VinFast Auto Faces Financial Strain Despite Revenue Growth

VinFast Auto's stock tumbles as the company reports significant quarterly losses alongside a substantial increase in revenues.

• VinFast Auto's stock fell sharply after reporting larger-than-expected losses for Q1 2024, with shares down 11.5% early Wednesday.
• Despite the financial strain, the company's revenue tripled compared to the same period last year, driven by a 444% increase in EV deliveries.
• VinFast expanded its U.S. dealership network to 16 and plans to introduce more models in North America.
• The company's cash reserves are critically low, with only $123.3 million remaining, raising concerns about its sustainability.
• VinFast maintains an ambitious goal of 100,000 EV deliveries in 2024 despite the challenging economic environment.

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