- Whisk together the dairy-free milk and apple cider vinegar in a small bowl. Set aside for a few minutes to curdle and form vegan buttermilk. 
- In a large bowl, combine the vegan butter, granulated sugar, olive oil, vanilla extract, vegan yogurt, and the prepared vegan buttermilk. Whisk until smooth. 
- Add the flour, cocoa powder, baking powder, baking soda, and salt to the wet mixture. Whisk everything together until just combined. 
- Stir in the red food gel or dye until the batter reaches your desired red velvet hue. 
- Preheat the oven to 350°F (175°C). Line a cake pan with parchment paper and grease it with oil. Pour the batter into the prepared pan and bake for 50-55 minutes, or until a toothpick inserted into the center comes out clean. 
- While the cake is baking, whisk together the vegan cream cheese, vegan butter, powdered sugar, vanilla bean paste or extract, and a pinch of salt until smooth and creamy. 
- Allow the cake to fully cool before spreading the frosting on top. Slice and enjoy!