(Reuters) -Vietnamese electric-vehicle maker VinFast said on Monday it had delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter.
The company, whose U.S.-listed shares fell 1.2% on Monday, reported 11,315 deliveries for the first half of this year.
VinFast’s blockbuster debut on Wall Street in August saw its shares more than triple in value, but the company’s small amount of publicly available shares has made the stock prone to volatility.
Its market capitalization, which was $160 billion – more than General Motors , Ford Motor and Volkswagen combined – in the weeks following its merger with a blank-check firm, fell to $40.4 billion on Monday.
VinFast was valued at $23 billion after special purpose acquisition company Black Spade Acquisition agreed to acquire the firm for $10 per share.
The company is almost entirely controlled by Pham Nhat Vuong, Vietnam’s richest man and founder of its parent conglomerate Vingroup, with a stake of about 99.7%, according to a filing.
The EV maker plans to expand in seven more markets in Asia, including Indonesia, where it aims to start deliveries from next year and establish a plant by 2026.
The Indonesian facility will be VinFast’s third after its main one in the northern Vietnamese city of Haiphong and a new plant in North Carolina in the United States, which is slated to start in 2025.
VinFast said it will report its second-quarter results on Sept. 21.
(Reporting by Chavi Mehta and Akash Sriram in Bengaluru; Editing by Devika Syamnath and Pooja Desai)
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