Why VinFast Stock Traded Lower Thursday

VinFast Auto Ltd. (NASDAQ: VFS) shares traded lower Thursday. In addition to shares of auto stocks being impacted by overall market weakness, the company also reported second-quarter earnings during market hours.

What To Know: VinFast posted second-quarter earnings of a loss of 23 cents per share, better than a loss of 25 cents on a year-over-year basis. Revenue totaled $334.1 million and quarterly vehicle deliveries were 9,535 units.

VinFast anticipates vehicle deliveries of between 40,000 and 50,000 vehicles in 2023. The company is on target to begin delivery of the VF 9 in North America and the VF 6 in Vietnam by the end of 2023, while the VF 7 And VF 3 are expected to begin deliveries in 2024.

VinFast stock was also trading lower Thursday amid overall market weakness following a rise in Treasury yields after Wednesday's FOMC statement. More rate hikes may be on the horizon as well, due to weekly initial jobless claims data coming in below estimates.

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VFS Price Action: Shares of VFS lost 8.38% intraday Thursday, closing at $15.75, according to Benzinga Pro.

Image by John Howard from Pixabay.