EV Maker Records $623 Million Loss, Has $1.2 Billion in Taxpayer Subsidies Lined Up

The Biden administration is investing billions of dollars to boost domestic EV manufacturing despite lagging commercial success.

The VinFast factory in the port city of Hai Phong, Vietnam, on Sept. 25, 2018. Kham/Reuters

A Vietnam-based electric vehicle (EV) company that was promised the largest taxpayer subsidies in North Carolina history to build a manufacturing and assembly plant reported a third-quarter loss that topped $600 million.

VinFast’s net loss of $622.9 million for the third quarter, which is almost 20 percent more than in its second quarter, the EV maker in an Oct. 5 earnings release. The firm has recorded more than $5 billion in losses since shifting to electric SUVs from gas-powered vehicles in 2021.