-- A 65% slide in VinFast Auto Ltd.’s stock this year underlines the challenge faced by the electric-vehicle maker backed by Vietnam’s richest man.It plans to almost triple vehicle delivery this year to 100,000, but had barely hit a 10th of that goal in the first quarter. Meanwhile, it’ll need to raise capital for global expansion, given plans for factories in North Carolina, Indonesia and India.
So far, it has delivered just 9,689 cars in the first three months of the year after dispatching a total of 34,855 vehicles in 2023. The bulk of its sales have been to related parties of the company. The carmaker is betting on a $2 billion manufacturing complex in North Carolina — which it expects to complete by the end of 2025 — and planned facilities in Indonesia and India to establish its presence in key markets. That may further burden its balance sheet after the company posted net debt of about $2.9 billion as at end March. Cash and cash equivalents were only at $123.3 million.
VinFast may need more funding for their expansion plans, said Bloomberg Intelligence’s Foong. The company’s target of breaking even at the gross-profit level in 2025 may be challenging, “given the current run-rate and competition in the sector,” he said.TD Risks ‘Lost Decade’ in US Money-Laundering Scandal, Jefferies Says
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