EV Maker VinFast Reports Narrowing Losses Even As Sales Fall

VinFast Auto Ltd.’s first-quarter loss narrowed while car sales declined as the Vietnamese EV maker sets ambitious goals to be a global brand amid declining worldwide demand for electric vehicles.

The company reported a net loss of $618.3 million in the first three months of this year, decreasing 12.3% from the fourth quarter, the company said in a filing. Revenue for the period was $302.6 million, down significantly from sales of $436.5 million in the previous quarter but up 269.7% year-on-year.