VinFast reports big jump in EV sales – but more than half were to a sister company

RALEIGH – VinFast’s fledgling electric vehicle business delivered sales of more than 9,500 vehicles in the second quarter of this year – a more than 400% increase from the first quarter – but the news comes with a caveat.

More than half of the 11,315 vehicles delivered through the first six months of 2023 were sent to Green and Smart Mobility, or GSM, which is part of VinFast corporate parent Vingroup.

So reports Barron’s.

GSM is a rental and taxi firm.

Reuters first reported the overall sales.

The company will report quarterly earnings on Thursday.

VinFast (VFS) shares traded down Wednesday at $17.50 in midday trading.

VinFast is building a mammoth manufacturing plant in Chatham County.