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VinFast Slash Lease Prices on the VF 8 Model as U.S. EV Price Competition Wars Intensifies

There's not much to smile about for electric car startups eyeing the United States EV market, especially if you are going against a crowded field of competitors. Worse, when industry leaders at the helm are offering huge bargains (Tesla Model Y currently at $54,990). American folk will tell you, "if you can't beat 'em, join 'em," and Vietnamese EV company VinFast, eyeing the U.S. market, is taking this advice with a tablespoon of enthusiasm.
VinFast All-Electric Crossover VF 8 City Edition 7 photos
Photo: Screenshot/VinFast
VinFast VF 8, VF32 or VF e35VinFast VF 8, VF32 or VF e35VinFast VF 8, VF32 or VF e35VinFast VF 8, VF32 or VF e35VinFast VF 8, VF32 or VF e35VinFast VF 8, VF32 or VF e35
In January, the Vietnamese automaker announced that its entry-level VF 8 City Edition (Eco) EV would cost $56,700. The lease option for the VF 8 all-electric crossovers was at a monthly payment of $599 for 24 months.

The EV manufacturer offered a $3,000 discount for its U.S. clientele, reducing the cost to $53,700. Add a capitalized cost reduction of $4,480. It dropped further down to $49,220.

Compared to other legacy makers like VW's ID.4 AWD Pro at $47,795, with a 275-mile (443-kilometer) range option at $43,995, VinFast's offering wasn't as compelling as you'd expect for a first-time entrant. Worse, Tesla's Model Y (Long Range variant), according to their website, is currently up for grabs for $54,990. That's not all. Model 3 and Model Y vehicles qualify for a federal tax credit of $7,500.

In a press release earlier in the month, VinFast chose U.S. Bank as the preferred lease provider for their all-electric vehicle model leases and retail financing in the territory.

Two days ago, though it's VinFast Global Community page, the lease payment was slashed down to $274/month for 24 months (clients in California) for VinFast reservation holders (after a $3,000 discount), and $399 for 24 months for all other reservation holders after discounts.

Unlike the new Model 3 and Model Y from Tesla, VinFast all-electric vehicles don't qualify for the United States Federal electric vehicle tax of $7,500. Compared to rivals like the ID.4 Pro (standard variant has an estimated range of 209 miles/336 kilometers) and Tesla's Model Y Long Range (estimated range of 330 miles/531 kilometers), the City Edition Eco has an estimated range of 207 miles (333 kilometers).

To have a better edge in their dominant market (the United States), Tesla slashed their prices by 20% in January on selected models and markets. The move by the Vietnamese EV manufacturer is a tactical play to undercut United States EV pioneer and leader Tesla in a fresh new episode of U.S. EV price competition wars.

The Vietnamese electric car company also has plans to develop a $2 billion electric car plant in North America.

Late last year, the electric vehicle startup shipped its first EV batch to California (the first state to receive the EVs). Based on their Global Community page activity, no units have been delivered to their potential owners yet.
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About the author: Humphrey Bwayo
Humphrey Bwayo profile photo

Humphrey is a car enthusiast whose love and passion for automobiles extended into collecting, writing, driving, and working on cars. He got his passion for cars from his Dad, who spent thousands of hours working on his old junky 1970 E20 Toyota Corolla. Years later, he would end up doing the same with a series of lemons he’s owned throughout his adult life.
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