Polestar vs VinFast: Revenue, Profit and Business Model
Polestar had $3.1B of annual revenue in FY2025 and a net loss of $2.4B. VinFast had ~$3.5B of annual revenue in FY2025 and a net loss of ~$3.8B.
Latest financial snapshot
Financial summary
Polestar
Polestar's revenue rose 50% to $3,058 million in 2025 as retail sales climbed 34% to 60,119 cars, but impairments of about $1.1 billion pushed the net loss to $2,357 million. In the first half of 2026 revenue slipped 4% to $1,360 million, the operating loss narrowed 43% to $629 million and cash stood at $888 million at the end of June. Polestar Automotive Holding operates as a premium electric vehicle manufacturer jointly controlled by Volvo Cars and Geely, experiencing a significantly compressed market valuation around $2 billion amid broader EV market struggles.
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
Polestar
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.1B | -$2.4B | -77.1% | +50.3% | Source |
| FY2024 | $2B | -$2B | -100.8% | -14.1% | Source |
| FY2023 | $2.4B | -$1.2B | -49.9% | -3.0% | Source |
| FY2022 | $2.4B | -$479M | -19.6% | +81.7% | Source |
| FY2021 | $1.3B | -$969.8M | -72.2% | +120.2% | Source |
| FY2020 | $610.2M | -$484.9M | -79.5% | — | 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
Polestar
- Vehicle sales
Not formally reported
Cars sold directly to customers online, with Polestar Spaces showrooms for test drives. Retail sales were 60,119 cars in 2025 and revenue was $3,058 million.
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
Polestar
How it makes money
Polestar runs an asset-light model. It sells directly to customers online, without traditional dealerships, and uses small showrooms called Polestar Spaces in city centres for test drives. It does not own large factories: its cars are built in plants belonging to its parent companies, Volvo in the United States and Geely in China, which keeps its fixed costs low.
Growth strategy
Polestar is widening its range from a single sedan, the Polestar 2, to larger and more profitable SUVs, the Polestar 3 and Polestar 4, because premium buyers favour SUVs. To reduce its exposure to tariffs on Chinese-built electric cars, it moved production of the Polestar 3 to a Volvo plant in South Carolina. The company is doing this while in financial difficulty and needs higher volumes to cover its costs.
Competitive advantage
Polestar's advantage is Scandinavian design and Volvo's reputation for build quality and safety, which it draws on directly. It was also the first automaker to build its infotainment on Android Automotive, so Google Maps and Google Assistant run natively in the 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 Polestar vs VinFast
Which company has higher revenue — Polestar or VinFast?
Polestar had $3.1B (FY2025), while VinFast had ~$3.5B (FY2025). By latest annual revenue, VinFast is the larger business, with Polestar showing a smaller revenue base.
What is the market cap of Polestar vs VinFast?
Polestar has a market capitalisation of $1.1B. A public market cap figure for VinFast was not available (it may be privately held).
How does revenue per employee compare for Polestar and VinFast?
Polestar generates $1.81M / employee in revenue per employee. A comparable figure for VinFast requires matching employee and revenue data from the same reporting period.
How do Polestar and VinFast make money?
Polestar and VinFast generate revenue in fundamentally different ways. Polestar: Polestar runs an asset-light model. 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 Polestar bigger than VinFast?
By last reported revenue, VinFast (~$3.5B (FY2025)) is the larger company compared to Polestar ($3.1B (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 Polestar vs VinFast overview