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Vietnamese Carmaker VinFast Has Officially Expanded to North America and Europe

VinFast, Vietnam’s first domestic carmaker, has officially opened its offices in North America and Europe in a bid to entice buyers with battery-electric vehicles. Part of the Vingroup conglomerate, VinFast started to make a name for itself when gasoline-powered models built under its own badge went on sale back in 2019.
VinFast has expanded its operations to North America and Europe 7 photos
VinFast has expanded its operations to North America and EuropeVinFast has expanded its operations to North America and EuropeVinFast has expanded its operations to North America and EuropeVinFast has expanded its operations to North America and EuropeVinFast has expanded its operations to North America and EuropeVinFast has expanded its operations to North America and Europe
They know however that the future is fully electric, and that zero-emissions models are necessary in order for any car manufacturer to succeed long term.

“VinFast has set up representative offices in five international markets and will soon open showrooms in California,” said the company. “VinFast USA’s CEO has already relocated to the U.S. from Vietnam recently.”

The Vietnamese brand initially was hoping to sell 56,000 electric vehicles come next year but has since scaled that projection down to 15,000 units because of the global chip shortage, according to chairman Pham Nhat Vuong. Meanwhile, last year’s sales maxed out at around 30,000 units domestically as per Reuters, as VinFast has yet to make a profit.

In an interview from earlier this year, the CEO of VinFast USA stated that his company was betting on a battery leasing scheme and that it would conduct most of its U.S. sales online, thus removing the need for having a dealership network, which in turn would save them a lot of money.

Speaking of which, it’s clear that VinFast needs more cash. Back in April, the carmaker said that it would consider an initial public offering in the U.S. or even a merger with a Special Purpose Acquisition Company. However, it’s been reported that VinFast’s IPO, which was slated for Q2 and would be targeting a valuation of at least $2 billion, faced a delay.

As for its actual product line, VinFast’s first two electric car models, the VF e35 and VF e36 are scheduled to debut in March of 2022.

 
 
 
 
 

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