According to the Zhiyuan Finance APP, the Southeast Asian electric auto leader VinFast (VFS.US), dubbed the 'Tesla of Vietnam', announced its latest financial report during pre-market trading on Tuesday. As the number of electric autos delivered by the company continues to increase, its net loss narrowed in the third quarter while revenue saw significant growth, and it is optimistic about achieving the ambitious target of delivering 0.08 million autos. The company also announced the establishment of a new factory in vietnam to produce low-cost electric autos. Driven by the strong financial report, VinFast’s stock price rose by nearly 5% during pre-market trading.

The vietnamese electric auto manufacturer listed in the usa reported a net loss of approximately 13.25 trillion vietnamese dong (about 0.5213 billion usd) in the third quarter, narrowing by 14.8% compared to the same period last year; VinFast’s overall revenue during the same period increased significantly by approximately 49.3%, reaching 12.33 trillion vietnamese dong.

VinFast announced last month that it delivered a total of 21,912 autos in the third quarter, representing a year-on-year increase of 115%. The strong delivery volume in the domestic market supported this sales performance, and the company stated that this will play a key role in driving revenue and delivery targets for the remainder of 2024.

Financial report data shows that the company delivered over 11,000 autos to domestic customers in October, bringing the total domestic delivery volume in vietnam over the past 10 months to more than 51,000 autos.

The chairman of VinFast stated in the latest financial report that VinFast plans to begin construction of a new auto manufacturing facility in Ha Tinh, a province in central vietnam, in December to produce its VF 3 and VF 5 affordable electric autos. The company mentioned that the auto factory will gradually expand production capacity, with an eventual annual capacity expected to reach 0.3 million electric autos. The factory is expected to be operational next year.

"We expect to finish 2024 strongly, achieving a delivery goal of up to 0.08 million autos, and the good momentum from the third quarter is expected to continue into the fourth quarter," said the company chairman.

The once troubled electric vehicle manufacturer has received a strong commitment from its billionaire founder and CEO Pham Nhat Vuong in Vietnam to increase capital twice within this year. Earlier this month, he stated that he pledged to put about 2 billion dollars from his personal wealth into the company. Back in April, he had already committed to injecting at least about 1 billion dollars in cash into the company, and in a media interview in June, he expressed his willingness to stake all his funds on the company's development.

Meanwhile, the parent company Vingroup JSC also announced that it will provide up to 1.38 billion dollars in loans to VinFast.

It is understood that since the first delivery of electric vehicles to the USA at the end of 2022, VinFast has been operating at a loss. The loan from Vingroup is the latest sign of the company's support for its auto manufacturing division, which is eager to become a global electric vehicle brand amid fierce competition from established automakers and rapidly growing new forces in car manufacturing in china. VinFast stated in a declaration on November 12 that its goal is to quickly achieve break-even and to realize cash flow balance by the end of 2026.

The company expects to open an auto manufacturing plant in india in the first half of next year, and it has already broken ground on an auto assembly plant in indonesia in July. In addition, the opening time for an auto manufacturing plant in North Carolina has been postponed by three years to 2028.

VinFast officially went public in the usa stock market in August 2023, completing the listing by acquiring a shell company called Black Spade Acquisition Co. Due to continuous losses and once being in operational trouble, its stock price has plummeted by about 53% this year.