VinFast (VFS) is trending again as third-quarter EV deliveries rise, but questions loom
Vietnamese EV maker VinFast (VFS) reported rising Q3 revenue, EV deliveries, and vehicle sales on Thursday. However, most of the growth is due to sales to a related company.
VinFast’s EV deliveries reached 10,027 in Q3, up 5.2% from the second quarter’s 9,535. The company said it’s starting to see sales increase in North America, particularly Canada.
Despite this, VinFast founder Pham Nhat Vuong told investors on an analyst call that around 60% of sales (over 6,000) were to Green and Smart Mobility (GSM).
GSM is a rental and taxi company established by Vingroup, VinFast’s parent company, in March to expand the use of its electric cars and scooters throughout Vietnam.
The affiliate company has accounted for around two-thirds of VinFast’s sales over the past two quarters. VinFast announced Q3 vehicle sales were $319.5 million, up 2.8% from Q2.
VinFast’s revenue rose 3.8% quarter-over-quarter to $342.7 million, primarily from vehicle sales (the company also sells electric scooters).
VinFast EV deliveries up in Q3, but losses also rise
The EV maker’s gross losses did decrease by 9.1% from Q2 to $102.4 million. However, net losses continued rising. VinFast’s losses reached $622.9 million, up almost 20% from last quarter.
VinFast ended the third quarter with $131 million in cash and equivalents. The company said Thursday it believes “it has sufficient runway to grow in the coming years and will continue to look for opportunities to strengthen its balance sheet.”
Meanwhile, Vuong has vowed to inject $2.5 billion into the company through loans and grants to boost growth. VinFast expects to receive up to $1.2 billion in grants over the next six months.
The Vietnamese EV maker reaffirmed its target of delivering between 40,000 and 50,000 vehicles this year.
With only 21,342 EVs delivered so far, VinFast will need to more than double output over the next quarter to hit its goal.
Vuong said on the earnings call he is “confident” vehicle sales will increase over the next quarter, citing new models like the new VF 6 and seasonality in Vietnam.
VinFast became a sensation after its explosive IPO in the US. Share prices soared to an intraday high of $93 on August 28, with a market cap of over $200 billion. In comparison, VinFast was worth more than Ford ($47 billion), GM ($41 billion), Volkswagen ($57 billion), Stellantis ($18 billion), and Rivian ($17 billion) combined.
Share prices are down over 90% from their ATH, settling around $8.50 per share. VinFast’s market cap is still nearly $20 billion, making it more valuable than Rivian, Lucid, Nissan, and Volvo.
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First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.
The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.
The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.
The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.
Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.
First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”
This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.
Read more: First Solar pours $330M into a new South Carolina solar factory
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No, it’s not the new Bolt. GM’s design team previewed a new high-riding “sporty Chevrolet EV” that should be brought to life.
Is Chevy launching a new sporty EV?
This is the all-electric vehicle Chevy should sell in the US. General Motors’ design team released a series of sketches previewing a sporty new Chevy EV.
Although it kinda looks like the new 2027 Chevy Bolt EV as a higher-sitting compact crossover SUV, the design offers a fresh take on what it should have looked like.
The new Bolt is essentially a modernized version of the outgoing EUV model with a similar compact crossover silhouette. Nissan adopted a similar style with the new 2026 LEAF as buyers continue shifting from smaller sedans and hatchbacks to crossovers and SUVs.
Will we see the sporty Chevy EV in real life? It’s not likely. For one, the “exploration sketch” is by GM China Advanced designer Charles Huang.
GM Design posted the sketches on its global social media page, but the caption read “Sporty Chevrolet EV for the China Market.”
It’s too bad. The Bolt could use a sporty sibling like an SS variant. Chevy introduced the Blazer EV SS (check out our review) for the 2026 model year, its fastest “SS” model yet. Packing up to 615 horsepower and 650 lb-ft of torque, the Chevy Blazer SS can race from 0 to 60 mph in 3.4 seconds when using Wide Open Watts (WOW) mode.
Will the Bolt be next? I wouldn’t get my hopes up. And if GM does bring the sporty Chevy EV to life, it will likely only be sold in China. Like all the fun cars these days.
What do you think of the design? Would you buy one of these in the US? Let us know your thoughts in the comments.
While deliveries of the 2027 Bolt are set to begin in early 2026, Chevy is offering some sweet deals on its current EV lineup, including up to $4,000 off in Customer Cash and 0% APR financing for 60 months.
Ready to test drive one? You can use our links below to find Chevy Equinox, Blazer, and Silverado EVs at a dealership near you.
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Environment
Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more
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 electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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