VinFast reports revenue surge in first annual report since debut

Shares of Vietnamese electric vehicle company, VinFast Auto (NASDAQ:) are up 0.58% in pre-market trading Thursday after the company announced a 131.2% rise in revenue in its first quarterly report since going public in August.

The electric automaker reported Q2 revenue of 7.95 trillion Vietnamese dong ($327 million) for the period ending on June 30th.

During the quarter, the company managed to reduce its net loss from 13.65T Vietnamese dong in the previous year to 12.54T Vietnamese dong. This improvement was primarily due to increased delivery volume and reductions in research and development expenses.

Despite its history of losses, the startup achieved an impressive valuation of approximately $85 billion upon its initial public offering on Wall Street, surpassing the valuations of U.S. automakers Ford (NYSE:) and General Motors (NYSE:).

VFS reportedly delivered 9,535 vehicles, marking a fivefold increase compared to the first quarter. However, it’s worth noting that a significant share of the company’s revenue originates from sales to Vingroup, its parent company’s subsidiaries.