VinFast Q3 Revenue Rises While Most EV Sales Go to Affiliate GSM

VinFast reported rising Q3 revenue, EV deliveries, and vehicle sales, but most growth was from sales to affiliate company Green and Smart Mobility (GSM).

GSM accounted for over 60% (over 6,000 vehicles) of VinFast's Q3 EV deliveries and sales.

VinFast's Q3 revenue rose to $342.7M and losses reached $622.9M, up 20% from last quarter.

VinFast expects to receive up to $1.2B in grants over next 6 months to boost growth.

VinFast aims to deliver 40k-50k vehicles in 2022, but has only delivered 21k EVs so far, so will need to more than double output.