VinFast, the electric vehicle (EV) manufacturer under Vietnam’s conglomerate Vingroup delivered 58,577 EVs in the first quarter of 2026 (Q1/2026), a 61 percent jump year-on-year, but its net loss increased to $1.12 billion as costs continued to outpace revenues.

In its unaudited financial results released on Monday, VinFast said it also delivered 143,136 electric motorbikes in the period. The figure doubled from Q1/2025 but decreased 17 percent from the previous quarter. In March 2026, VinFast received more than 135,000 e-scooter orders and shipped over 93,000 e-scooters to dealers in Vietnam.

Total revenues were $920.7 million in the Q1/2026 representing a year-on-year increase of 41.7 percent and a decrease of 41 percent from Q4/2025. Total revenues were primarily comprised of revenue from EV sales as vehicle sales reached $862.5 milllion.

Cost of sales was VND$1,598.1 million in Q1/2026, representing an increase of 82 percent from Q1/2025 and a  quarter-on-quarter decrease of 30 percent.

VinFast ended the quarter with 447 showrooms operating globally and is actively expanding its after-sales infrastructure. The company recently signed memoranda of understanding with 29 after-sales partners across multiple markets and is targeting more than 1,100 service workshops worldwide by end of 2026, spanning North America, Europe, the Middle East, and Asia.

Chairman Pham Nhat Quan Anh described the quarter as the beginning of a new phase for the company. “We remain committed to strengthening our operational foundation, enhancing capital efficiency, and advancing our transition toward a more asset-light and resilient business model in Vietnam,” he said. “The long-term global shift toward electrification continues to create meaningful opportunities for VinFast across our core markets.”

Looking ahead, VinFast plans to deepen its presence across existing markets through dealership partnerships as its primary distribution channel, while continuing to evaluate new vehicle segments, technologies, and smart mobility solutions as part of its longer-term strategy.

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