10:35 AM EST, 11/27/2024 (MT Newswires) -- VinFast Auto's ( VFS ) Q3 results showed a top-line miss but a bottom-line beat as the company plans to boost deliveries across its entire product line and outperform global rivals, Wedbush said in a report on Wednesday.

VinFast's electric vehicle deliveries of 21,912 were up 66% quarter-on-quarter and E-scooters deliveries of 18,894 increased 44% quarter-on-quarter in Q3 due to "improved reception for VinFast EVs domestically which represents a solid foundation in the space," Wedbush said.

Meanwhile, the company's operating income was "well above" analysts' estimates as its "increasing scale, ongoing BOM and production cost optimization and improved operating efficiencies have already started to have a positive impact on the path to profitability," the note said.

Wedbush analysts said they continue to believe that the carmaker 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 reiterated an outperform rating and $8 price target.

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