Vietnamese EV maker VinFast reported a wider Q2 net loss of $812 million due to increased spending on expansion and marketing. Revenue rose 1.9% from the prior quarter to $663 million, with vehicle deliveries up 172% YoY to 35,837 units in the quarter, leaving work to reach its 200,000 unit annual sales target.

Chairperson Thuy Le stated that deliveries in the first half accounted for 30% of the total, with plans to deliver more in Vietnam and international markets like Indonesia, the Philippines, India, and North America. VinFast transitioned to producing only electric vehicles in 2022, aiming to meet delivery targets for 2025 and break even by the end of 2026.

The company spun off its R&D assets for $1.5 billion to CEO Pham Nhat Vuong to support expansion. VinFast has increased promotional activities in Vietnam and shifted to a dealership-based model to reduce costs. It opened a new assembly plant in India and plans to establish another in Indonesia by the end of the year for production.

Read more at Yahoo Finance: Electric car maker VinFast’s quarterly loss widens due to heavy spending