Nissan vs VinFast: Revenue, Profit and Business Model
Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B. VinFast had ~$3.5B of annual revenue in FY2025 and a net loss of ~$3.8B.
Latest financial snapshot
Financial summary
Nissan
Revenue peaked at ~$85 billion (¥12.69 trillion) in FY2023 (ended March 2024), with net income of ~$2.86 billion (¥426.6 billion). Then weak U.S. pricing, an ageing lineup and share losses in China hit results. FY2024 revenue was ~$84.6 billion (¥12.63 trillion) with a ~$4.5 billion (¥670.9 billion) net loss, driven by impairments and restructuring charges. FY2025 revenue fell 4.9% to ~$80.4 billion (¥12.0 trillion) and the net loss narrowed to ~$3.57 billion (¥533.1 billion), while operating profit stayed positive at ~$389 million (¥58.0 billion) (0.5% margin). Automotive free cash flow was minus ~$3.22 billion (¥480.8 billion) for the year but turned positive (~$750 million (¥112 billion)) in the second half. Nissan ended FY2025 with ~$7.84 billion (¥1.17 trillion) of automotive net cash and ~$24.1 billion (¥3.6 trillion) of total liquidity, and paid no dividend. In Q1 FY2026 (April to June 2026), revenue rose 9.5% to ~$19.9 billion (¥2.964 trillion) and operating profit was ~$522 million (¥77.9 billion), against a ~$530 million (¥79.1 billion) loss a year earlier. Nissan Motor Co., Ltd. is a colossal Japanese multinational automobile manufacturer and a core member of the Renault–Nissan–Mitsubishi Alliance, commanding a market valuation generally exceeding $15 billion.
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
Nissan
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$80.5B | ~-$3.6B | -4.4% | -4.9% | Source |
| FY2025 | ~$84.6B | ~-$4.5B | -5.3% | -0.4% | Source |
| FY2024 | ~$85B | ~$2.9B | 3.4% | +19.7% | Source |
| FY2023 | ~$71B | ~$1.5B | 2.1% | +25.8% | Source |
| FY2022 | ~$56.4B | ~$1.4B | 2.6% | — | 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
Nissan
- Vehicle Core Manufacturing88
Wholesale deliveries of passenger sedans, crossover SUVs, pickup trucks, and EVs through franchised global dealer networks.
- Sales Financing10
Retail auto purchase loans, consumer vehicle leases, and wholesale dealer inventory floorplan financing yields.
- Aftermarket, Software & Licensing2
Distribution of genuine replacement parts, Nismo performance tuning kits, NissanConnect digital subscriptions, and battery recycling.
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
Nissan
How it makes money
Nissan makes money in two segments. The automobile business designs, builds and wholesales Nissan, Infiniti and NISMO vehicles (crossovers such as the Rogue/X-Trail, Kicks and Qashqai, sedans such as the Sentra and Altima, pickups such as the Frontier/Navara, and EVs such as the Leaf, Ariya and Sakura) to franchised dealers, and also sells parts.
Growth strategy
Re:Nissan, announced in May 2025, is a restructuring plan before it is a growth plan. It targets ~$3.35 billion (¥500 billion) in fixed and variable cost savings against FY2024, about 20,000 job reductions, and cutting vehicle plants from 17 to 10 by FY2027. Vehicle production at Oppama will end in FY2027 and move to Nissan Motor Kyushu.
Competitive advantage
Nissan's advantage is a global manufacturing footprint and long experience with electric vehicles. It launched the mass-market Leaf in 2010, which gives it more than a decade of data on how batteries perform in everyday use. Its e-POWER system, in which a petrol engine charges the battery and never drives the wheels, offers an option for markets with few EV chargers.
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 Nissan vs VinFast
Which company has higher revenue — Nissan Motor Co., Ltd. or VinFast?
Nissan Motor Co., Ltd. had ~$80.5B (FY2026), while VinFast had ~$3.5B (FY2025). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with VinFast showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Nissan Motor Co., Ltd. vs VinFast?
Nissan Motor Co., Ltd. has a market capitalisation of $7.0B. A public market cap figure for VinFast was not available (it may be privately held).
How does revenue per employee compare for Nissan Motor Co., Ltd. and VinFast?
Nissan Motor Co., Ltd. generates $670k / employee in revenue per employee. A comparable figure for VinFast requires matching employee and revenue data from the same reporting period.
How do Nissan Motor Co., Ltd. and VinFast make money?
Nissan Motor Co., Ltd. and VinFast generate revenue in fundamentally different ways. Nissan Motor Co., Ltd.: Nissan makes money in two segments. 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 Nissan Motor Co., Ltd. bigger than VinFast?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to VinFast (~$3.5B (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 Nissan vs VinFast overview