loaded with an array of sensors, including a lidar, five radars, eight cameras, and twelve ultrasonic sensors, for advanced safety and driver assistance functions.
Volvo’s safety system, called “Safe Space Technology,” is designed to detect and avoid other vehicles, bystanders, and objects, even in the dark.
Volvo ES90 teaser (source: Volvo Cars)
The ES90 is Volvo’s second EV, following the three-row EX90 SUV, built on the Superset tech stack. Volvo also plans to upgrade the EX90 with dual NVIDIA Drive AGX Orin computers as it improves the lineup. Existing EX90 customers will get an upgrade free of charge.
In the preview, you can see that the ES90’s profile resembles that of its hybrid S90 sedan. The teaser hints at a more modern design, with elements pulled from the EX90, including upright tail lights.
Tesla announced that it would finally launch wait queues at Superchargers, a feature long requested by Tesla owners after a fight broke out at a station between owners arguing about who is next to charge.
For years, Tesla owners have been asking the automaker to implement a system to queue at Supercharger stations when they are full.
It doesn’t happen often — in fact, we now learn that it happens about 1% of the time — but when it does, it can be problematic.
When a Supercharger station is full, and more Tesla drivers arrive, they generally try to form a physical queue at the station. However, the parking lot can sometimes be limited, leading to issues with people cutting ahead.
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We reported that this would become a bigger problem after Elon Musk fired Tesla’s entire charging team last year. This slowed down Tesla’s Supercharger deployment, which was already expanding at a lower rate than Tesla’s fleet.
A simple solution would be for Tesla to include a system to queue through the Tesla app or in-car system for people as they arrive at the station.
This week, Tesla finally announced that it is going to pilot a virtual queue at some sites next quarter:
Virtual queuing pilots starting in Q2 at select sites. Goal is a net customer experience improvement for the ~1% cases of a wait time. Wider rollout this year if feedback is positive. We also continue to expand the network 20%+ year-over-year, closely tracking site-level demand.
What did it take for Tesla to move forward with that finally? A fight.
The above message from Tesla’s charging team about launching a queue system was in response to this video of a fight between Tesla owners at a full Supercharger station that has been going viral:
While this is the first time I have seen a video of such a fight at a Tesla Supercharger, there have been many reports of such incidents over the last few years.
It’s good to hear that Tesla is finally addressing the issue. Now, the question is: will this virtual queuing system also work with non-Tesla vehicles, which Tesla is onboarding on Tesla’s Supercharger network – contributing to the crowding issue.
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Kia just pulled the covers off its new electric van, the PV5, giving us our first look at the futuristic model. The mid-size model is the first in Kia’s upcoming lineup of purpose-built electric vans that’s expected to shake up the growing market. From the first look, the PV5 will rival the Volkswagen ID.Buzz and Ford E-Transit. Check it out below.
Here’s our first look at the Kia PV5 electric van
We first saw the PV5 concept at CES last January after Kia introduced its “game-changing” Platform Beyond Vehicle (PBV) platform.
The PV5 was showcased alongside the larger PV7 and smaller PV1 models. Unlike Ford’s E-Transit, Kia’s electric van rides on a dedicated EV (PBV) platform. The flexible modular architecture will underpin the entire lineup as part of Kia’s plans to secure a leadership role in the electric van market.
After teasing the production model last week, Kia unveiled the exterior design for the first time on Thursday. The PV5 will be available in several configurations, including Passenger and Cargo models.
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Kia said it will introduce another model during its upcoming EV Day on February 24. As you can see, Kia went all out with this one.
Like its newest EV models, the PV5 features a bold, almost futuristic-like design. In Kia’s words, the electric van’s “contemporary design transcends traditional light commercial vehicles.”
Kia PV5 Passenger electric van (Source: Kia)
Massive windows that span the entire Passenger model add to the modern look, but also make it easier to see when driving.
Added black geometric wheel arch claddings and rocker panels give the PV5 a slightly rugged, off-road feel, “confidently linking the high-tech upper cabin with the more rugged and purposeful lower body.”
Kia PV5 Cargo (Source: Kia)
Although the Cargo model has a similar design, the boxy profile enables more interior space for delivery and other business uses (and don’t forget the camp lifers). Kia also included twin side-opening tailgate doors, making it easier to load and unload.
Kia will reveal additional info, including powertrain specs, seating setups, and more, during its EV Day next week. The event will be held in Tarragona, Spain, on February 24. Official details will be released on February 27. Check back next week for more on the Kia PV5.
Kia PV5 Cargo electric van (Source: Kia)
At the event, Kia will also introduce the EV4 electric sedan and hatchback models alongside a smaller, more affordable EV2 concept.
With its official debut coming up, the PV5 was spotted testing in the US this week (check them out here). Images and a video sent to Electrek byAlex Nguyen reveal a Volkswagen ID.Buzz-like design.
Kia’s PV5 Cargo Compact concept, the most basic model, is 177.2″ long, 74.8″ wide, and 74.8″ tall. However, that’s the “Compact” model. The regular Passenger and Cargo variants will be bigger. To give you a comparison, the US-spec ID.Buzz (LWB) is 195.4″ long, 78.1″ wide, and 76.2″ tall, while Ford’s E-Transit is 237.6″ long, 81.3″ wide, and 83.9″ tall.
What do you think of Kia’s mid-size electric van? Do you like the look better than the ID.Buzz or E-Transit? Let us know in the comments below.
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