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.
FTC: We use income earning auto affiliate links. More.
Hyundai is about to launch a new electric SUV in China. With its big debut coming up, Hyundai just dropped a sneak peek, and it looks like it could be the IONIQ 4. Check it out for yourself in the video below.
Is Hyundai teasing the IONIQ 4?
We caught our first glimpse of the new EV model last month after Beijing Hyundai released a few official “spy” photos.
Despite the camouflage, you can see a few design elements, like a light bar across the front, slim LED headlights, and a closed-off grille. At first, it almost looks like a smaller version of the IONIQ 9, Hyundai’s first three-row electric SUV, but with a much sportier, shaped profile.
Beijing Hyundai released a new teaser for the upcoming electric SUV this week. The video shows “a wave of high-end operations” as the vehicle dances across the snow.
The video highlights features like real-time torque control, high-speed cornering, and the SUV’s impressive body control while driving around cones.
Hyundai’s new electric SUV is being called “OE” internally, according to The Korean Car Blog, suggesting it could be an IONIQ model.
All other Hyundai IONIQ EV models were also codenamed with an “E” internally, which is raising speculation that this could be the IONIQ 4.
Like most global OEMs, Hyundai is fighting to compete in an intense Chinese EV market, which is dominated by domestic automakers like BYD.
Hyundai opened its first overseas R&D center last year in China to spearhead its comeback. It will work with local suppliers and tech companies to develop EVs designed for Chinese buyers. The new electric SUV is expected to launch in China later this year, followed by three new energy vehicles, including EVs and EREVs.
Beijing Hyundai will release more information on April 16, with the electric SUV set to “challenge the limit of driving performance.”
What do you think of Hyundai’s new electric SUV? Is this the IONIQ 4? Let us know your thoughts in the comments.
FTC: We use income earning auto affiliate links. More.
Charge point provider char.gy has secured a £130 million contract to install 6,000 curbside EV chargers for Brighton and Hove City Council (BHCC) – the UK’s largest installation of its kind.
London-based char.gy has also been awarded a 15-year contract to operate and maintain the charging network.
Installing Level 2 chargers curbside, where most drivers in the UK park, will enable more people to take advantage of cheaper charging rates while juicing up their EVs overnight. (charg.gy’s pay as you go night tariff, between midnight and 7 am, is £0.39/kWh, compared to its £0.59/kWh day tariff.)
John Lewis, chief executive of char.gy, said the project is “a huge moment for the UK and its EV ambitions. This partnership alone will empower thousands of residents to confidently make the switch to electric vehicles, knowing they have easy access to chargers.”
Brighton and Hove City Council is among the first to tap into the government’s Local EV Infrastructure (LEVI) Fund, designed to help English local authorities roll out charging solutions for residents without off-street parking. Future of Roads Minister Lilian Greenwood said making EV charging as accessible as possible is “crucial to making the switch to electric a success.”
The UK now has over 75,000 public EV chargers, according to the Department for Transport—and it looks like the country’s on pace to hit its 2030 target. Back in December, the National Audit Office said the rollout is “on track” to meet the DfT’s estimate that at least 300,000 chargers will be needed by the end of the decade.
Read more: Meet the UK’s largest solar + storage EV charging ‘Superhub’
Now is a great time to begin your solar journey so your system is installed in time for those longer sunny days. If you want to make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. –trusted affiliate partner
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway
Comments