VinFast Up 1.6% on Q3 Deliveries, Stock Swings Continue
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VinFast Up 1.6% on Q3 Deliveries, Stock Swings Continue

Shares of VinFast initially rose at Thursday market open on stronger-than-expected Q3 report, only to lose those gains in the next hour.
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VinFast’s shares rose over 4% to $9.30 after the automaker reported better-than-expected Q3 deliveries and revenue. However, the company lost most of those gains shortly afterward as the volatility surrounding the stock continued, and the stock stood at $8.18, up 1.6% from yesterday.

VinFast Jumps on Strong Q3 Report But Retraces Gains as Volatility Continues

VinFast’s wild stock market ride continued on Thursday after shares of the electric vehicle (EV) maker jumped to $9.30 before seeing a sharp retracement to $8.40 in less than an hour.

However, the initial surge wasn’t unprovoked. VinFast published its Q3 financial results today, showing strong revenue growth and delivery numbers.

In particular, the company bagged $342.6 million in revenue in the third quarter, representing a robust increase of 159.3% year-over-year and 3.8% compared to the previous three-month period. Moreover, VinFast’s deliveries rose by 5.2% quarter-over-quarter to 10,027 units in Q3 amid solid demand in North America.

This marks a rocketing increase from last year when the carmaker delivered just 153 vehicles. In addition, VinFast’s e-scooter deliveries rose to 28,220 units in the last quarter, up 112.9% from Q3 2022. 

Going forward, the Vietnamese EV manufacturer expects to keep its momentum, maintaining its full-year delivery target of 40,000 to 50,000 cars. 

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VinFast Shares Moved Over 10% Up or Down in Past 36 Sessions

Meanwhile, for those who have been trading VinFast’s shares, the experience has been everything but calm and quiet.

Over the past month, the EV stock fell nearly 70%, registering several big ups and downs. During that period, the company’s shares oscillated in a significant trading range between $28.27 and $8 per share. 

This rollercoaster ride has become particularly apparent since the company changed its stock symbol to “VFS” after completing its SPAC merger in mid-August. In the days after the merger, VFS soared as high as $93 per share, losing nearly all those gains since. The stock jumped or plunged more than 10% in 20 of the 36 trading days after the merger. 

In the meantime, VinFast’s rival Rivian registered a much more stable and rewarding stock market performance, rising more than 33% in the past 6 months. The stock rose 9% on Wednesday on a strong delivery report, although it is down 17% in today’s session following a convertible bonds sale announcement

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What is causing such high volatility in VinFast shares even though the company registers strong sales and vehicle delivery growth? Let us know in the comments below.