VinFast Stock Drops After EV Maker Posts Wider-Than-Expected Loss

VinFast reported a wider-than-expected second-quarter loss. (Photo by YASUYOSHI CHIBA/AFP via Getty Images)

Shares of Vietnamese electric-vehicle maker VinFast held their ground, relatively speaking, after the company reported a wider-than-expected second-quarter loss. It’s difficult to make money in EVs these days.

VinFast has been growing rapidly, but it is still operating in the red. On Thursday, it announced a second-quarter operating loss of $524 million from sales of $663 million. Wall Street was looking for a $416 million loss from sales of $654 million. A year ago, VinFast reported a $552 million loss from sales of $357 million.

VinFast stock lost 2.1%, closing at $3.33, while the S&P 500 and Dow Jones Industrial Average rose 0.8%.

Deliveries in the second quarter totaled 35,837 EVs, up 172% from the 13,172 delivered in the second quarter of 2024. VinFast delivered 36,300 EVs in the first quarter of 2025. The company also delivered almost 70,000 e-scooters and e-bikes, up 432% year over year.

The company also opened a plant in June in Ha Tinh, Vietnam. The plant’s initial capacity is 200,000 cars per year, and it will make EV models such as the VF 3, Minio Gree, and EC Van. By the end of the year, the company will have the capacity to make some 600,000 electric vehicles annually.

Scaling up and filling that capacity is an essential part of reducing the losses, VinFast Chairwoman Madame Thuy Le told Barron’s. Her company is “emphasizing cost optimization…increasing volume to get closer to break even.”

VinFast ended the quarter with about $550 million in cash on its balance sheet. The company also has borrowing arrangements totalling an additional $1.1 billion with VinFast-related parties VinGroup and its founder and CEO, Pham Nhat Vuong. Total liquidity, including untapped equity lines of credit and recently completed asset sales, is more than $4 billion, according to Thuy.

Coming into Thursday, VinFast stock has fallen about 16% this year and has declined about 3% over the past 12 months. VinFast stock peaked at $93 a share in August 2023, shortly after the company completed its merger with a special purpose acquisition company. Shares began trading as VinFast with the stock symbol “VFS” on Aug. 15, 2023.

Write to Al Root at allen.root@dowjones.com