We cannot have a surplus of electric vehicle makers, so it is exciting that VinFast, a Vietnamese company, is bringing a couple of electric cars to the market.
The company has set its eye on entering the American auto market, after which it will penetrate neighboring Canada, Germany, and the Netherlands. It aims to sell more than 160,000 units in the US alone annually.
In the US, VinFast hopes to appeal to more than two million residents with Vietnamese ancestry. VinFast needs to establish a global presence as the adoption of electric vehicles in its country still faces many hurdles.
It has been a rapid rise for VinFast which started operations in 2017 and has worked with big players in the automobile industry. The Vietnamese company has worked with famed performance car maker Pininfarina, to make two ICE cars. It also licensed collaborated with GM to rebrand the Chevy Spark in GM’s plant in Hanoi and sell it as Fadil.
VinFast is not forgetting its home market as it will release its first EV there, to become the EVs to be available for sale in the country. However, VinFast is also investing $400 million in LFP battery manufacturing which it hopes will help lower the costs of its cars.
One of the cars VinFast will showcase in Los Angeles in November is the VF e34. It is a five-seater crossover SUV that has a single front wheel-mounted motor that delivers 147 hp. The battery will last 177 miles per charge, according to NEDC testing. It costs about $30,350.
Apart from electric cars, VinFast is making battery-powered scooters. VinFast joins other EV makers of Asian origin that have made a splash, such as Chinese Nio and Xpeng.
“We have made vigorous investments and conducted extensive market research to create premium EVs that will satisfy the desires of global customers. This is just the beginning” Vingroup Vice-Chair Le Thi Thu Thuy said.