Vietnamese Carmaker VinFast Growing Competitor To The EV Giants? - EV Motors

Vietnamese Carmaker VinFast Growing Competitor To The EV Giants?

This article delves into the details of how Vietnamese carmaker VinFast is gaining momentum. It discusses whether or not the company is becoming a big threat to EV Giants.

Vietnamese carmaker VinFast VINGROUP
cnet.com
What Is VinFast?

This brings us to the question that what exactly is VinFast. This is vital to know because not many people in western countries are aware of the company.

VinFast is a subsidiary of VinGroup, a Vietnamese corporation. The company is similar to Amazon, with the exception that it has many more offshoots.

VinGroup’s current businesses include:

  • Hotels;
  • Hospitals;
  • Smartphone and vehicle manufacturing.

This shows that the company is quite multifaceted. It is presently offering two different EV models to its customers. These include:

  • VF8;
  • VF9.

The VF8 is smaller in size than the VF9. While the former will have just a single motor, the latter vehicle will have a dual motor setup.

Is VinFast A Luxury?

Well, that depends on how you see the term luxury. If you think that luxury is a term synonymous with Rolls-Royce and Bentleys then by no means Vietnamese carmaker VinFast even comes close.

images.hgmsites.net

However, if you compare the VinFast SUVs with other popular brands such as BMW, Audi and Porsche, the company’s products are doing good enough.

This is a big thing because all of these brands are pretty well set and carry a legacy spread over several decades whereas VinFast is still pretty new.

This means that VinFast can easily be regarded as a luxury vehicle brand.

Vietnamese carmaker VinFast inside
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What Does VinFast Stand For?

In the local Vietnamese language, VinFast stands for:

  • Vietnamese;
  • Style;
  • Safety;
  • Creativity;
  • Pioneer.
Who Makes VinFast?

The VinFast brand, as already explained above is owned by the Vietnamese VinGroup.

So, indirectly, VinFast vehicles are made by VinGroup.

Is VinFast A Public Company?

Not for now, but the company has already confidentially filed an IPO. This is no ordinary IPO as according to estimates, its worth is around €1.87 billion (£1.6 billion).

So, in the coming times, VinFast will become a public company. This will not just provide a great push to the company but will also improve its reputation globally.

imageio.forbes.com
VinFast Battery Subscriptions – What’s That?

As EV batteries are one of the most expensive parts of an electric vehicle, the Vietnamese company thinks it has a solution to cut down the cost.

It recently offered a unique plan according to which Vietnamese carmaker VinFast will sell its vehicles without the EV batteries included in the cost.

Customers can then separately lease the battery packs depending upon their usage. The company believes that this will pull down the cost of the vehicles and give a more personalized experience to EV owners.

The company is also working on another plan, according to which half of the battery will be rented whereas the other half will have to be purchased.

This is going to further complicate the world of electric vehicles which is often regarded as too complex for most ICE vehicle users.

techcrunch.com
How Much Do VinFast Owners Need To Pay For The Battery Subscription?

The VinFast battery subscription plan currently offers the following plans:

  • €32,75 (£27,83) for VF8;
  • €41,17 (£35) for VF9.

This plan is limited to 500 km after which the customers will have to pay extra for each mile. This price will be

  • For VF8: €0,10 (£0,087);
  • For VF9: €0,14 (£0,12).

Some experts believe that this subscription plan will be able to completely alter the dynamics of the EV segment. They believe that this plan will aid in making EVs mainstream and affordable.

Vietnamese carmaker VinFast VF8
thumbor.forbes.com
Is VinFast A Growing Competitor To EV Giants?

Well, for now, it is just another startup with some ambitious plans. The company, however, is all set up to start its factory in the US which will enable it to offer its EVs to the North American market with ease.

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