Tesla's rival Vietnamese EV maker plans billion dollars investment in India: Report
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) If VinFast Auto goes ahead with its investment plan then it would be the first-ever Vietnamese automaker to set up its market in India. Last month, VinFast Auto became the world's third-largest automaker by market capitalisation behind Tesla and Toyota.
VinFast's revenue more than doubled in the second quarter on higher deliveries to domestic customers, in its first results since its market debut in August. VinFast garnered a valuation of about $85 billion – higher than that of legacy US automaker Ford – on its Nasdaq debut. VinFast's second-quarter revenue rose 131.2% to $327 million.
Its net loss in the quarter was $526.7 million, narrowing 8.2% from the same period last year. As of June 30, VinFast, backed by Vietnam’s richest man, Pham Nhat Vuong, had sold a cumulative 18,700 electric vehicles, mostly in Vietnam, according to an 18 September filing. It sold 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese taxi company in which Vuong holds a 95% stake.
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