Vietnam-based car manufacturer VinFast, which has pivoted to electric vehicles, began deliveries of its first batch of electric SUVs to domestic customers.
What Happened: The first batch of 100 EVs were handed over to customers at a delivery ceremony held at its Vietnamese plant situated in the northern province of Hai Phong. The event was live-streamed from the manufacturing complex.
The company is also planning a U.S. foray and is gearing up to deliver its VF8 and VF9 all-electric SUVs in the country. Mass production of 5,000 VF8 units meant to be supplied to the U.S. and North American markets will begin next week, VinFast’s global CEO Lei Thuy reportedly told Reuters on the sidelines of the delivery event.
The company expects to commence overseas shipments in November, with deliveries beginning in December, Reuters. The two models – VF8 and VF9, would be priced at $42,200 and $57,500, respectively, it added.
VinFast’s new VF8 model is on display at the “Fully Charged” event being held at the San Diego Convention Center, California, on Sept. 10-11.
Why It's Important: Earlier in mid-July, the company said it received a $1.2 billion incentive package from North Carolina to build an EV manufacturing plant in the state. The company also announced the opening of six VinFast stores in California.
VinFast aims to be one of the top EV makers in the next five to 10 years, the company’s CEO Thuy reportedly said in a Time magazine interview. With the battery leasing model the company is envisaging in a bid to reduce the cost of ownership, it is expected to give EV leaders such as Tesla, Inc. TSLA a run for their money.
Photo: Courtesy of vinfastauto.us
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
