VinFast (VFS) Expands EV Output Amid Global Setbacks

VinFast Auto Ltd. (NASDAQ:VFS) is one of Goldman Sachs’ top penny stock picks. On June 29, VinFast began production at its second factory in Ha Tinh, Vietnam, aiming to boost the output of its mini EVs. The new plant has an annual capacity of 200,000 units and complements its main Haiphong factory, which aims to reach 950,000 units by 2026.

VinFast (VFS) Expands EV Output Amid Global Setbacks

A fleet of electric light vehicles recharging their batteries in a parking lot.

Despite ambitious plans to expand globally with new factories in the U.S., India, and Indonesia, VinFast has faced challenges such as lower demand and intense competition. Its U.S. plant has been delayed until 2028, while the India facility is set to begin operations next month.

VinFast aims to deliver 200,000 vehicles in 2025 and sold 56,000 units in the first five months of this year. In Q1, it reported a net loss of $712.4 million—an improvement from the prior quarter—but still 20% higher than last year. Revenue surged 150% year-over-year to $656.5 million.

VinFast Auto Ltd. (NASDAQ:VFS), a subsidiary of Vingroup, designs and manufactures electric vehicles, e-scooters, and e-buses across Vietnam, Canada, and the U.S. It operates through three main segments: Cars, E-scooters, and E-buses, offering a wide range of EVs including SUVs, compact EVs, pickup trucks, MPVs, e-bikes, and related battery services. The company is headquartered in Hai Phong City, Vietnam.

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Disclosure: None. This article is originally published at Insider Monkey.