VinFast, a fledgling Vietnamese automaker, has grabbed headlines with plans to start selling electric SUVS in the U.S. by the end of the year-the two-row 2023 VinFast VF 8 and the three-row 2023 VinFast VF 9 were on display at the 2022 New York International Auto Show. The company also recently announced plans to build a vehicle assembly and battery plant in North Carolina, with production slated to begin by July 2024, and it has filed paperwork for an initial public offering in the U.S. We spent time in Vietnam with VinFast and its parent operation, Vingroup, for greater insight into this newcomer.
Who is VinFast, and is it for real? The answer is not a simple one. VinFast has seemingly unlimited financing and resources, and its talent pool is drawn from both home and abroad. The company seems to be moving at the speed of a startup as it rides the interwoven wave of SUV and electric vehicle popularity. It has a shiny, massive new manufacturing complex in Vietnam, which it says it will replicate in the U.S., its vehicles are styled to stand out, and it plans to offer the same level of features as the competition at a lower purchase price, in part by leasing the vehicles' battery packs. Whether the products are unique enough, their quality good enough, and their prices compelling enough for consumers to take a chance on an unknown Vietnamese manufacturer are questions we can't yet answer.
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