Tesla's Vietnamese Challenger VinFast Rides Into US With First Deliveries

Vietnamese electric vehicle maker VinFast delivered its first tranche of 45 VF 8 City Edition electric SUVs to U.S. customers at California showrooms.

What Happened: The deliveries, which mark the company's official entry into U.S. market and also its first sale outside Vietnam, were made at nine VinFast showrooms across California. The new SUVs come with a 10-year warranty for vehicles and batteries, and an all-time roadside assistance service.

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The limited edition car — VF 8 City Edition — is part of the 999 vehicles the company imported to the U.S. last December. The delivery comes after a two-month delay since import.

Why It’s Important: With the delivery, VinFast has entered the competition within the U.S. electric vehicles market, dominated by the likes of giants such as Tesla Inc. TSLA and Rivian Automotive Inc. RIVN.

A few days ago, VinFast lowered the lease price of its cars by about 50% in a bid to compete with other EV makers.

Earlier this month, VinFast announced that it chose U.S. Bank as preferred provider of retail financing and leasing in the U.S. It further consolidated its Canadian and U.S. management operations into a single unit called VinFast North America in a bid to improve operational performance.

VinFast filed for its initial public offering in the U.S. soon after shipping the first batch of electric vehicles in November. The company said it intends to list its shares on the Nasdaq under the ticker symbol “VFS.”

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