VinFast(NASDAQ: VFS) published news on its delivery figures, and this was met with great enthusiasm by Mr. Market. Investors hit the gas pedal hard on the upstart Asian electric vehicle (EV) maker, sending its share price almost 12% higher on the day. That was much better than the basically flat performance of the S&P 500 index.
Triple-digit delivery increase
Well before market open, VinFast announced that it delivered a total of 21,912 EVs in the third quarter of this year. That represented extremely strong year-over-year growth of 116% and quarter-over-quarter improvement of 66%.
Much of this was due to a very lively domestic market. VinFast said that it delivered more than 9,300 vehicles in September alone in its native Vietnam. The company didn't hesitate to add that this marked the first time that a Vietnamese EV maker outperformed every international competitor to take the No. 1 spot.
Speaking of the third quarter, VinFast also said that it would publish its financial results for that period before market open on Tuesday, Nov. 6.
Keep your eyes on the road
VinFast was a hot stock after its U.S. initial public offering (IPO) last year, but investors have cooled on it recently due to a relatively steep Q2 loss. This latest news is surely going to revive interest in the company, although investors should bear in mind that it hasn't yet proven it can reliably turn a profit, and it continues to expand aggressively outside of Vietnam -- a costly endeavor. Still, it's an EV company well worth watching.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
