India, May 7 -- A 65% slide in VinFast Auto Ltd.'s stock this year underlines the challenge faced by the electric vehicle maker backed by Vietnam's richest man. It plans to almost triple vehicle delivery this year to 100,000 but had barely hit a 10th of that goal in the first quarter. Meanwhile, it'll need to raise capital for global expansion, given plans for factories in North Carolina, Indonesia and India.

"VinFast is too ambitious and could continue to face challenges as it expands rapidly overseas," said Bloomberg Intelligence analyst Ken Foong. "They could do well in Vietnam as there isn't too much competition there, but in the US and other regions, there might be more competition."

The EV maker controlled by Pham Nhat Vuong is tr...