EV maker VinFast's revenues jump, plans a plant in India
Vietnamese electric car maker VinFast said on Thursday its third-quarter revenues more than doubled as it ramps up deliveries and partnerships with U.S. dealers, and that it would set up a plant in India as part of its expansion drive.
The company said in a filing to U.S. securities regulators that it made $343 million in revenues for the three months ended Sept. 30, up 159% on the same period last year.
Its net loss widened 33.7% to $623 million, however, as it continued to rack up expenses.
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VinFast, which was formed in 2017 and began making electric vehicles (EV) in 2021, also said it would set up an assembly plant in India, the world's No.3 car producing nation, to take advantage of the South Asian government's incentives for EVs.
The company said it aimed to open the plant in 2026.
Just weeks ago, VinFast announced a similar plan for Indonesia and started a recruitment campaign for India on LinkedIn.
VinFast has entered the global EV market at a time when EV prices are under pressure, led by cuts at market leader Tesla and a range of Chinese companies amid a weakening global economy.
VinFast, backed by Vingroup, Vietnam's largest conglomerate, has shipped nearly 3,000 of its VF8 model to North America and plans to ship another 3,000 to Europe by the end of this year, a person familiar with the matter told Reuters last month.
The company sold nearly 7,700 vehicles in the third quarter, up 185% from the same period last year, the filing showed.
VinFast is aiming to sell 40,000-50,000 vehicles this year, and has switched to a hybrid model where it runs its own showrooms and partners with dealers in an attempt to
