EV maker VinFast's quarterly loss widens amid heavy spending on ambitious growth strategy
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Vietnamese electric-vehicle maker VinFast reported a wider second-quarter net loss of $812 million, a 15% increase from the previous quarter, as it ramped up spending on global expansion and marketing. Despite the losses, the company aims to achieve breakeven by the end of 2026. Revenue rose 1.9% quarter-on-quarter and 91.6% year-on-year to $663 million, with vehicle deliveries increasing 172% year-on-year to 35,837 units. VinFast is shifting to a dealership model and expanding its presence in Asia, including new plants in India and Indonesia.
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