Shares of VinFast Auto (NASDAQ:VFS) are in focus today after Reuters reported that the Vietnamese electric vehicle maker is planning to ship its vehicles to Europe after gaining the required approval.
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The company is planning to ship nearly 3,000 VF8 crossovers to France, Germany, and the Netherlands in the fourth quarter. Last July, VinFast had set a target of shipping 700 vehicles to Europe, and the 3000 mark would make Europe the largest overseas market for the company this year. VinFast is also planning to deliver its VF6, VF7, and VF9 models to the region next year.
This development comes even as Chinese car manufacturers face potential tariffs in Europe. Chinese carmakers have shipped nearly 70,000 EVs to Europe in the first seven months of this year, but regulatory action has created a potential pocket of opportunity for VinFast in this key market.
VinFast has global ambitions. The company is planning to set up new facilities in the U.S., Indonesia, India, Latin America, as well as the Middle East. It delivered 9,535 vehicles in the second quarter and a total of 11,315 vehicles in the first half of this year, marking a massive 500%+ sequential jump in vehicle deliveries.
Whats Is the Stock Symbol for VinFast IPO?
The company is also expected to announce second-quarter results today. It debuted on the Nasdaq under the ticker VFS last month. From a high of $82.35 on August 28, the company’s shares have declined to the present $17.2 level.
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