Hyperdrive
EV Maker VinFast’s Losses Widen Even as EV Deliveries Jump
- VinFast reported a fourth-quarter net loss of $650.1 million
- Vietnamese automaker targets 100,000 deliveries this year
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Vietnamese electric vehicle maker VinFast Auto Ltd.’s fourth-quarter loss widened as costs associated with its global expansion, including planned factories in the US, India and Indonesia, rose.
The company reported a net loss of $650.1 million in the final three months of 2023, 3.4% wider than the third quarter, according to an exchange filing. While revenue from accelerated vehicle deliveries jumped 26% quarter-on-quarter to $436.5 million, that wasn’t enough to offset rising costs of sales and operations.