Vinfast's second-quarter deliveries jump over fivefold

Vietnamese electric-vehicle maker Vinfast said on Monday it delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter. It reported 11,315 deliveries for the first half of this year.

Vinfast’s blockbuster debut on Wall Street in August saw its shares more than triple in value, but the company’s small amount of publicly available shares has made the stock prone to volatility. Its shares have fallen about 53% since debut and lost 2.17% to $17.15 in premarket trading on Monday.

When VinFast debuted on the Nasdaq Global Select Market under the symbol VFS to a flurry of trading and volatility halts after completing a merger with special-purpose acquisition company Black Spade Acquisition Co, the 255% surge from the closing price of the SPAC made the company the top performing de-SPAC to debut this year on a US exchange.

The eye-popping valuation made VinFast worth more on paper than BMW AG alone, and more than Ford and Rivian Automotive Inc. combined on paper in terms of market capitalization, lagging BYD Co Ltd’s market value.

Vinfast said it will report its second-quarter results on Sept. 21.