Lucid vs VinFast: Revenue, Profit and Business Model
Lucid had $1.4B of annual revenue in FY2025 and a net loss of $2.7B. VinFast had ~$3.5B of annual revenue in FY2025 and a net loss of ~$3.8B.
Latest financial snapshot
Financial summary
Lucid
Lucid is growing revenue but remains deeply loss-making. Revenue rose from $595M in 2023 to $808M in 2024 and $1.354B in 2025, while net losses stayed near $2.7B a year. In Q2 2026 revenue reached $405M (up 56% year over year) on 3,953 deliveries, but adjusted EBITDA was a loss of about $901M and total liquidity fell to roughly $3B. The company relies on outside capital: an April 2026 raise of about $1.05B included $550M from a PIF affiliate, $200M from Uber and a $300M public offering. Lucid Group, Inc. is a major American electric vehicle manufacturer, maintaining a market valuation typically exceeding $7 billion, bolstered significantly by immense financial backing from Saudi Arabia's Public Investment Fund (PIF).
VinFast
VinFast listed on Nasdaq (VFS) on August 15, 2023, through a merger with Black Spade Acquisition Co. It reports in Vietnamese dong. Revenue rose from ~$616 million (VND 16.0 trillion) in 2021 to ~$3.47 billion (VND 90.2 trillion) in 2025, about double the ~$1.69 billion (VND 44.0 trillion) of 2024, while the net loss widened to about $3.83 billion (VND 99.4 trillion) in 2025. Gross margin improved from negative 57.4% in 2024 to negative 42.5% in 2025. The company relies on loans, equity and grants from Vingroup and Pham Nhat Vuong to cover its losses.
Revenue and profit by year
Lucid
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.4B | -$2.7B | -199.3% | +67.6% | Source |
| FY2024 | $807.8M | -$2.7B | -336.0% | +35.7% | Source |
| FY2023 | $595.3M | -$2.8B | -475.1% | -2.1% | Source |
| FY2022 | $608.2M | -$1.3B | -214.5% | +2143.3% | Source |
| FY2021 | $27.1M | -$2.6B | -9515.6% | +581.9% | Source |
| FY2020 | $4M | -$719.4M | -18093.1% | -13.4% | Source |
| FY2019 | $4.6M | -$277.4M | -6042.6% | — | Source |
VinFast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$3.5B | ~-$3.8B | -110.2% | +104.9% | Source |
| FY2024 | ~$1.7B | ~-$3B | -175.5% | +57.9% | Source |
| FY2023 | ~$1.1B | ~-$2.3B | -215.8% | +100.2% | Source |
| FY2022 | ~$536.2M | ~-$2B | -379.7% | -13.1% | Source |
| FY2021 | ~$617.1M | ~-$1.2B | -200.8% | — | Source |
Where the revenue comes from
Lucid
- Vehicle Sales and Leasing
Not formally reported
Sales and leases of Lucid Air and Gravity vehicles through Lucid's direct retail model.
- Service, Parts, and Accessories
Not formally reported
Post-sale service, replacement parts, accessories, and customer support tied to Lucid's installed vehicle base.
- Technology Partnerships
Not formally reported
Technology supply and licensing, including Lucid's powertrain and battery agreement with Aston Martin, plus regulatory credit sales.
VinFast
- Electric car sales
Not formally reported
Retail and fleet sales of VF-series cars, Green-brand fleet models and the EC Van; the bulk of revenue.
- Electric scooters and e-bikes
Not formally reported
Two-wheelers sold mainly in Vietnam.
- Parts, services and battery leasing
Not formally reported
Spare parts, after-sales service and battery subscriptions for customers who buy cars without the battery.
Business model and strategy
Lucid
How it makes money
Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Smaller revenue lines include service, parts and accessories, regulatory credit sales ($25.4M in Q2 2026) and technology supply deals such as its powertrain and battery agreement with Aston Martin.
Growth strategy
Lucid is trying to move from a low-volume luxury sedan maker to a broader vehicle company. The Gravity SUV now makes up most deliveries, a lower-priced midsize platform is planned to follow, and the Uber robotaxi commitment of at least 35,000 vehicles offers a fleet channel. Under the 2026 operational reset, management is cutting costs, consolidating Arizona production to one shift and prioritizing cash over volume.
Competitive advantage
Lucid's edge is in-house powertrain engineering. Its compact motors, inverters, 900V-class battery architecture and efficiency software give the Air some of the longest EPA range ratings of any production EV and free up cabin space. That technology has been strong enough to license to Aston Martin and to win Uber's robotaxi program, but it has not yet produced a cost base that lets Lucid make money on each car.
VinFast
How it makes money
VinFast earns most of its money by building and selling electric cars, from the VF 3 mini car through the VF 5, VF 6, VF 7, VF 8 and the three-row VF 9, plus fleet versions sold under the Green brand. A large share of volume goes to fleet buyers, including Xanh SM, the electric taxi and ride-hailing operator controlled by founder Pham Nhat Vuong.
Growth strategy
VinFast's strategy has shifted from a fast global launch to an Asia-first plan. It opened a second Vietnamese plant in Ha Tinh and assembly plants in Thoothukudi, Tamil Nadu (India) and Subang (Indonesia) in 2025, focused its lineup on small, cheaper models and fleet vehicles, and moved overseas retail toward franchised dealers.
Competitive advantage
VinFast's main advantages are in its home market: an estimated 36% share of Vietnam's car market in 2025, guaranteed fleet demand from affiliate Xanh SM, showrooms and charging sites placed inside Vingroup malls and housing estates, and a founder willing to fund years of losses. Its four car plants in Vietnam, India and Indonesia had combined capacity of about 600,000 EVs a year at the end of 2025.
Questions about Lucid vs VinFast
Which company has higher revenue — Lucid Group, Inc. or VinFast?
Lucid Group, Inc. had $1.4B (FY2025), while VinFast had ~$3.5B (FY2025). By latest annual revenue, VinFast is the larger business, with Lucid Group, Inc. showing a smaller revenue base.
What is the market cap of Lucid Group, Inc. vs VinFast?
Lucid Group, Inc. has a market capitalisation of $1.6B. A public market cap figure for VinFast was not available (it may be privately held).
How does revenue per employee compare for Lucid Group, Inc. and VinFast?
Lucid Group, Inc. generates $208k / employee in revenue per employee. A comparable figure for VinFast requires matching employee and revenue data from the same reporting period.
How do Lucid Group, Inc. and VinFast make money?
Lucid Group, Inc. and VinFast generate revenue in fundamentally different ways. Lucid Group, Inc.: Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. VinFast: VinFast earns most of its money by building and selling electric cars, from the VF 3 mini car through the VF 5, VF 6, VF 7, VF 8 and the three-row VF 9, plus fleet versions sold under the Green brand.
Is Lucid Group, Inc. bigger than VinFast?
By last reported revenue, VinFast (~$3.5B (FY2025)) is the larger company compared to Lucid Group, Inc. ($1.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lucid vs VinFast overview