12:20 PM EDT, 06/11/2025 (MT Newswires) -- VinFast Auto's ( VFS ) fleet is gaining traction across domestic and international markets despite the macro uncertainty impacting the electric vehicle landscape, Wedbush said in a note Wednesday.

The company reported that its fiscal Q1 vehicle sales rose 165% from a year earlier and said it continues to expect deliveries to double in fiscal year 2025, given high demand for its fleet, including its Green Series, according to the note.

The company expects its completely knocked-down facility in India to be operational in July, which could enable access to new Asian markets. It also plans to roll out new electronic architecture to streamline engineering workflows and boost profitability, the brokerage said.

"We continue to believe the company is in the early innings of a multi-year growth story that is just beginning with facilities expected to open in 2025, an updated portfolio launched for its global customer base, and strict cost management initiatives in place to generate steady, profitable growth over the coming years," Wedbush analysts, including Daniel Ives, wrote in the note.

Wedbush maintained its outperform rating on the stock and $6 price target.

Shares of VinFast were up more than 2% in recent trading Wednesday.

Price: 3.60, Change: +0.09, Percent Change: +2.42