Suzuki vs VinFast: Revenue, Profit and Business Model
Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income. VinFast had ~$3.5B of annual revenue in FY2025 and a net loss of ~$3.8B.
Latest financial snapshot
Financial summary
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
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
Suzuki
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$42.2B | ~$2.9B | 7.0% | +8.0% | Source |
| FY2025 | ~$39B | ~$2.8B | 7.1% | +8.4% | Source |
| FY2024 | ~$36B | ~$1.8B | 5.0% | +15.8% | Source |
| FY2023 | ~$31.1B | ~$1.5B | 4.8% | +30.1% | Source |
| FY2022 | ~$23.9B | ~$1.1B | 4.5% | — | 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
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
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
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
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 Suzuki vs VinFast
Which company has higher revenue — Suzuki Motor Corporation or VinFast?
Suzuki Motor Corporation had ~$42.2B (FY2026), while VinFast had ~$3.5B (FY2025). By latest annual revenue, Suzuki Motor Corporation 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 Suzuki Motor Corporation vs VinFast?
Suzuki Motor Corporation has a market capitalisation of $26.0B. A public market cap figure for VinFast was not available (it may be privately held).
How does revenue per employee compare for Suzuki Motor Corporation and VinFast?
Suzuki Motor Corporation generates $602k / employee in revenue per employee. A comparable figure for VinFast requires matching employee and revenue data from the same reporting period.
How do Suzuki Motor Corporation and VinFast make money?
Suzuki Motor Corporation and VinFast generate revenue in fundamentally different ways. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing 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 Suzuki Motor Corporation bigger than VinFast?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (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 Suzuki vs VinFast overview