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.