EV Maker VinFast Plugs Into Thailand: 15 Dealers Sign On To Drive EV Revolution In The Land Of Smiles

VinFast Auto Ltd VFS has signed letters of intent (LOI) with 15 dealers in Thailand to expand its distribution network.

Under the agreement, VinFast and the dealers will work to open 22 showrooms concentrated on major roadways in the Greater Bangkok Area. 

The company’s focus on the Greater Bangkok Area is due to its high rate of electric vehicle adoption and established charging station infrastructure, which will enable VinFast to leverage its diverse range of urban electric vehicles.

VinFast’s dealer network will also expand to other major cities in Thailand, like Chiang Mai, Khon Kaen, Ubon Ratchathani, Ayutthaya, and Chonburi.

The dealers are expected to sell the VF e34, VF 5, VF 6, and VF 7 models as well as VinFast’s electric scooters.

“Through this partnership, we aim to swiftly deliver smart electric mobility solutions to consumers in Thailand while ensuring a smooth and enjoyable experience,” said Vu Dang Yen Hang, Chief Executive Officer of VinFast Thailand.

“This agreement not only enhances our presence in Thailand but also serves as a springboard for VinFast’s growth in the market by making it easier for consumers to experience our comprehensive electric vehicle ecosystem.”

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VinFast is targeting expansion to at least 50 countries in 2024 and is building its presence in countries including India, Indonesia, Thailand, and the Philippines, alongside the Middle East and Africa, apart from established markets like the U.S., Canada, and Europe.

The company is also constructing electric vehicle manufacturing plants in the U.S. and India, with plans for an additional plant in Indonesia.

Price Action: VFS shares are trading higher by 0.85% at $4.74 in premarket on the last check Wednesday.

Image: Shutterstock/ betto rodrigues