Vinfast Reports Significant Increase in Vehicle Deliveries in Q2

Vietnamese electric-vehicle manufacturer Vinfast announced on Monday that it had delivered 9,535 vehicles in the second quarter, marking a more than fivefold increase compared to the first quarter. The company reported a total of 11,315 deliveries for the first half of the year.

Vinfast made a remarkable debut on Wall Street in August, with its shares more than tripling in value. However, due to the limited number of publicly available shares, the stock has been susceptible to volatility. Since its debut, the company’s shares have fallen approximately 53% and experienced a 2.17% decrease in premarket trading on Monday, selling at $17.15 per share.

The Vietnamese automaker made headlines when it entered the Nasdaq Global Select Market as VFS through a merger with special-purpose acquisition company Black Spade Acquisition Co. The stock experienced significant trading activity and experienced volatility halts. With a surge of 255% from the SPAC’s closing price, Vinfast emerged as the top-performing de-SPAC to debut this year on a US exchange.

At its peak valuation, Vinfast exceeded the paper worth of BMW AG, as well as the combined market capitalization of Ford and Rivian Automotive Inc. However, it still trailed behind BYD Co Ltd in terms of market value.

Vinfast is scheduled to release its second-quarter financial results on September 21st.

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