VinFast Auto Ltd. $VFS, the Vietnamese electric vehicle manufacturer, reported a first-quarter net loss of $712.4 million, up 20% from the same period a year ago, despite a 150% surge in revenue to $656.5 million. The widening deficit highlights the challenges the company faces in scaling operations globally while maintaining cost efficiency. Operating loss for Q1 reached $485.6 million, increasing by 20.3% year-over-year. The company's cost of goods sold (COGS) soared by 112.9% to $887.5 million, reflecting intensified expenditures related to production scaling, logistics, and sales expansion in overseas markets.

Vietnamese electric vehicle manufacturer VinFast Auto Ltd. is redirecting its efforts toward expanding its presence in Asia, stepping away from previously planned moves into the North American and European markets. This decision, announced by the founder and CEO of the parent company Vingroup JSC, Pham Nhat Vuong, during a recent shareholders' meeting in Hanoi, highlights strategic changes aimed at resource optimization and enhancing competitiveness.