HANOI : Vietnamese electric vehicle maker VinFast has reported a drop in first-quarter revenue by 49 per cent, with a net loss deepening to $598 million in the first full reporting period since it started exporting to the United States.
It attributed the quarterly revenue decline, to almost $84 million, to lower selling prices and its phase-out of internal combustion vehicles as it pivoted to become a dedicated EV maker. VinFast faces competition from established rivals led by Tesla that have been bringing a range of new EVs to market amid a weakening global economy.
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