If VinFast simply wanted to bring traditional gas-powered vehicles to the U.S., it would be an extremely difficult task. 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 5 minute forex scalping strategy 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.
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). Starting in 2024, buyers will have the option to buy the battery with the vehicle, but the company has not yet outlined prices. VinFast is also taking reservations on the VF9, a flagship, three-row, 7-seater crossover that delivers up to 330 miles of range with a starting price of $83,000.
VinFast stock surged to a value of $82.35 on August 28th. This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started. VinFast Auto (VFS -0.60%) was worth close to $190 billion in the summer of 2023, making it the third-most valuable carmaker in the world. Since then, VinFast stock has plummeted 94% and become a forgotten name. In today’s video, I’ll talk about the company’s current state.
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- The company says it has 55,000 reservations for its EVs worldwide, but hasn’t given a breakdown of how many of those are from the U.S.
- VinFast’s headquarters are in Haiphong, Vietnam, where its factory is.
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- 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).
- But the reviews we’ve read have been perhaps the most brutal we’ve seen for a modern car.
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. VinFast is not using the traditional dealer model. Instead it is following what other EV startups such as Tesla and Rivian are doing by selling directly to customers. Moreover, VinFast says its cars will be sold in all 50 states. Buyers who drive fewer than about 1,000 miles per month might opt to lease the battery at $35 per month for the VF 8 or $44 for the VF 9, which covers 310 miles of range per month.
And VinFast was the third-most valuable automaker in the world?
An early VF8 city edition achieved around 200 miles of range with less sophisticated battery tech. However, VinFast does not appear to be selling many vehicles so far. The company recently revealed that 7,100 of its 11,300 global sales in the first half of 2023 were to Green and Smart Mobility, a Vietnamese taxi firm controlled by Vingroup.
What cars does VinFast sell?
Additional miles cost $0.11 per mile in the VF 8 and $0.15 in the VF 9. But the reviews we’ve read have been perhaps the most brutal we’ve seen for a modern car. Motortrend called the VF8 “nowhere near ready for public consumption.” Inside EVs described riding in the VF8 as “unbearable.” These are not exactly promising signs.
Is the Vietnamese automaker a buy right now?
If Pininfarina was good enough for Ferrari, it’s certainly good enough for this fledgling automaker. VinFast broke ground on its North Carolina plant to build EVs in America. Per the website, the company has opened up 13 showrooms — all in California. VinFast says it has shipped 3,000 vehicles to North America. Initial plans called for Tesla-like direct-to-consumer sales, but VinFast is open to working with dealerships.
In the United States, VinFast’s long-term success is still a question mark, as it is still getting up and running. In the short term, however, VinFast appears to be a serious player. The company says it has 55,000 reservations for its EVs worldwide, but hasn’t given a breakdown of how many of those are from the U.S. Anecdotally, on our trip with VinFast to Vietnam, we met several U.S. and Canadian customers who have put down deposits on multiple VinFast vehicles and were invited by the company as VIPs.
And its modern factories in Vietnam appear to be only the beginning. The company recently announced it is investing $2 billion in a factory in North Carolina. That will enable VinFast to build cars here in America, too. It’s rare when an all-new car model comes along. 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.
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We had a chance to briefly drive a very pre-production version of the VF 8. From our limited experience, the cars appear well-built and potentially competitive. Our test model needed https://www.forexbox.info/is-ic-markets-a-reliable-brokerage-firm/ further tuning, especially with initial throttle application, but these are relatively easy modulations. VinFast worked with famous Italian design house Pininfarina on the models.
