VinFast Auto Ltd. reported a wider loss in the third quarter as the US-listed Vietnamese electric vehicle maker plans an India factory and its first European deliveries later this year.

Revenue increased to $342.7 million in the three months ended September, while net loss widened to $622.9 million, the automaker said in an exchange filing. That compares with sales of of about $334.1 million and a loss of $526.7 million it reported in the second quarter.

Shares of VinFast fell 14% to close at $8.05 per share on Wednesday. The stock has fallen 78% since its started trading on Nasdaq Aug. 15.

VinFast delivered 10,027 cars in the third quarter, according to the filing. Electric scooter deliveries stood at 28,220 in the third quarter of 2023.

The company, which went public in the US in August via acquisition of a blank-check company Black Spade Acquisition Co., previously said it had sold 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese taxi company in which founder Pham Nhat Vuong holds a 95% stake.

Vuong, who is Vietnam’s richest man, has previously forecast forecast EV sales of 45,000-50,000 this year.

India Expansion

The company, which is constructing a $2 billion manufacturing complex in North Carolina and plans a factory in Indonesia, also announced plans to set up a facility in India with an investment of $150 million to $200 million in the first phase, according to the filing.

The South Asian plant will have a capacity of about 50,000 vehicles per year in the first phase, with production expected to commence by 2026.

VinFast plans to deliver its first EVs to Europe in the fourth quarter, it said in emailed statement last month. It delivered its first vehicles to the US earlier this year.

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