VinFast became Vietnam’s first domestic automaker when it began manufacturing internal combustion vehicles in 2019. It’s now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. The company is currently taking reservations for two electric SUVs, the midsize VF8 and larger VF9. If VinFast simply wanted to bring traditional gas-powered vehicles to the U.S., it would be an extremely difficult task.
- As of the end of September, VinFast had about 58,000 worldwide reservations for the two models.
- Highway Assist, part of the VF 8’s optional suite of advanced driver assists, combines adaptive cruise control with lane centering.
- Based on the size of the VF 8, we expect it to have accommodating rear-seat space and decent cargo room.
- Vinfast is an automaker that the average consumer doesn’t even know exists, and the brand has already entered what some would consider a death spiral of discounts to find customers.
Pham Nhat Vuong has an estimated net worth of $55.9 billion, making him the richest person in Vietnam and the 23rd richest in the world. He is the chair of Vingroup, the largest conglomerate in Vietnam, with units in the real estate development, EV, technology and retail sectors. VinFast has already succeeded in making the first two of those hurdles a reality, and that third and hardest task appears quite doable from what we’ve seen so far into this automaker’s brief but impressive existence. Certain Advanced Driver Assistance Systems (ADAS) and smart service technology features may be subject to delayed availability and be made available as part of a future software update to your vehicle and may be subject to subscription.
There is already so much competition, especially in the bread-and-butter segments of midsize SUVs. But VinFast will only be making electric vehicles for sale in the U.S., and while more and more EVs are showing up or planned every day, it’s still a segment that’s ripe with potential. We need only look at Tesla as Exhibit A. In about a decade it went from startup to being the best-selling luxury automaker in America. VinFast has released four EV models and delivered about 19,000 vehicles globally. In July, the company broke ground on a new factory in North Carolina, which is expected to have the capacity to produce 150,000 vehicles a year.
However, the company’s operational center is still in Vietnam. Despite recent declines for VFS stock, shares have a high trailing best pairs to trade forex price-to-sales ratio of 15.5 times. However, that came in significantly below the company’s target of at least 40,000 deliveries.
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The company didn’t say how much money it’s hoping to raise. The VF 8’s optional suite of driver-assistance technologies features Traffic Jam Assist. This low-speed cruise control reduces driver stress in heavy traffic that occasionally comes to a halt. The 2023 VinFast VF 8 looks sharp, like an established player in the SUV ranks, even though it’s a brand-new vehicle with no immediate predecessor. Based on the size of the VF 8, we expect it to have accommodating rear-seat space and decent cargo room.
It has a maximum estimated range of 207 miles on a full charge, which falls short of most rivals. The standard, non-City Edition version of the VF 8 gets up to 264 miles of range. It’s a tough game, for sure, and automaking in general is not for the weak or short-funded. For every Tesla or even Lucid, there are multiple brands that have failed or merely teeter on the brink of bringing electrified cars to life, touting grandiose plans but never making them happen. Instead it is following what other EV startups such as Tesla and Rivian are doing by selling directly to customers.
VinFast VF 8
Vuong controls 99 percent of VinFast through shares held by Vingroup and other business entities, according to the company’s securities registration filing with the SEC in June. VinFast, a little-known electric carmaker from Vietnam, debuted on Nasdaq on Tuesday (August 15) and immediately made a splash. Stock skyrocketed 270 percent on its first day of trading and closed at $37 per share, giving the company a market cap above $85 billion at one point, more than Ford and General Motors combined. From a business perspective, throwing $15,000 in rebates at your units to move them off the lot is probably not good for profit, and it sends the message to the consumers that your cars aren’t really “worth” their supposed MSRPs. Vinfast is an automaker that the average consumer doesn’t even know exists, and the brand has already entered what some would consider a death spiral of discounts to find customers.
According to an SEC filing, his Vingroup controls 1.2 billion shares in VinFast, more than 50 percent of outstanding shares. Two of his private investment companies, Vietnamese Investment Group and Asian Star, own an additional 1.1 billion shares. Combined, the entities own about 99.7 percent of the company. The lease deal is supposedly ending January 31, but if you have the right credit score, you can probably get some leeway through the end of the week. Although not a household name in the U.S., VanFast is one of the largest automakers in Vietnam.
What’s up with the VinFast battery lease?
Still, on a positive note, the EV maker’s deliveries jumped 35% in the fourth quarter from Q3, amounting to 13,513 cars delivered. VinFast started as a direct sales model similar to Tesla, Rivian, and Lucid. The automaker has decided to branch out and open a series of franchised dealerships. One store in Cary, North Carolina, is advertising a bonkers deal on a model that retails for around $50,000. Highway Assist, part of the VF 8’s optional suite of advanced driver assists, combines adaptive cruise control with lane centering. By leveraging GPS and nav system data, the VF 8 will slow automatically for highway curves when needed.
We require new ratings every time an all-new vehicle or a new generation of an existing vehicle comes out. Highway Assist
The Highway Assist feature uses semi-autonomous driving technology with features like adaptive cruise control and lane-keep assist to make highway driving safer and more relaxed. For 2023, the VF 8 City Edition is lease-only, and you can only get one in California.
It produces electric SUVs, scooters and buses and has an EV charging network spanning more than 60 cities and provinces in Vietnam. Honda is advertising a special of $249 per month with $3,799 due at signing. If we were to recalculate this into a $0 down lease that would be about $355 per month. Citigroup Global Markets, Morgan Stanley, Credit Suisse and J.P. VinFast will trade on the Nasdaq under the symbol “VFS” once its offering is completed.
It’s rarer still when an all-new automaker arrives, builds a factory, and then begins building cars that people actually like and buy. When that new automaker is able to survive amid established, well-known competition. However, VinFast does not appear to be selling many vehicles so far.
Looking beyond the Philippines, VinFast also has multiple showrooms in California. The company plans to build a factory in North Carolina as well as a plant in India. The company lost $1.4 billion in the nine months through September 2022 and carried about $2.5 billion in debt at the end of the period, according to a regulatory filing. VinFast’s wild rally stood in contrast to the broader market slump last week, but the boom was short-lived.
A more recent example is Rivian, which sprung up to beat traditional brands such as Ford and Chevy to the punch by introducing its electric truck to market first. If the VinFast VF 9 were on the road today, it would be the first mainstream 3-row electric SUV. Depending how things shake out, it might just still be when it arrives around the end of this year or early next year (exact timing is still TBA). Kelley Blue Book® Values and pricing are based in part on transactions in your area. Your ZIP code also helps us find local deals and highlight other available offers.
The VF 8’s starting price is similar to those of the Kia EV6, Ford Mustang Mach-E, and the dual-motor variants of the Nissan Ariya. The next couple of years will be busy for the Vietnamese automaker. It is preparing to launch the VF 8 and VF 9 electric SUVs, followed by smaller electric SUV models like the VF 7 and VF 6, which it previewed this year at https://bigbostrade.com/ CES. VinFast recently invited Kelley Blue Book to its home country to see what the company is all about, tour its factories, and hear about its ambitious plans for introducing its cars to the United States. Unless you are among the earliest adopters of electric vehicle (EV) tech or a serious car fanatic, you’ve probably never even heard of VinFast.