Does VinFast Auto's 67% Surge Make It a Buy Now?
VinFast Auto (NASDAQ: VFS) broke onto the scene as an electric vehicle (EV) company with unique potential. The Vietnamese EV maker had massive backing from its parent company and billionaire owner, a stranglehold on its home market, cheap labor costs, state-of-the-art manufacturing plants, and massive addressable markets to which it could export vehicles.
That said, things haven't gone exactly to plan. But does VinFast's 67% gain over the past three months make it a buy now? Not so fast.
First, let's take a look at some recent positive news from VinFast and also acknowledge why it should be taken with a grain of salt. During the second quarter, VinFast delivered over 12,000 vehicles, which was a healthy 24% compared to the prior quarter and 26% higher than the year-ago period. For the first half of 2024 VinFast delivered 21,747 vehicles, which was good for a whopping 92% increase compared to the prior year.
Source Fool.com
