VinFast Reports $2.4 Billion Loss in 2023, Aims for Major Expansion

Despite the significant loss, the Vietnamese EV maker plans to deliver 100,000 cars in 2024 and expand its global footprint.

VinFast, the Vietnamese electric vehicle maker, reported a net loss of $2.4 billion for 2023, with a significant revenue growth of 91% to $1.2 billion.
The company plans to deliver 100,000 cars in 2024, up from nearly 35,000 last year, despite facing challenges in the EV market.
VinFast is expanding globally, with new manufacturing plants in North Carolina, India, and Indonesia, aiming to nearly triple vehicle sales this year.
The company's market cap surged to about $190 billion after its IPO in August 2023 but has since plummeted to $11.7 billion.
VinFast's battery leasing policy aims to make EVs more affordable, with the monthly leasing fee covering all repairs, maintenance, and replacement costs.