(Reuters) -Vietnamese electric-vehicle maker VinFast on Thursday reported a wider second-quarter net loss as it stepped up spending on global expansion and marketing to spur demand and support its ambitious growth strategy.
The EV maker, however, reaffirmed its commitment to achieving breakeven by the end of 2026. Founder and CEO Pham Nhat Vuong last month pledged an additional $1.5 billion to the automaker in exchange for R&D assets to support its expansion plans.
VinFast is intensifying promotional activities in its home market while shifting from a company-owned showroom model to a lighter, dealership-based approach to expand more quickly and reduce costs.
The company recently opened a new assembly plant in India and has plans to establish another facility in Indonesia as it seeks to strengthen its footprint across Asia.
“We stick to our goal this year and are flexible with our market approach amid (the) changing global situation,” said Thuy Le, the company’s chairperson.
The EV maker reported a net loss of $812.0 million for the quarter ended June 30, 15% more than 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 in the quarter, bringing total deliveries for the first half of 2025 to 72,167, compared with its annual sales target of 200,000 units, with VinFast’s home market of Vietnam remaining its largest.
(Reporting by Kritika Lamba and Phuong Nguyen; Editing by Vijay Kishore)
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