Why VinFast Auto Stock Zoomed Nearly 12% Higher on Tuesday
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.
Source Fool.com
