On the Dash:
- VinFast’s delivery growth of 86,557 vehicles in Q4 and 196,919 in 2025 signals expanding global supply that could reach dealerships in key markets soon.
- High costs and cash burn highlight the importance of scale and cost optimization for profitability as VinFast expands internationally.
- Factory openings in the U.S., India, and Indonesia suggest future production capacity that may influence regional inventory and pricing trends.
The Vietnamese EV maker VinFast 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 ($1.3 billion), an increase of 15% from the same period a year earlier. Revenue for the quarter soared 138.9% year-over-year to 39.4 trillion dong. Cost of sales in the fourth quarter reached 55.14 trillion dong, up 86.6% compared with the year-ago period.
VinFast delivered 86,557 vehicles in the fourth quarter, marking a 127% increase from the previous quarter and a 63% jump year-over-year. Full-year 2025 vehicle deliveries totaled 196,919, more than double 2024’s total. The company has set a 2026 target of at least 2.5 times the 2025 motorbike volume across Southeast Asian markets, including the Philippines, Indonesia, India, Thailand, and Malaysia.
Notably, the EV maker is not expected to reach earnings before interest, taxes, depreciation, and amortization (EBITDA) break-even in 2026, Chairwoman Le Thi Thu Thuy said, although she adds that the company is moving toward that point in the medium term. However, analysts have raised concerns about VinFast’s high cash burn but noted the company should be able to fund operations if it meets its global delivery target of 300,000 EVs in 2026.
The U.S. factory, initially delayed by three years, is scheduled to begin operations in 2028. VinFast also plans to open plants in India and Indonesia and continues to explore expansion opportunities across Europe, Asia, the Middle East, and Africa, leveraging partnerships and Vingroup resources. The company is focusing on Vietnam, Indonesia, India, and the Philippines, including agreements to deliver 20,000 vehicles in Indonesia by 2028.
