Double-digit growth in vehicle sales and total revenues was not enough to narrow Nasdaq-listed Vietnamese EV maker VinFast’s net losses in 2024.
The car maker saw its net loss widen by 28.4% in 2024 to $3.18 billion, even as the cost of sales surged 66.6%, driven largely by increased product deliveries.
Operating expenses were mixed. Research and development (R&D) costs dropped 35% year-on-year to $412 million, attributed to reduced engineering and development spending following the completion of work on existing models.
However, selling, general, and administrative expenses jumped 49.8%, fueled by higher labour, rental, and marketing costs, as well as impairment charges tied to changes in the battery production plans, according to the company.
VinFast has been accelerating its expansion in Asian markets, particularly in India, Indonesia, and the Philippines. As of March 31, 2025, VinFast had 22 dealer stores in Indonesia and six in the Philippines. The company is looking to expand its Philippine dealer store network to 60 by the end of the year.
Despite rising costs, VinFast posted strong top-line growth. Total revenues reached $1.8 billion in 2024, up 57.9% from the previous year. Vehicle sales accounted for $1.6 billion of that, growing 58.1% year-on-year.
For the fourth quarter of 2024 alone, total revenue hit $677.9 million, up 69.8% from Q4 2023 and 33.8% from Q3 2024, powered by a 77.8% increase in vehicle sales to $634.5 million during the quarter.
“VinFast had an outstanding Q4 and full year 2024, reflecting the company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles,” Madam Thuy Le, Chairwoman of VinFast, said.
The company also retained its target to at least double its global deliveries in 2025.
“As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high-quality quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape,” Le said.
VinFast listed on the Nasdaq in August 2023. The company said earlier that it aimed to reach profitability by 2026.
