- On its Nasdaq debut, VinFast earned a valuation of about $85 billion – higher than Ford
- VinFast may become the first-ever Vietnamese automaker to set up its market in India
According to a report, the Vietnam-based electric vehicle maker VinFast Auto has planned to invest billions of dollars to set up its manufacturing unit in India. It can either set up the plant in Gujarat or Tamil Nadu.
All processes are in the preliminary stage. There is no confirmation that this company is planning to export or whether the new production unit would only serve the Indian market. If this plan succeeds successfully VinFast will become 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 has doubled its revenue in the second quarter on higher deliveries to domestic customers. This was the first result since its market debut in August.
VinFast made a remarkable debut on the Nasdaq with a valuation of approximately $85 billion, surpassing the valuation of the long-established US automaker Ford. During the second quarter, the company experienced substantial growth in revenue, with a remarkable increase of 131.2%, reaching $327 million. Despite this, its net loss for the same quarter amounted to $526.7 million, showing an 8.2% reduction compared to the previous year.
By June 30, VinFast, backed by Vietnam’s wealthiest individual, Pham Nhat Vuong, had successfully sold a total of 18,700 electric vehicles, primarily within Vietnam. Notably, 7,100 of these vehicles were sold to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese taxi company where Vuong maintains a significant 95% ownership stake.
VinFast plans to deliver its first EVs to Europe in the fourth quarter. It delivered its first vehicles to the US earlier this year.