(Bloomberg) -- Vietnamese electric vehicle maker VinFast Auto Ltd.’s fourth-quarter loss widened as costs associated with its global expansion, including planned factories in the US, India and Indonesia, rose.

The company reported a net loss of $650.1 million in the final three months of 2023, 3.4% wider than the third quarter, according to an exchange filing. While revenue from accelerated vehicle deliveries jumped 26% quarter-on-quarter to $436.5 million, that wasn’t enough to offset rising costs of sales and operations.

VinFast is constructing a $2 billion manufacturing complex in North Carolina. The company said on Wednesday that it will break ground at its electric vehicle manufacturing site in India’s Tamil Nadu on Feb. 25. VinFast said last month that the facility will have initial investment of $500 million and an annual capacity of as much as 150,000 units. 

For the full 2023 year, VinFast reported a net loss of $2.395 billion, 14.7% up on 2022, while total revenue was $1.198 billion, representing an increase of 91% from the year prior. 

Costs of vehicles sold was $611.4 million during the quarter under review, while operating costs, including research and development and selling and distribution expenses, were close to $300 million, according to the filing.

The company invested $213 million in capital expenditures during the fourth quarter, mainly for the development of its VF 6 and VF 7 models and its North Carolina manufacturing plant, showrooms and charging stations, according to the company’s statement.

Vinfast Chairwoman Le Thi Thu Thuy said in an emailed statement Thursday that the company unveiled new products, expanded its distribution network, and solidified presence in existing markets while “opening doors” to promising new ones in 2023.

Shares were down 3.4% to $5.08 at close in New York Thursday, bringing declines since January to 39.3%.

VinFast announced last month that it delivered 13,513 cars in the fourth quarter, a 35% increase versus the number of deliveries in the prior three months, and a total of 34,855 cars in 2023. 

As of Dec. 31, VinFast, backed by Vietnam’s richest man, Pham Nhat Vuong, had sold a cumulative 42,291 electric vehicles. The company is targeting to deliver 100,000 cars this year, it said in an emailed statement Thursday. The carmaker in October said it sold 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese taxi company in which Vuong holds a 95% stake.

The EV maker is confident it can meet its 100,000-unit target this year because the market is still growing, despite a slowdown. The company sees long-term potential in countries like India and Indonesia, with large populations and low adoption rates, Vinfast Chairwoman Thuy said in an interview with Bloomberg TV Thursday.

“Vietnam will continue to support about half of that forecast and continue to be the biggest market for us in 2024, the rest of it spread over across North America, Europe, the Mideast and Asia as well,” she said.

Read: VinFast Loss Widens in Third Quarter, Plans India Factory

VinFast has 13 showrooms in California and six dealers in five states — New York, Texas, Kansas, Florida and North Carolina — and has had an additional 75 dealers under application, it said in the statement. The company expects to reach approximately 130 points of sales in North America, and 400 globally, by the end of 2024, according to a VinFast statement. 

Read: Vietnam EV Maker VinFast Plans to Invest $2 Billion in India

--With assistance from Gabrielle Coppola and Caroline Hyde.

(Updates shares, adds cost of sales from 5th paragraph.)

©2024 Bloomberg L.P.