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Electric vehicle maker received largest ever North Carolina state subsidy, now it posted $623M loss
Just The News ^ | October 9, 2023 | Staff

Posted on 10/09/2023 5:55:17 AM PDT by Red Badger

A new VinFast earnings report shows the electric car company lost $623 million this summer, with net losses now eclipsing $5 billion since 2021.

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Anew VinFast earnings report shows the electric car company slated to receive the largest taxpayer subsidy in North Carolina history lost $623 million this summer, with net losses now eclipsing $5 billion since 2021.

The earnings report released Thursday shows VinFast’s revenue swelled 3.8% from the second quarter to $342.7 million, as net losses continued to rise by 20% to $622.9 million, putting the company on track to post its biggest yearly loss in the last three years.

Electric vehicle deliveries from the six-year-old Vietnamese company hit 10,027 for the third quarter of 2023, an increase of 5.2% from the 9,535 delivered the prior quarter.

About 60% of those deliveries, accounting for more than 6,000, went to Green and Smart Mobility, a rental and taxi company owned by VinFast’s parent organization, Vingroup. VinFast was forced to recall all 999 vehicles sent to the United States in May, just weeks after reviews described its $50,000-plus VF8 City Edition SUV as “sickness-inducing,” “terrible,” “sloppy,” and “borderline uncontrollable.”

While automotive data provider S&P Global Mobility reports only 137 VF8s have been registered in the U.S. through the first half of 2023, VinFast “started to see a sales increase in September in North America, particularly in Canada,” according to the company’s unaudited financial report.

“We aim for our vehicles to be present in up to 50 global markets and countries by the end of 2024,” the report read. “In the U.S., this approach is intended to provide increased consumer access to substantially more states, as compared to a direct-to-customer model. Through the end of September … VinFast has received Applications/Letters of Intent from 27 dealers with more than 100 open points across 12 states in the U.S, including Florida, Texas, North Carolina, Virginia, Louisiana, New Jersey and Arkansas, among others.”

Thursday’s report follows a groundbreaking in late July at the company’s first facility outside of Vietnam in Chatham County, where VinFast is expected to start production by 2025 after postponing the launch by a year.

The $4 billion facility is funded in part by taxpayers “to lead the EV revolution” through a state incentive package that could reach $854 million over 32 years if the company achieves its investment and hiring goals, which include 7,500 jobs at the plant by 2027. Chatham County is expected to contribute another roughly $400 million.

This week’s financial report comes a little over a month and a half after VinFast’s initial public offering on the Nasdaq briefly made the company the third-most valuable automaker, behind Tesla and Toyota, with a share price of $93 and a market cap of more than $200 billion.

That temporarily made the company worth more than Ford, GM, Volkswagen, Stellantis, and Rivian combined. Share prices have since dropped off by more than 90%, putting the company’s shares at $8.14 on Friday.

VinFast is now working to raise $1.2 billion through its parent company, its billionaire chairman, and stock sales over the next six months. The company, which aims to deliver between 40,000 and 50,000 electric vehicles globally by the end of the year, has shipped about 21,000 through the first nine months of 2023.

"We see strong momentum in our business, supported by growing delivery volumes, increased revenues, and an improved path to profitability,” VinFast CFO David Mansfield said in a statement accompanying the Thursday report.


TOPICS: Business/Economy; Military/Veterans; Society; Travel
KEYWORDS: vinfast
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1 posted on 10/09/2023 5:55:17 AM PDT by Red Badger
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To: Red Badger

EV’s are a criminal scam.


2 posted on 10/09/2023 5:57:52 AM PDT by ImJustAnotherOkie
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To: Red Badger

FLUSH


3 posted on 10/09/2023 5:59:33 AM PDT by butlerweave
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To: ImJustAnotherOkie

EV’s are a criminal scam.


Democrats are loading their pockets off this scam.


4 posted on 10/09/2023 6:01:33 AM PDT by boycott
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To: Red Badger

NYS has poured billions of taxpayer dollars down ratholes just like this.

To no avail.

Politicians don’t care.

It’s not their money.


5 posted on 10/09/2023 6:05:19 AM PDT by mewzilla (Never give up; never surrender!)
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To: Red Badger

Which pResident pushed this?

Anyone remember BO and how he gave million$ to his buddies in the solar panel industry only for them to shutter their doors not long after they ca$hed their check$?


6 posted on 10/09/2023 6:09:20 AM PDT by Cowgirl of Justice
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To: Red Badger

About 60% of those deliveries, accounting for more than 6,000, went to Green and Smart Mobility, a rental and taxi company owned by VinFast’s parent organization, Vingroup. VinFast was forced to recall all 999 vehicles sent to the United States in May, just weeks after reviews described its $50,000-plus VF8 City Edition SUV as “sickness-inducing,” “terrible,” “sloppy,” and “borderline uncontrollable.”


reviews are sickness inducing, terrible, sloppy and borderline uncontrollable?

what kind of review is that?

sounds like something a liberal would say.


7 posted on 10/09/2023 6:13:35 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: PeterPrinciple

https://insideevs.com/reviews/666877/2023-vinfast-vf8-city-first-drive/

Apparently toxic fumes...................


8 posted on 10/09/2023 6:16:31 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

Shades of Rivian


9 posted on 10/09/2023 6:17:13 AM PDT by Roman_War_Criminal (Jesus + Something = Nothing ; Jesus + Nothing = Everything )
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To: Red Badger

Solyndra reincarnated?


10 posted on 10/09/2023 6:20:31 AM PDT by antidemoncrat
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To: Red Badger

They filled their pockets with scams like Global Warming , Climate Crisis and I think they said Water Crisis is the next scam


11 posted on 10/09/2023 6:24:05 AM PDT by butlerweave
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To: Red Badger

O’Biden took Chatham County (NC) 55% to Trump’s 44% in 2020.

Of course they got the pork. And...of course the whole state is paying for Roy Cooper’s malfeasance...including me.


12 posted on 10/09/2023 6:27:41 AM PDT by moovova ("The NEXT election is the most important election of our lifetimes!“ LOL...)
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To: Red Badger

Why the hell are American tax dollars even GOING to a foreign company from a COMMUNIST nation????


13 posted on 10/09/2023 6:34:02 AM PDT by ZULU (HOOVER, FREEH, MUELLER, COMEY, WRAY, SUCCESSION OF STATIST TRAITORS)
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To: Red Badger

After learning about the spontaneous fires from Salt corrosion in EV, no one should ever buy one.

Salt corrosion doesn’t just happen along the coast, but in slushy salty roads in snowy regions.


14 posted on 10/09/2023 6:34:57 AM PDT by stars & stripes forever (Blessed is the nation whose GOD is the LORD. (Psalm 33:12))
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To: Red Badger

All that money wasted on EVs could be used to improve Gasoline engines


15 posted on 10/09/2023 6:37:18 AM PDT by butlerweave
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To: Red Badger

Wow...what a nightmare. I’m keeping my Edsel.


16 posted on 10/09/2023 6:37:57 AM PDT by moovova ("The NEXT election is the most important election of our lifetimes!“ LOL...)
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To: Red Badger

... the obese milking welfare...


17 posted on 10/09/2023 6:46:23 AM PDT by Vladzred (..from deep within the Daniel Boone Forest...)
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To: Red Badger

Like the government run schools, they just need to throw more money at it.


18 posted on 10/09/2023 7:00:45 AM PDT by SharpRightTurn (“Giving money & power to government is like giving whiskey & car keys to teenage boys” P.J. O’Rourke)
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To: moovova

“I’m keeping my Edsel...”

LOL!


19 posted on 10/09/2023 7:08:19 AM PDT by 1FreeAmerican
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To: Red Badger
"We see strong momentum in our business, supported by growing delivery volumes, increased revenues, and an improved path to profitability,” VinFast CFO David Mansfield said"

Funny he didn't mention the subsidies, which is the only thing that keeps his company afloat.

20 posted on 10/09/2023 7:18:17 AM PDT by Fresh Wind (Faux News: "We distort, you deride")
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