Vietnamese electric vehicle maker VinFast reported a fourth-quarter 2025 net loss of $1.34 billion-15% wider than Q3 and 46.5% wider than Q4 2024.
A free-charging program launched in December 2024 drove higher costs but accelerated EV adoption, according to Chair Thuy Le.
Full-year revenue jumped 105% to $3.6 billion. The company, owned by Vingroup, targets breakeven by end-2026.
EV deliveries totaled 86,557 units-up 127% quarter-on-quarter and 63% year-on-year. Two-wheeler shipments surged over 450% to nearly 172,000, spurred by Hanoi’s 2026 petrol motorbike ban.
VinFast expects to resume construction of its North Carolina manufacturing plant this year, with operations slated for 2028. It aims to deliver 300,000 EVs globally in 2026 and scale two-wheelers 2.5x in 2025 volumes across India, Indonesia, Malaysia, Thailand, and the Philippines.
Analyst Ollie Coughlin of Third Bridge warned that VinFast’s high cash burn raises concerns about funding required CAPEX despite Vingroup backing.