Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Here's why Vietnamese automaker VinFast wants to build cars in the U.S.

Here's why Vietnamese automaker VinFast wants to build cars in the U.S.

Tesla and the other automakers selling electric cars in the U.S. are about to get some competition from an unexpected place.

The VinFast VF 9 will be on sale in California later this year.

Vietnam-based VinFast will begin exporting a lineup of all-electric SUVs to California later this year, but its American market plans are even more ambitious.


VinFast was founded in 2017 by Vietnam’s first-ever billionaire, entrepreneur Pham Nhat Vuong, whose fortune began with an instant noodle company he launched while living in Ukraine in the 1990s. The automaker started out making internal combustion engine vehicles but has since shifted to EVs.

Workers assemble an electric car at the VinFast electric automobile plant in Haiphong April 7, 2022.


"We see the demand and request for EVs booming everywhere in the world," Emmanuel Bret, VinFast’s deputy CEO of global sales and marketing told FOX Business in an exclusive interview.

Bret said the company will have 30 stores up and running by the end of the year in California and then expand nationwide as it builds the brand.

Part of its plan includes a $2 billion factory it has entered a memorandum of understanding to build at the Chatham County Triangle Innovation Point outside Raleigh, North Carolina, that will be funded with the help of an initial public offering it has filed for.

Bret explained that the company’s belief is that it’s better to be close to the customer and that the project proves how serious it is.

"We are in the U.S. for a long, long, long time, so we want to really show this," Bret said.

VinFast won’t be selling cars the old-fashioned way, however. The initial strategy is to sell and lease vehicles without battery packs, which will be leased separately.

"This is the only way to go for the future," Bret said.

The idea is that it will create an entirely circular system that will allow it to fully recycle the materials into new batteries, which it hopes will reduce manufacturing and ownership costs.

"We will offer premium quality for everyone at a reasonable price compared to the size and quality of the car," Bret added.

The first models that will be offered are the VF 8 and VF 9 SUVs, which will have starting prices of $40,700 and $55,500, respectively. The two-row and three-row vehicles were designed by Italy’s famed Pininfarina and engineered with the help of a number of major automotive industry suppliers, including Germany’s ZF.

The two-row VF 8 compact will also be on sale in California this year.


Pricing for the battery lease is set at $35-$44 monthly with 310 miles driving allowed and $110-$160 monthly for an unlimited plan, but charging is not included beyond two complimentary fill-ups on the Electrify America network.

If the battery pack degrades to under 70% capacity or has any issues it will be replaced for free and recycled.

VinFast said it may consider selling cars with batteries included in the future, but that it will focus on the subscription model for at least five years.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
×