Vietnamese electric vehicle maker VinFast (VFS.O) posted a larger net loss for the second quarter on Thursday as it increased spending on global expansion and marketing to boost demand and support its growth strategy.
The company reported a net loss of $812 million for the quarter ended June 30, up 15% from the previous quarter. Revenue rose 1.9% from the prior quarter and 91.6% year-on-year to $663 million. Vehicle deliveries climbed 172% year-on-year to 35,837 units, bringing total deliveries for the first half of 2025 to 72,167, compared with its annual sales target of 200,000 units. Vietnam remained the company’s largest market.
VinFast has recently opened an assembly plant in India and plans another facility in Indonesia as part of its efforts to strengthen its presence across Asia. The company is also transitioning from a company-owned showroom model to a lighter, dealership-based approach to expand more rapidly and reduce costs.
Despite the widening losses, VinFast reiterated its commitment to reaching breakeven by the end of 2026. Thuy Le, the company’s chairperson, said: “We stick to our goal this year and are flexible with our market approach amid the changing global situation.”
Founder and CEO Pham Nhat Vuong last month pledged an additional $1.5 billion in R&D assets to support the company’s expansion plans.