In recent news, VinFast Auto and Polestar Automotive have both provided updates on their electric vehicle (EV) deliveries for the third quarter. VinFast delivered 10,027 EVs during this period, showing a growth from the previous quarter. However, in order to meet its target of 40,000 to 50,000 deliveries for the full year, the company will need to significantly increase sales in the fourth quarter. Despite this challenge, VinFast’s stock rose by 5.6% before settling at a 1.1% increase.
VinFast also shared that its third-quarter sales are expected to reach $343 million, while its gross loss would amount to approximately $100 million. The company anticipates an operating loss of around $370 million, equating to about $37,000 per EV sold. Comparatively, other EV manufacturers such as Rivian Automotive and Ford Motor also experience similar losses per EV sold.
On the other hand, Polestar Automotive reported delivering 13,900 EVs in the third quarter, with a total of 41,700 EVs sold in the first nine months of 2023. The company aims to sell 60,000 to 70,000 vehicles by the end of 2023. Despite these positive figures, Polestar’s stock experienced a 2.2% decline.
While Polestar delivers more EVs than VinFast, the latter’s stock is valued at around $20 billion, which is more than three times the value of Polestar’s stock. This difference in valuation showcases the unpredictable nature of the EV market and the volatility of VinFast’s stock. At its peak, VinFast’s stock reached $93 per share, making the company the third most valuable auto manufacturer worldwide after Tesla and Toyota Motor.
In conclusion, VinFast and Polestar have released their third-quarter delivery figures, with VinFast aiming to significantly increase sales to meet its full-year target. Despite facing challenges, such as increasing competition and the need to double sales, VinFast’s stock showed an initial rise before stabilizing. Polestar, on the other hand, delivered positive figures but experienced a decline in stock value. The valuation difference between the two companies reflects the unpredictable nature of the EV market and the volatility of VinFast’s stock.
