(Reuters) -Vietnamese electric-vehicle maker VinFast on Thursday reported a 131.2% rise in revenue in its first quarterly report since going public in August on higher deliveries to domestic customers.
The company posted revenue of 7.95 trillion Vietnamese dong ($327 million) for the second quarter ended June 30.
Net loss in the quarter narrowed to 12.54 trillion Vietnamese dong from 13.65 trillion Vietnamese dong a year earlier, driven by increase in delivery volume and cuts in its research and development costs.
The loss-making startup was able to garner a valuation of about $85 billion – more than that of U.S. automakers Ford and General Motors – on its Wall Street debut.
The company delivered 9,535 vehicles in the quarter, recording a more than fivefold jump from the first quarter. Still, a large portion the company’s revenue comes from sales to subsidiaries of its own parent company Vingroup.
($1 = 24,310.0000 dong)
(Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila)
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