Vietnamese electric vehicle maker VinFast reported a fourth-quarter 2025 net loss of $1.34 billion-46.5% wider than the same period last year. The loss included a $235.6 million impairment charge tied to its paused North Carolina manufacturing plant.
Chairperson Thuy Le confirmed the company intends to resume construction this year and aims for a soft U.S. market launch in 2028. The plant was halted in 2024 amid global EV demand uncertainty and weakening policy support.
Domestic demand remained strong: Vietnam accounted for nearly 80% of VinFast’s 86,557 Q4 EV deliveries-up 63% year-on-year. Two-wheeler sales soared 450% to 172,000 units, boosted by Hanoi’s mid-2026 petrol motorbike ban in the city center.
The company targets 300,000 global EV deliveries in 2026 and plans to expand two-wheelers 2.5x over 2025 volume across India, Indonesia, Malaysia, Thailand, and the Philippines. Range-extended EVs (REEVs) will launch in Vietnam in 2027.
A December 2024 free-charging program lifted sales but pressured margins. Full-year revenue rose 105% to $3.6 billion. VinFast, a Vingroup subsidiary, expects to reach breakeven by year-end-though analysts cite high cash burn as a CAPEX concern.