This is interesting in that it comes amid an uptick in sales with 58,577 electric cars and 143,136 electric two-wheelers delivered, up 61 percent and 219 percent compared to Q1 2025, respectively.
Vietnamese electric vehicle maker VinFast has reported a VND 28 trillion (US$1.06 billion) net loss on revenue of VND 23.11 trillion (US$877.1 million). This brings its total accumulated losses to VND 395.2 trillion (US$15.7 billion) as of the end of March, according to its latest filing with the Securities and Exchange Commission.
This is interesting in that it comes amid an uptick in sales. The filing says the company delivered 58,577 electric vehicles during the quarter, a 61 percent increase from a year earlier, while electric motorcycle and bicycle deliveries rose 219 percent to 143,136 units. Of those, 13 percent of the electric cars sold and about 1 percent of the electric two-wheelers went to related parties, though it doesn’t specify to whom.
That said, the filing notes that its affiliate ride-hailing company, Green SM, has agreed to buy a further 1 million cars and 4 million two-wheelers over the next four years. It says it expects these purchases to be over and above existing forecasts.
On a side note, this comes amid reports that Vingroup, VinFast’s parent company, could acquire a further 30 percent of the ride-hailing firm to add to its current 5 percent share. It’s not clear from local reporting what the objective of this move might be.
That aside, the filing also mentions legal action that has been launched against the company in North Carolina over its failure to build a factory for which it received a range of financial incentives.
In its filing with the SEC, however, it offers little clarity on its position.
“VFUS is evaluating the complaint and intends to respond through the appropriate legal process; however, no assurances can be made as to its outcome,” it says.
Questions raised on the accompanying earnings call were similarly rebuffed.
“At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation,” Amandae Baey, Vice President of Investor Relations, said.
Regardless, this adds to a choppy time for the company, which is also in the process of spinning off its VinFast Vietnam manufacturing assets and operations into a separate entity to which it will subcontract local vehicle production, and which will take on nearly US$7 billion of VinFast’s debt.
On the earnings call, Anne Pham, Deputy CEO of Investments, said this was a matter of strategic focus.
“It is also important to note that, firstly, VinFast retain and focus on the development of our brand through core competencies, including research, development, technology, branding, sales, and aftersales, in Vietnam as well as globally.”
“We’ll also have control and oversight over the manufacturing outputs of our partner through the manufacturing contract. We will also have control over certain rights over supplier selection. We continue to believe that the quality of the products we produce from our partner will be up to our standard,” she said.
The company has also just had a leadership change with Le Thi Thu Thuy, who had been Chairwoman of the Board, after stepping down as CEO in 2024, replaced with Pham Nhat Quan Anh, the son of the firm’s founder, Pham Nhat Vuong. It’s not clear why this change was made, though Thuy is still Vice Chairwoman at Vingroup.
Whether these changes translate into a path to profitability remains to be seen.