VinFast Sold Majority of EVs to Parent-Owned Taxi Firm – FT

The VinFast logo is displayed on a VF5 electric SUV during CES 2022 at the Las Vegas Convention Center in Nevada. Photo: Reuters

Electric vehicle start-up VinFast, which made history with the rapid climb of its stock price after a SPAC listing last month, sold the majority of its vehicles in the first half of this year to a related party, the FT reported.

Despite selling just 24,000 cars last year, its $200 billion valuation saw VinFast rank among the world’s most valuable automakers like Volkswagen, Ford and General Motors, whose sales are in the millions.

But it has now emerged, the report went on, that 7,100 of the 11,300 vehicles sold by VinFast in the first six months of 2023 were sold to Green and Smart Mobility (GSM), a Vietnamese taxi company controlled by the carmaker’s parent, Vingroup.

Read the full story: The Financial Times

By Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.