(March 16): Vietnamese electric vehicle maker VinFast Auto Ltd said it will resume construction on its North Carolina factory this year while reporting a wider loss in the fourth quarter as costs tied to its global expansion continued to rise.
The company reported a fourth-quarter net loss of 35.2 trillion dong, an increase of 15% year-on-year. Revenue soared 138.9% year-on-year to 39.4 trillion dong, VinFast said in a US filing. Fourth-quarter cost of sales was at 55.14 trillion dong, up 86.6% versus the same year-ago period.
The company delivered 86,557 cars in the fourth quarter, representing a 127% quarterly jump and a 63% year-over-year increase, according to the statement. Last year, VinFast sold 196,919 vehicles, more than double the amount in 2024.
VinFast is not expected to reach the break-even point on earnings before interest, taxes, depreciation and amortisation (Ebitda) this year, VinFast chairwoman Le Thi Thu Thuy said in an interview. “The financial numbers and key metrics are looking better. We are having more products and more markets and we are heading to the Ebitda break-even point in the medium term,” she said, without giving a specific timeframe.
VinFast’s high cash burn raises concerns about its ability to fund capital expenditures, said Third Bridge analyst Ollie Coughlin, after speaking with industry experts. However, if the company hits its delivery target of 300,000 EVs globally in 2026, which he believes it can, it should not have trouble raising capital, Coughlin said.
Scale and cost optimisation will be primary drivers of profitability, Thuy said. VinFast founder Pham Nhat Vuong had said he expected the company to break even at the end of this year.
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VinFast reported a full-year 2025 net loss of 97.25 trillion dong, an increase of 25.7% from a year ago. Total revenue last year was 90.4 trillion dong, a 105.4% jump from the previous year.
The US factory, which VinFast said it expected to begin operations in 2028, would follow plant openings in India and Indonesia. The company announced in 2024 it was delaying its North Carolina factory by three years.
The company “continues to evaluate opportunities to expand into additional countries and regions across Europe, Asia, the Middle East and Africa", it said in the filing. “This expansion strategy is aligned with Vingroup’s broader global development approach, leveraging the Vingroup ecosystem, partnerships and capital resources to support VinFast’s international growth.”
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VinFast looks to deliver at least 300,000 EVs globally in 2026, with a focus on Vietnam, Indonesia, India and the Philippines. The EV maker earlier this month signed agreements to provide 20,000 vehicles in Indonesia by 2028.
E-scooter and e-bike deliveries were 406,498 in 2025, rising 473% year over year. VinFast targets 2026 motorbike deliveries to be at least 2.5 times those of 2025 by accelerating sales in the Philippines, Indonesia, India, Thailand and Malaysia.
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