VinFast (NASDAQ: VFS) published news on its delivery figures, and this was met with great enthusiasm by Mr. Market. Investors hit the gas pedal hard on the upstart Asian electric vehicle (EV) maker, sending its share price almost 12% higher on the day. That was much better than the basically flat performance of the S&P 500 index.
Well before market open, VinFast announced that it delivered a total of 21,912 EVs in the third quarter of this year. That represented extremely strong year-over-year growth of 116% and quarter-over-quarter improvement of 66%.
Much of this was due to a very lively domestic market. VinFast said that it delivered more than 9,300 vehicles in September alone in its native Vietnam. The company didn’t hesitate to add that this marked the first time that a Vietnamese EV maker outperformed every international competitor to take the No. 1 spot.
Speaking of the third quarter, VinFast also said that it would publish its financial results for that period before market open on Tuesday, Nov. 6.
VinFast was a hot stock after its U.S. initial public offering (IPO) last year, but investors have cooled on it recently due to a relatively steep Q2 loss. This latest news is surely going to revive interest in the company, although investors should bear in mind that it hasn’t yet proven it can reliably turn a profit, and it continues to expand aggressively outside of Vietnam — a costly endeavor. Still, it’s an EV company well worth watching.
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $21,294!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $44,736!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $416,371!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
*Stock Advisor returns as of October 21, 2024
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
