Electric car maker VinFast's quarterly loss widens due to heavy spending

FILE PHOTO: A car frame is being welded by robots at a Vinfast factory in Hai Phong, Vietnam on Sept. 29, 2023. - AP

HANOI: Vietnamese electric vehicle maker VinFast on Thursday (Sept 4) reported a wider second-quarter net loss as it stepped up spending on expansion and marketing to support its ambitious growth strategy.

The EV maker reported a net loss of US$812 million for the quarter ended June 30, 15 per cent wider than the previous three months. Revenue rose 1.9 per cent from the prior quarter and 91.6 per cent year-on-year to US$663 million.