Electric vehicles (EVs) have been making waves in the automotive industry, and one company that's been grabbing headlines recently is VinFast. If you're a man who's passionate about EVs, here's why you should be keeping a close eye on this rising star.
VinFast, a subsidiary of Vingroup, stands as a testament to Vietnam's burgeoning presence in the global automotive sector. Established in 2017 by Phạm Nhật Vượng, the founder of Vingroup, this Singapore-based multinational automotive company has its executive offices nestled in Hải Phòng, Vietnam. Recognized as the first Vietnamese car brand to venture into global markets, VinFast has also pioneered the production of electric vehicles (EVs) in the country, encompassing both electric cars and scooters.
Within a short span since its inception, the company made significant strides in the automotive world. In 2018, just a year after its foundation, VinFast showcased its models at the 2018 Paris Motor Show. These models, crafted with the expertise of industry giants like Pininfarina, BMW, and Magna Steyr, underscored VinFast's commitment to quality and innovation. The same year, the company embarked on a notable partnership with General Motors, securing exclusive rights to distribute Chevrolet vehicles in Vietnam and taking over the General Motors factory in Hanoi.
VinFast's ambitions aren't just limited to Vietnam. The company has been actively expanding its global footprint. In 2019, VinFast began exporting its Lux cars to regions like Europe, Asia, Australia, and Africa for quality testing. By 2022, the company unveiled plans to set up new EV plants in both Germany and the U.S., emphasizing its goal to transition entirely to EVs by the end of that year. Furthermore, in a significant move in 2023, VinFast merged with a SPAC operated by Black Spade Capital, marking its public debut on the US-based exchange. With such rapid growth and global aspirations, VinFast is poised to become a key player in the international automotive arena, especially in the electric vehicle domain.
What You Need To Know About VinFast
It's sometimes easy to dismiss a new entrant to such a massive market but VinFast is on a roll and will not easily be dismissed. Here are some of the reasons why every man who loves cars needs to start paying attention.
Impressive Stock Performance:
VinFast Auto stock saw a staggering surge of 312% in just a week ofits debut in the U.S. market. Such a meteoric rise indicates strong investor confidence and interest in the company's future prospects. With a market capitalization that reached more than $230 billion, it instantly became a global heaveyweight in the auto industry. While that number has since dropped to around $40 billion, that places it in the same neighborhood as Ford (50.6 billion) and GM (46.31 billion). Pretty good for a company from Vietnam, right?!
Targeting Major Markets:
Originating from Vietnam, VinFast is setting its sights on the U.S. and European markets for growth. With a leading market share in Vietnam's passenger EV market, the company is poised to make a significant impact internationally.
Innovative Electric SUVs:
VinFast recently unveiled its all-electric seven-passenger SUV, the VF 9. What's exciting is that its EPA range rating surpassed the company's own estimates. The VF 9 Eco trim boasts an impressive EPA range of 330 miles, while the Plus trim offers a range of 291 miles. These models, priced at $83,000 and $91,000 respectively, come equipped with advanced driver assistance systems, showcasing VinFast's commitment to both performance and safety.
Expansion to North America:
While the VF 9 is already available in Vietnam, VinFast plans to export this model to North America this year. This follows the company's previous shipments of its VF 8 compact SUV to the market, indicating a strong push towards establishing a foothold in the region.
Robust Production and Sales Figures:
VinFast has been proactive in sharing its production and sales data. In the first half of 2023, the company delivered 11,300 EVs and reported 26,000 EV reservations. With 122 showrooms dedicated to electric cars globally, including some in Europe, the company is rapidly expanding its reach.
Future Production Plans:
VinFast has an annual production capacity of 300,000 units. What's even more exciting is their plan to add another 150,000 units once their first U.S. factory starts production in 2025. This North Carolina facility will also be VinFast's first EV factory outside of Vietnam.
Clearly, VinFast is not just another EV company - it is a brand that's making significant strides in innovation, expansion, and market penetration. This is a huge threat to the conservative and slow-moving American automotive industry but it is an exciting time for consumers and for men who are passionate about electric vehicles. VinFast is a name to watch and a brand to consider for your next EV purchase.