Electric vehicle startup VinFast has opened its first showrooms in California. The company will offer all-electric vehicles and battery leasing mannequins. VinFast is now ramping up sales in Europe. It recently announced plans to open stores in France and Germany. It is also considering a public offering. This is great news for investors, as it is another step towards the dream of owning an electric car.
VinFast
VinFast, a Vietnamese automaker, opened its first showrooms in California next week and plans to open another two dozen within the year. The company is currently developing a fleet of all-electric SUVs and plans to expand its retail footprint to other states later on. The company has previously announced plans to ship VF 8 and VF 9 electric vehicles to U.S. consumers by the end of 2019.
The first six showrooms will showcase VinFast’s electric SUVs and cars. Visitors to the showrooms will enjoy top-notch customer service and experience firsthand the e-commerce company’s high-end service. The new retail concept will be similar to the retail formats of Polestar and Rivian. Since VinFast does not have a traditional dealership network, it wants to focus on building personalized relationships with customers to earn their trust and loyalty.
Its battery leasing mannequin
VinFast’s battery leasing business model is unique in several ways. Instead of paying one price for a car, customers lease the battery for a set monthly rate. There are two battery-subscription plans available, with monthly costs ranging from $35 to $160. For this price, customers receive maintenance and replacement of the battery when the charging capability drops below 70%. Customers can opt for unlimited miles or a set number of monthly charges.
The battery leasing mannequin, available at VinFast’s showrooms, brings the upfront value of EVs to just $15,000 or $20,000. With no money down, consumers can drive the car of their dreams with peace of mind, since the battery lease covers all costs, including insurance and maintenance. While VinFast’s battery leasing mannequin is a smart move for consumers who want a low-cost, new car, VinFast’s leasing scheme could prove to be a headache for consumers who wish to buy an EV for a small down payment.
Its all-electric models
The company plans to bring two more downsized BEVs to the U.S. market, but not the smallest one. It started deliveries of the VF e34 late last year. The VF 8 is expected to start at $40,700 (excluding delivery fees and battery lease).
It is not clear when the all-electric vehicles will arrive in the U.S. market, but the company plans to build its own car assembly plant in Chatham County, North Carolina, which will cost about $2 billion. The factory is scheduled to begin production in July 2024 and produce approximately 150,000 units a year. The company plans to open more showrooms in California and France, as well as break ground on a factory in North Carolina.
The company plans to enter North America and Europe after successfully launching its first EV in Vietnam. The company will set up US headquarters in Los Angeles and manufacture EVs in North Carolina and Vietnam. The company plans to expand its retail footprint to other states in the U.S. in the near future. It previously said that it hoped to start selling all-electric SUVs in the U.S. before the end of this year.
Its plans to go public
The plans to go public have already caused some concern in the Chinese stock market. While VinFast is one of the fastest-growing electric car manufacturers, it is just one of the many companies within Vingroup, the giant Vietnamese conglomerate. Founded in 1993 by Vietnamese expatriate Pham Nhat Vuong, Vingroup has since grown into a massive conglomerate that includes smartphones, hospitals, convience stores, and software.
Vingroup, which is backed by the Chinese government, has plans to list VinFast on the New York Stock Exchange. The company has submitted a draft registration to the SEC for an IPO. The company launched in 2017 and made the bold promise of making all vehicles electric by late 2022. But is the stock market ready for this? Probably not. Vingroup has plans to make its first public offering before the end of this year.
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