4. VinFast Auto Ltd. (NASDAQ:VFS)
Short Interest as % of Shares Outstanding: 0.19%
Number of Hedge Fund Holders: 8
VinFast Auto Ltd. (NASDAQ:VFS) is engaged in designing and producing EVs, e-scooters, and e-buses across Vietnam, Canada, and the U.S. The company operates through three segments, Automobiles, E-scooters, and Spare Parts & Aftermarket Services.
The Automobiles segment handles the design, development, manufacturing, and sale of cars and electric buses, and provides battery leasing and charging solutions for these vehicles. The E-scooter segment focuses on the design, development, manufacturing, and sales of e-scooters, including battery leasing and charging services for the scooters.
The Spare Parts & Aftermarket Services segment is involved in selling spare parts and offering support services for both automobiles and e-scooters. As a subsidiary of Vingroup JSC, one of Vietnam’s major conglomerates, the company is dedicated to expanding the accessibility of electric vehicles to a broader audience.
In Q2, 8 hedge funds had investments in VinFast (NASDAQ:VFS), with positions worth $342,000.
VinFast (NASDAQ:VFS) is making significant strides in expanding its presence and operations on a global scale. The company is aggressively growing its showroom network and increasing its international deliveries. In Indonesia, the company has quickly made its mark by signing agreements with five dealership partners and opening its first store in April.
By late summer, the company had further shown its expansion with the launch of 15 additional dealer stores within a month. It introduced two new electric vehicle models, the VF 5 and VF e34 in the country.
In addition to its progress in Indonesia, the company is also expanding into other key markets. In Thailand, the company has signed a letter of intent with 15 initial dealers. Meanwhile, in the Middle East, it has secured a dealer sales agreement for the Oman market and established an exclusive dealership partnership with Al Mana Holding W.L.L. for Qatar. The first showroom in Doha is set to open in the third quarter of 2024, where customers will be able to explore four VinFast e-SUV models, the VF 6, VF 7, VF 8, and VF 9.
VinFast’s (NASDAQ:VFS) ambitions in the U.S. are equally bold. The company plans to set up 125 sales points, and currently, it operates 18 dealerships across seven states, with further expansions on the horizon. Additionally, it is exploring the development of a second manufacturing facility in India, complementing its first plant expected to launch in the first half of 2025.
The company has shown growth financially as well. In Q2, the company delivered over 12,000 vehicles, marking a 24% increase from the previous quarter and a 26% rise from the same period last year. For the first half of 2024, deliveries reached 21,747 vehicles, representing an impressive 92% increase compared to the prior year. The company is targeting approximately 80,000 electric vehicle deliveries for 2024, more than double the 34,855 vehicles delivered in 2023.
