Hyperdrive
VinFast’s 65% Stock Plunge Tests Ambition to Boost US EV Sales
- Company has delivered just 10% of its annual target in Q1
- Owner Vuong has pledged to invest another $1 billion
The firm is targeting sales in as many as 50 markets by the end of 2024, given Vietnam’s limited market.
Photographer: Linh Pham/BloombergThis article is for subscribers only.
A 65% slide in VinFast Auto Ltd.’s stock this year underlines the challenge faced by the electric-vehicle maker backed by Vietnam’s richest man.
It plans to almost triple vehicle delivery this year to 100,000, but had barely hit a 10th of that goal in the first quarter. Meanwhile, it’ll need to raise capital for global expansion, given plans for factories in North Carolina, Indonesia and India.