According to Thuy, after a blackout period ends on Feb. 26, VinFast will start a fundraising process as it looks to increase the number of shares available for public trading to 10-20% by the end of the year from around 2% currently. It plans to increase deliveries to 100,000 units this year, compared with the almost 35,000 made in 2023, when it missed a 50,000 unit target due to slow EV adoption in some regions and increased price competition. Of course, VinFast isn’t the only EV maker struggling to turn a profit.
Oman presents a promising market for electric vehicles, as consumers in the nation demonstrate a growing interest in sustainable and environmentally friendly transportation solutions. 2023 was a big year for young EV automaker VinFast ($VFS), which saw revenues rise, but deliveries slip due to several issues. Thuy said the company was targeting “two big markets”, Indonesia and India, where it would implement a battery leasing scheme with customers paying bitmex review a monthly fee the same or lower than the gasoline cost for equivalent vehicles. “This year, we expand globally and have all the vehicles, including the right-hand drive model. So we are confident that we are going to achieve the guidance,” chairwoman Le Thi Thu Thuy told Reuters after the earnings were released. VinFast builds its vehicles in Vietnam, at least for now. We had a chance to tour VinFast’s factories, and they are indeed state of the art.
VinFast broke ground on its North Carolina plant to build EVs in America. Per the website, the company has opened up 13 showrooms — all in California. VinFast says it has shipped 3,000 vehicles to North America. Initial plans called for Tesla-like direct-to-consumer sales, but VinFast is open to working with dealerships. In general, if VinFast can move quickly and find solid footing, it has a chance to establish itself as a player among mainstream electric vehicles – that is, EVs that everyday buyers can afford, not just those with the deep pockets needed for luxury EVs.
VinFast’s (VFS) global EV dealer network grows following new agreement in Middle East
Today, VinFast and a local dealer network in the Middle East signed an agreement to bring the former’s EVs to the region. A more recent example is Rivian, which sprung up to beat traditional brands such as Ford and Chevy to the punch by introducing its electric truck to market first. If the VinFast VF 9 were on the road today, it would be the first mainstream 3-row electric SUV.
VinFast is also taking reservations on the VF9, a flagship, three-row, 7-seater crossover that delivers up to 330 miles of range with a starting price of $83,000. Plans are in place for smaller VF6 and VF7 crossovers to slot below the VF8 and VF9. Fleetingly the world’s third-most valuable automaker, Vietnam’s new EV manufacturer is coming to America.
We had a chance to briefly drive a very pre-production version of the VF 8. From our limited experience, the cars appear well-built and potentially competitive. Our test model needed further tuning, especially with initial throttle application, but these are relatively easy modulations. VinFast worked with famous Italian design house Pininfarina on the models. If Pininfarina was good enough for Ferrari, it’s certainly good enough for this fledgling automaker. It’s rarer still when an all-new automaker arrives, builds a factory, and then begins building cars that people actually like and buy.
Your ZIP code also helps us find local deals and highlight other available offers. Certain Advanced Driver Assistance Systems (ADAS) and smart service technology features may be subject to delayed availability and be made available as part of a future software update to your vehicle and may be subject to subscription. VinFast EVs are built with premium craftsmanship and high-quality parts designed for safety, reliability, and comfort on every journey.
Tesla is reportedly in talks with Italy for a factory
When that new automaker is able to survive amid established, well-known competition. Sign up here to find out more about the exceptional features crafted into every VinFast, and our mission to drive the world to switch to electric vehicles. Instead it is following what other EV startups such as Tesla and Rivian are doing by selling directly to customers. Moreover, VinFast says its cars will be sold in all 50 states. Buyers who drive fewer than about 1,000 miles per month might opt to lease the battery at $35 per month for the VF 8 or $44 for the VF 9, which covers 310 miles of range per month.
In Indonesia, Southeast Asia’s largest economy, EVs from BYD are now competing directly against ones from VinFast. From a peak of about $190 billion, the company’s market cap now stands at just $11.7 billion. This week, VinFast reported a net loss in the fourth quarter of $650.1 million, up 3.4% from the previous quarter.
- We combine hands-on testing, decades of experience and original photography to craft reports, reviews and guides.
- Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast’s sales this year compared to its direct sales model.
- Through February 29, 2024, lease offer is available on the new 2023 VinFast VF 8 Eco model leased through VinFast Auto, LLC (offer subject to change based upon availability).
They are also nearly brand new, built from scratch in less than two years’ time. And its modern factories in Vietnam appear to be only the beginning. The company recently announced it is investing $2 billion in a factory in North Carolina. That will enable VinFast to build cars here in America, too.
What’s next for VinFast?
Additional miles cost $0.11 per mile in the VF 8 and $0.15 in the VF 9. VinFast’s cars are already popular and sought-after in Vietnam, and are a point of pride there. In the United States, VinFast’s long-term success is still a question mark, as it is still getting up and running. In the short term, however, VinFast appears to be a serious canadian forex brokers player. The company says it has 55,000 reservations for its EVs worldwide, but hasn’t given a breakdown of how many of those are from the U.S. Anecdotally, on our trip with VinFast to Vietnam, we met several U.S. and Canadian customers who have put down deposits on multiple VinFast vehicles and were invited by the company as VIPs.
Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast’s sales this year compared to its direct sales model. Despite that, the company’s shares surged 504% over a six-day period after its IPO in August 2023 on the Nasdaq. VinFast’s market cap briefly exceeded—before a dramatic plunge—that of Ford, Volkswagen, and General Motors combined. VinFast exness broker reviews is part of Vingroup, a conglomerate led by Pham Nhat Vuong, Vietnam’s richest man. The carmaker launched in 2017, producing traditional gas-powered vehicles before pivoting to EVs only five years later. Following recent Q results that relayed a miss on annual delivery targets, Vietnamese EV automaker VinFast continues to bolster its global presence with the help of distribution specialists.
It’s a tough game, for sure, and automaking in general is not for the weak or short-funded. For every Tesla or even Lucid, there are multiple brands that have failed or merely teeter on the brink of bringing electrified cars to life, touting grandiose plans but never making them happen. The next couple of years will be busy for the Vietnamese automaker. It is preparing to launch the VF 8 and VF 9 electric SUVs, followed by smaller electric SUV models like the VF 7 and VF 6, which it previewed this year at CES. VinFast recently invited Kelley Blue Book to its home country to see what the company is all about, tour its factories, and hear about its ambitious plans for introducing its cars to the United States.
What is VinFast? Here’s Everything You Need to Know
Depending how things shake out, it might just still be when it arrives around the end of this year or early next year (exact timing is still TBA). Starting in 2024, buyers will have the option to buy the battery with the vehicle, but the company has not yet outlined prices. Images and videos shown contain pre-production level vehicles.