VinFast Forecasts Continued EV Sales To Founder Pham Nhat Vuong's Ride Service Through 2024: Report
Portfolio Pulse from Nabaparna Bhattacharya
Vietnam-based EV maker VinFast Auto Ltd. (NASDAQ:VFS) predicts continued electric car and scooter sales to an affiliated ride service owned by its founder, Pham Nhat Vuong, into 2024. The company has sold about 13,000 electric cars to Green SM, a Vietnam-based taxi operator and leasing provider 95% owned by VinFast's founder. The sales from Green SM made up approximately two-thirds of VinFast's EV sales in the first two quarters following its Nasdaq listing. VinFast also plans to acquire a 99.8% stake in VinES Energy Solutions from Vuong for approximately $462 million debt.
October 19, 2023 | 12:12 pm
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NEUTRAL IMPACT
VinFast's continued sales to Green SM and its planned acquisition of VinES Energy Solutions could potentially boost its revenues and market position in the EV sector. However, the company's stock is currently trading lower.
The news of VinFast's continued sales to Green SM and its planned acquisition of VinES Energy Solutions indicates a potential increase in its revenues and a stronger market position in the EV sector. However, the company's stock is currently trading lower, which may indicate investor uncertainty about these developments.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100