Tesla sees a 9.23% decline in revenue while VinFast surges 149.81% between Q1 2024 and Q1 2025

Key Takeaways

  • Tesla remains the EV manufacturer with the highest revenue, generating approximately $19 billion in Q1 2025.
  • Among companies that exclusively produce EVs, Tesla was the only one to report a year-over-year revenue decline between Q1 2024 and Q1 2025.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
  • VinFast’s strong performance was largely driven by robust sales in Vietnam, its largest market.
  • Despite a 38.46% drop in EV deliveries, Rivian posted a 2.99% year-over-year revenue increase between Q1 2024 and Q1 2025.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.

Tesla remains the leading pure EV manufacturer by revenue, but it experienced a nearly 9% drop in revenue, a decline some attribute to CEO Elon Musk’s controversial involvement in government affairs. Meanwhile, VinFast, a Vietnamese EV maker with its strongest market in Vietnam, saw an impressive 149.81% surge in revenue between Q1 2024 and Q1 2025.

Among EV-only manufacturers, VinFast is currently the most active in Africa, having entered the continent via Ghana in March 2024 through a distribution partnership with Jospong Group of Companies (JGC).

However, on May 27, 2025, Tesla Morocco SARL was officially registered in Casablanca, with an initial capital of $2.75 million, marking Tesla’s first formal entry into Africa, with plans extending beyond just car sales.

Source:

Company Financials

Period:

2024-2025
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