VinFast Reports Increased Q2 Loss Amid Expansion Efforts

The Vietnamese EV maker sees widening losses due to higher costs and impairment charges, despite rising revenue.

VinFast posted a net loss of $773.5 million in Q2 2024, up 40% from the same period last year.
Revenue increased by 33% quarter-on-quarter to $357 million, driven by accelerated vehicle deliveries.
The company incurred a $104 million impairment charge on vehicle inventories, significantly impacting its gross margin.
VinFast delivered 13,172 electric vehicles in Q2, with total deliveries for the first half of 2024 reaching 22,348 vehicles.
Expansion into Asian markets like Indonesia and the Philippines aims to offset weaker demand in the U.S., while the Vietnamese market remains crucial for 2024.