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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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S/X “refresh”, robotaxi service is coming, a new EV price war in China, and more.
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Kia’s electric SUV has already become a hit in several overseas markets. The EV5 is now arriving as the first electric Kia to be assembled in Singapore, as it rolls out to new global markets.
Kia EV5 arrives as its first locally made EV in Singapore
Shortly after its introduction at the 2023 Chengdu Motor Show, Kia launched the EV5 in China, with prices starting at about 20,000 (149,800 yuan).
Kia is now seeing a full-on recovery in China, largely thanks to the new electric SUV. Its joint venture partner in China, Yueda Kia, ranked first in sales growth among JV brands.
In China, Kia sold over 248,000 vehicles last year, the first time it has crossed the 200,000 mark since 2020. The EV5 is made at Yueda Kia’s manufacturing plant in China and exported to overseas markets like Australia and Thailand.
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In fact, the EV5 is currently the fourth best-selling EV in Australia this year through April, ahead of every BYD vehicle.
The EV5 is slightly smaller than the Tesla Model Y at 4,615 mm in length, 1,875 mm in width, and 1,715 mm in height.
Kia EV5 (Source: Kia Singapore)
After launching the EV5 in Singapore on May 28, Kia hit a milestone. The electric SUV arrives as Kia’s first locally assembled EV in the region.
The EV5 was officially launched during an event at Hyundai Motor Innovation Groupe Centre Singapore, where it will be made. It will join other Hyundai Motor electric cars, including the IONIQ 5 and IONIQ 6. Hyundai also builds the IONIQ 5 robotaxi here and exports it to the US.
Kia EV5 (Source: Kia)
Kia’s distributor, Cycle and Carriage, will sell the EV5 in three variants: Air, Earth, and a sporty GT-line. Two battery sizes will be available, 64.2 kWh and 88.1 kWh, providing range of 400 km and 540 km, respectively.
Prices for the base Air trim start at $194,000 (SDG), including COE. The Earth and GT-Line models start at $210,500 (SDG) and $260,000 (SDG) with COE.
Kia EV5 interior (Source: Kia)
Later this year, Kia will launch the global version of the EV5, which will be made at its Autoland Gwangju manufacturing plant in South Korea. It will be sold in overseas markets, including Europe and Canada, but not the US.
Kia confirmed the EV5 will be “exclusively for the Canadian market” in North America. It will be available in FWD and AWD powertrains. Two battery sizes will be offered: 60.3 kWh or 81.4 kWh, providing a range of up to 500 km (310 miles).
Do we smell a three-peat? The team at Ford Performance is once again competing at the annual Pikes Peak International Hill Climb, and this year is bringing a “Super” version of the all-electric Mustang Mach-E… At least we think there’s a Mach-E in there somewhere.
Pikes Peak—the “Race to the Clouds.” This annual event spanning 12.42 miles to an elevation of over 14,000 feet in the mountains above Colorado has been celebrated for over 100 years. While its hill climb is rooted in tradition and traditional vehicles, it has become an annual opportunity for EV engineers to showcase how much better all-electric models can be.
Last year, Rivian, Hyundai, and Ford Performance all impressed, with the former two automakers snagging records for their vehicle types, while Ford’s “F-150 Supertruck” took the “King of the Mountain” crown for the fastest climb of the day.
This past January, we learned that Ford Performance planned to defend its title at Pikes Peak with its third all-electric demonstrator in as many years. At the time, we only saw a sheeted vehicle that appeared to be relatively low with a massive spoiler, but the glowing front emblem left no doubt that it was a modified version of the Mustang Mach-E.
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Today, Ford Performance unveiled the BEV it will use to climb Pikes Peak, which it is calling the Super Mustang Mach-E. Have a gander.
Source: @FordPerformance/Instagram
Super Mach-E will try to hold Ford’s Pikes Peak crown
Ford Performance shared the images seen above in an Instagram post with the following caption:
12 miles of mountain road. 156 turns. 14,115 feet of elevation. This is the @pikespeakhillclimb, and we’re bringing 6,125 lbs of downforce — and @romaindumas_official — to take it on with the Super Mustang Mach-E.
From the post, we’ve learned the Super Mustang Mach-E will be driven up Pikes Peak by none other than veteran French racer Romain Dumas. Dumas has a wealth of experience in some of the world’s largest (and longest) races, including the 24 Hours of Le Mans, Nürburgring 24 Hours, and the 24 Hours of Daytona.
He has been contracted to Ford Performance since 2022 and has won two of his five Hill Climb victories with the American automaker in the past two years (although the 2023 SuperVan victory was in the division and second overall). Could Dumas tally his sixth career victory at Pike Peak with a three-peat with Ford in the Super Mustang Mach-E?
Ford Performance and Romain Dumas have shown they can do it, so it’s a serious possibility. We will find out on June 22, 2025, when the 103rd running of the Pikes Peak International Hill Climb takes place.
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