Leading Vietnamese electric car manufacturer Vinfast has disclosed plans to expand into the United States as it seeks to ensure market competitiveness.
The automaker stated that its decision to make entry into the U.S. was to compete with existing dominating EV automakers by offering two of its vehicle models, the VF8 and the VF9 at a fair price of $59,000 and $83,000 respectively, as well as many promotion programs.
The company said in a statement, “As a new brand entering the market when other brands reduce their prices we have to come up with promotions to ensure Vinfast’s competitiveness. We are considering many promotion programs and will announce them soon”.
Investors King understands that Vinfast is among new entrants in the EV market, hence it seeks to heighten competition with its lower price and tech-heavy offerings which could pose a potential threat to other EV companies.
Reports disclosed that Vinfast as a newbie in the EV industry has surprised many critics with the competitiveness of its products. The company was reported to launch its first non-electric models in 2018 at the Paris motor show and was awarded “A star is born” by AUTOBEST.
In 2021, the company announced the launch of its two all-electric premium Suvs VF8 and VF9 for the global market. Already, the Vietnamese EV maker had begun to ship its first batch of 999 EVs to the United States in late November 2022.
Vinfast disclosed that it has already secured almost 65,000 orders globally and is expected to sell 750,000 EVs annually by 2026 while revealing its plan to build a car manufacturing plant in the U.S. as it awaits final regulatory approval from local officials.
The company’s sudden remarkable rise has raised the question among analysts, Can Vinfast challenge Tesla’s dominance in the fast-growing EV sector?
It has continued to surprise several automotive commentators with the attractiveness of its EV offerings.
IBEDC Disconnects UCH Over N500m Debt, Critical Services Affected
The University College Hospital (UCH) in Ibadan, Oyo State, experienced a disruption in its power supply after the Ibadan Electricity Distribution Company (IBEDC) disconnected the hospital over a debt amounting to N500 million.
Dr. Jesse Otegbayo, the Chief Medical Director of UCH, confirmed the disconnection but refrained from elaborating on the exact cause.
IBEDC’s spokesperson, Busolami Tunwase, acknowledged the outstanding debt owed by UCH but denied that the disconnection was intentional.
Tunwase stated that while UCH owed the substantial amount, the power outage was due to a technical fault in the area, coinciding with the debt situation.
Despite repeated attempts to engage UCH in discussions to settle the debt, IBEDC had resorted to disconnection as a last resort.
The disconnection poses significant challenges to UCH’s critical services, affecting patient care and hospital operations.
While IBEDC emphasized its understanding of the hospital’s importance and commitment to resolving the issue amicably, the situation underscores the financial strains faced by healthcare institutions and the essential need for reliable power supply.
Efforts to negotiate and find a resolution between UCH and IBEDC are ongoing to restore normal operations and ensure uninterrupted healthcare services.
Oil and Gas Dealers Threaten Withdrawal as 70% of Downstream Businesses Collapse
The downstream oil sector in Nigeria faces a looming crisis as oil and gas dealers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), issue a stern warning of potential service withdrawal.
In a recent resolution following their executive committee meeting in Abuja, NOGASA expressed grave concerns over the collapse of approximately 70% of businesses in the industry due to the harsh operating environment.
President of NOGASA, Benneth Korie, highlighted the dire situation, emphasizing the challenges faced by oil marketers in funding operations amidst soaring bank interest rates.
Korie underscored the overwhelming burden faced by operators who are compelled to acquire funds at exorbitant interest rates upwards of 30%, exacerbating financial strain and hindering business viability.
The primary demand voiced by NOGASA is the pegging of the foreign exchange rate at N750/$ to facilitate refinery operations and stimulate the production of refined products domestically.
Failure to address these pressing issues, Korie warned, could result in the withdrawal of services by NOGASA’s over 200 members starting from the next month.
The downstream oil crisis coincides with heightened anticipation for the release of refined petroleum products from the Dangote and Port Harcourt refineries, seen as critical for alleviating supply shortages nationwide.
However, amidst forex crises and inflationary pressures, operators in the oil and gas sector confront mounting economic challenges, necessitating urgent government intervention.
As Nigeria navigates through turbulent economic waters, stakeholders eagerly await decisive action from authorities to salvage the downstream oil sector from imminent collapse and avert potential disruptions in fuel supply chains.
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