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VinFast reports narrower Q3 net loss of $550 million

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Q3 revenue exceeds estimates, up 42% quarter-on-quarter

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Jan-Sept deliveries at 44,773 units, 55% of full-year

target

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Plans assembly plant in India, operations to start in 2025

HANOI, Nov 26 (Reuters) - Vietnamese electric vehicle

(EV) manufacturer VinFast on Tuesday reported a smaller

$550 million net loss for the third quarter compared with a year

earlier, helped by lower costs for materials and ramped-up

production volumes.

The Haiphong, Vietnam-based company delivered 44,773 cars in

the first nine months of 2024, more than 55% of its 80,000

target for the year. About one-fifth of these deliveries were to

related parties, the company said.

The company remains on track to meet its yearly goal,

VinFast Chairwoman Thuy Le said.

Last month, the company reported

third-quarter deliveries

of 21,912 on robust domestic demand for its mid-sized cars.

"The momentum in Q3 has continued into Q4," Thuy said. "We

expect to finish 2024 on a strong note and meet our 80,000

vehicle delivery target."

The automaker reported record-breaking operations in North

America in September on the back of its expanding dealer

network. However, it did not provide specific sales figures or

details for its North American performance.

VinFast's shares rose 4.3% in Tuesday's pre-market trade

on Nasdaq, trading at $4.1. Since January, the shares have

fallen by more than 50%.

Third-quarter revenue jumped 42% to $511.6 million from the

prior three-month period, beating estimates of $499.37 million,

according to data compiled by LSEG.

VinFast said it was planning an assembly plant in India

scheduled to commence operations in 2025. The company is

actively expanding into Asian markets, including India,

Indonesia, and the Philippines, to capitalize on the growing EV

demand.

VinFast, backed by major Vietnamese conglomerate Vingroup,

said earlier this month that it would receive a fresh funding

round worth $3.35 billion from its founder and parent company by

2026.