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VinFast will soon expand its portfolio in the United States to include smaller electric SUVs The Vietnamese carmaker will launch the midsize VinFast VF 8 and VF 9 SUVs in the United States this year, followed by the VF 7 and VF 6 in 2023.
By the end of the year, VinFast, a brand-new Vietnamese manufacturer, hopes to sell electric cars in North America. However, if the startup’s goals get more ambitious, you’re more likely to hear about it. The company has now stated that it will follow up with two smaller SUV EVs for American buyers in 2023 after releasing its first two midsize electric SUVs this year.
The two-row 2023 VinFast VF 8 and three-row 2023 VinFast VF 9 will be sent by VinFast in the fourth quarter of 2022 from its Vietnam manufacturing to around 30 company-owned facilities in California. According to Craig Westbrook, chief service officer for VinFast U.S., both the subcompact VinFast VF 6 and the small electric SUV VinFast VF 7 will be added to the North American lineup in 2023. A Vietnamese facility in Hai Phong, close to Hanoi, will also transport the SUVs. Only Europe and Asia will be able to purchase the compact VinFast VF 5. The portfolio may eventually include electrified cars and pickup trucks.
VinFast offers subcompact and mini electric SUVs.
VinFast has shown off the smaller SUV concepts, and according to Westbrook, the final products will essentially be the same. It is too soon to disclose prices, but VinFast is setting itself apart with a distinctive pricing model in which the battery pack, which must be leased on a monthly basis, is not included in the car price. After 2024, buyers may choose to buy or lease their battery.
Leasing customers are guaranteed that all battery maintenance costs will be covered for the duration of the vehicle and that the powertrain battery will be replaced with a new one if the charge rate drops below 70%. In light of the fact that purchasers don’t want to be surprised later on by things like a sudden increase in the lease payment or a scenario in which battery leasing continues even after the owner no longer owns the car, Westbrook adds that the cost structure is still being worked out.
Pricing Strategy Includes a Separate Battery for Leasing
The five-passenger VF 8 is originally priced at $41,900 plus a monthly battery leasing fee of $35 to $110, depending on the subscription plan. It is available in two grades with 348 to 402 horsepower and a range of 248 to 260 miles. The larger VF 9 starts at $56,700 and has a range of 262 to 272 miles with 402 horsepower and 457 lb-ft of torque. Battery lease costs range from $44 to $160 per month. The vehicles, which were created in association with Pininfarina and engineered with help from Magna, are guaranteed for 10 years or 125,000 miles.
For those who reserve a VinFast by September 30—there are currently about 8,000 reservations in the United States and nearly 50,000 worldwide—they can choose between three years of unlimited free charging sessions with Electrify America or a free 11.5-kW level 2 home charger and $1,200 credit to install it. A one-year Smart Driving package with powerful Level 2+ driving assistance capabilities is also included in the offer. Instead than building its own specialized charging network, VinFast will offer an app that will make it simple for consumers to use already-existing networks like Electrify America, EVgo, and others.
On schedule is the VinFast North Carolina Plant.
The company is constructing a car assembly plant and a battery facility not far from Raleigh, North Carolina. When production starts in July 2024 and ramps up to its annual capacity of 150,000 vehicles in phase 1, VinFast will stop importing cars from Vietnam for this market. According to Westbrook, construction on Phase 2, which would treble the $2 billion facility, is expected to start soon.
There will be celebrations this summer to mark the opening of the first six retail sites in California, which will increase to 30 by the end of the year.
Following a direct-to-consumer strategy, VinFast will use corporate-owned retail stores to transport and service vehicles around the state.
VinFast is a division of Vingroup, a significant private Vietnamese company with operations in real estate, hotels, theme parks, housing, non-profit educational institutions, health care, and other industries. The market value of Vingroup is $33 billion. In Vietnam, VinFast started selling cars using internal combustion engines, but as of the following year, it would only continue to produce electric vehicles.
