Ola Electric vs VinFast: Revenue, Profit and Business Model
Ola Electric had ~$261.3M of annual revenue in FY2026 and a net loss of ~$212.6M. VinFast had ~$3.5B of annual revenue in FY2025 and a net loss of ~$3.8B.
Latest financial snapshot
Ola Electric
- Latest annual revenue
- ~$261.3M (FY2026)
- Net income
- ~-$212.6M
- Net margin
- -81.4%
- Revenue growth
- +56.7% a year, FY2022–FY2026
VinFast
- Latest annual revenue
- ~$3.5B (FY2025)
- Net income
- ~-$3.8B
- Net margin
- -110.2%
- Revenue growth
- +54.0% a year, FY2021–FY2025
Financial summary
Ola Electric
Ola Electric's revenue from operations rose from ~$43.3 million (₹373 crore) in FY22 to ~$581 million (₹5,010 crore) in FY24, then fell to ~$524 million (₹4,514 crore) in FY25 and ~$261 million (₹2,253 crore) in FY26, missing its own ₹3,000-3,200 crore FY26 guidance. Net losses were ~$184 million (₹1,584 crore) (FY24), ~$264 million (₹2,276 crore) (FY25) and ~$213 million (₹1,833 crore) (FY26). Q1 FY27 (April-June 2026) showed early recovery: revenue ~$52.8 million (₹455 crore) (down 45% year on year but up 72% from Q4), deliveries of 39,192 units, a 30.5% gross margin and a net loss of ~$39 million (₹336 crore). Ola raised ~$90.5 million (₹780 crore) through a QIP in June 2026, and its board approved further raises of up to $174 million (₹1,500 crore) and a ~$116 million (₹1,000 crore) rights issue in September 2026. Ola Electric Mobility is India's absolute largest manufacturer of electric two-wheelers, commanding a market valuation typically exceeding $4 billion after going public.
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
Ola Electric
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$261.3M | ~-$212.6M | -81.4% | -50.1% | Source |
| FY2025 | ~$523.6M | ~-$264M | -50.4% | -9.9% | Source |
| FY2024 | ~$581.2M | ~-$183.7M | -31.6% | +90.4% | Source |
| FY2023 | ~$305.2M | ~-$170.8M | -56.0% | +604.5% | Source |
| FY2022 | ~$43.3M | ~-$91M | -210.0% | — | 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
Ola Electric
- Automotive (Scooters & Motorcycles)~99%
S1 scooters, Roadster motorcycles, spares and service; ~$52.8 million (₹455 crore) of Q1 FY27 revenue.
- Cell & Energy Storage~1%
Bharat Cell manufacturing and the Mahashakti storage platform; ~$580,000 (₹5 crore) of revenue in Q1 FY27.
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
Ola Electric
How it makes money
Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers. The automotive segment generated all ~$52.8 million (₹455 crore) of Q1 FY27 operating revenue.
Growth strategy
Ola Electric's growth plan has four parts: win back scooter share with cheaper S1 variants and its own cells; build Roadster electric motorcycles into a second vehicle business; use the gigafactory to supply cells for both vehicles and stationary storage; and cut operating costs toward ~$34.8 million (₹300 crore) a quarter so that recovering volume reaches EBITDA breakeven.
Competitive advantage
Ola Electric's distinctive asset is vertical integration: it designs its own motors, battery packs, vehicle software (MoveOS) and now lithium-ion cells, which its rivals mostly buy from suppliers. In-house cells could lower battery costs and reduce dependence on Chinese imports, and Ola reported a 30.5% consolidated gross margin in Q1 FY27.
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 Ola Electric vs VinFast
Which company has higher revenue — Ola Electric Mobility Limited or VinFast?
Ola Electric Mobility Limited had ~$261.3M (FY2026), while VinFast had ~$3.5B (FY2025). By latest annual revenue, VinFast is the larger business, with Ola Electric Mobility Limited 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 Ola Electric Mobility Limited vs VinFast?
Ola Electric Mobility Limited has a market capitalisation of $1.9B. A public market cap figure for VinFast was not available (it may be privately held).
How do Ola Electric Mobility Limited and VinFast make money?
Ola Electric Mobility Limited and VinFast generate revenue in fundamentally different ways. Ola Electric Mobility Limited: Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without 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 Ola Electric Mobility Limited bigger than VinFast?
By last reported revenue, VinFast (~$3.5B (FY2025)) is the larger company compared to Ola Electric Mobility Limited (~$261.3M (FY2026)). 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 Ola Electric vs VinFast overview