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Vietnam's EV Maker Reports US$712 Million Net Loss in Q1

Vietnamese electric vehicle maker VinFast reported a $712.4 million net loss in Q1 2025 despite delivering 36,330 vehicles globally during the quarter.
The loss stems from rising costs and intense competition amid high tariffs, including a 25% U.S. import duty and logistics challenges that limit expansion in North America and Europe.
VinFast's revenue increased by approximately 150% to $656.5 million, while the cost of sales surged by over 110% to $887.5 million, resulting in a 20.3% rise in operating losses to $485.6 million for the quarter.
Pham Nhat Vuong, the billionaire entrepreneur leading VinFast, has contributed nearly $1 billion of his own funds and committed an additional $2 billion by 2026 to drive the company’s expansion efforts focused on markets such as India, Indonesia, the Philippines, and Vietnam.
VinFast plans to more than double its electric vehicle deliveries in 2025 and aims to strengthen its presence in Asia with new manufacturing facilities opening in India by July and Indonesia by October.

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The Manila Times

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VinFast's Q1 loss widens on higher spending

VIETNAMESE electric vehicle (EV) maker VinFast reported on Monday its sixth consecutive quarterly net loss as it continues to ramp up spending to boost sales volumes.

2 days ago·Manila, Philippines

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Jalopnik

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VinFast Managed To Lose Over $700 Million In The First Quarter Of 2025

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2 days ago

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The Detroit News

Center

VinFast loss widens even as revenue grows

The Vietnamese EV maker is racing to establish a foothold in price-sensitive Asia amid intense competition and losses in its international business.

3 days ago·Detroit, United States

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Channel News Asia

Center

Vietnam's EV maker reports US$712 million net loss in Q1

HANOI: Vietnam's first homegrown car manufacturer Vinfast on Monday (Jun 9) said it recorded net losses of US$712 million in the first quarter of the year despite more deliveries. The communist nation's electric vehicle (EV) firm is aiming to compete with global giants such as Tesla, but has

3 days ago·Singapore

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Bloomberg

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EV Maker VinFast’s Rising Revenue Fails to Ease Widening Loss

VinFast Auto Ltd.’s growing revenue didn’t allay a widening loss in the first quarter as the Vietnamese EV maker faced rising costs tied to its global expansion plans.

3 days ago·United States

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Wonderful Engineering

The EV Startup That Wanted To Beat Tesla Suddenly Shutters Half Its Stores

VinFast, the Vietnamese electric vehicle company hoping to compete with Tesla, is reducing its activities in Canada. Less than three years after launching with big promises and a direct-to-consumer approach, the company has decided to close five of its ten Canadian stores. In late 2022, VinFast made its debut in Canada by quickly opening showrooms […] The post The EV Startup That Wanted To Beat Tesla Suddenly Shutters Half Its Stores appeared fi…

2 days ago

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