Toronto, Ontario — On Tuesday, Vietnamese electric vehicle manufacturer, VinFast, reported a $550 million net loss for the third financial quarter–representing smaller than predicted results from the previous year.
As noted by a report from Reuters, this smaller net loss was the result of lowered costs for materials and ramped-up production volumes.
The news source further noted that VinFast delivered 44,773 cars in the first nine months of 2024, more than 55 percent of its 80,000 target for the year.
The company’s chairperson, Thuy Le commented in an official statement that VinFast remains on track to meet its yearly goals.
“The momentum in Q3,” Le said, “has continued into Q4. We expect to finish 2024 on a strong note and meet our 80,000 vehicle delivery target.”
