Surging vehicle sales more than doubled the revenue of Vietnamese electric carmaker Vinfast Auto Ltd. (VFS), the company said in its latest earnings report.

Revenue for the quarter ended Sept. 30 was up 159% from the same quarter last year to $342.7 million. At $319.5 million, vehicle sales nearly tripled from the year-ago quarter and contributed more than 90% of revenue. More than 10,000 EVs were delivered in the third quarter, up from just 153 in the same quarter last year.

Despite this, the company's net loss widened almost 34% to $623 million, from $466 million in the same quarter last year, as expenses mounted. That was equal to 27 cents a share, expanding from 20 cents a year ago.

Despite the losses, the company is moving forward with ambitious expansion plans. Construction is planned for EV assembly plants in India and 澳洲幸运5官方开奖结果体彩网:Indonesia, each with a production capacity of 50,000 cars per year. Production is expected to begin in 2026.

Vinfast also added 10,000 charging stations in the U.S., and is in discussions with other EV makers about joining the North American Charging Standard (NACS), the network of EV chargers developed by Tesla. Prominent automakers including Ford Motor Co. (F), General Motors (GM), and Hyundai will 澳洲幸运5官方开奖结果体彩网:make their EVs compatible with NACS starting in 2025.

Vinfast shares 🎀were up about 2% at 3♔ p.m. ET Thursday.

Trading in the stock has been volatile since the company went public on the Nasdaq in August. Shares initially surged that month, peaking 🌌above $80 a share on Aug. 28. However, they've tumbled almost 90% since, and as of Thursday were more than 60% below their IPO listing price of $22 a share.