The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California., for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars.
VinFast was dreaming of breaking into the big leagues of global automakers when it launched sales in the U.S. last year and listed its shares on the Nasdaq, where its market value briefly surpassed those of General Motors Corp. and Ford Motor Co. in late August. VinFast reported a net loss of $2.39 billion last year, despite a 90% increase in revenue. To patch its tattered finances, Vingroup recently sold its profitable commercial property arm, Vincom Retail. Vingroup's founder, Pham Nhat Vuong, has committed $1 billion of his personal wealth, on top of the $11.
"The VF3 price is tempting. But I'll wait and see how it performs on the road before I make my deposit," she said.