According to reports, after VinFast announced the news, the stock price of its parent company Vingroup rose by nearly 7% on Friday, and the stock price per share was about 3.06 US dollars, setting a new high for the year.

On Thursday, VinFast’s SPAC partner, Hong Kong-based Black Spade, was approved to merge with VinFast. The two parties have claimed in a joint statement that the company will be listed on Nasdaq around August 15th under the stock code VFS. After the merger, the valuation of VinFast will reach 23 billion US dollars. For comparison, the market value of Rivian, which is also an overseas “new car-making force”, is about 21 billion US dollars and Lucid’s market value is about 16 billion US dollars.

The SPAC merger will not raise new funds for VinFast, but the company’s founder Pan Riwang has always supported a US listing, which will help the company further expand the US market and build a factory in North Carolina.

It was previously reported that VinFast has exported about 3,000 VF 8 pure electric SUVs to the United States, and deliveries began in March this year.

▲ Picture source VinFast official website

The post VinFast is expected to list on Nasdaq with a valuation of US$23 billion appeared first on TechGoing.

VinFast is a subsidiary of Vietnam’s Vingroup Group. In January, the company said that its first all-electric model, the VF8, would cost $599 per month for 24 months (currently about RMB 4,169). But by Monday, the company’s website showed that the rental rate had been lowered to $399 per month for 24 months (currently about RMB 2,777).

In California, the monthly rental price has been further reduced to $274 for customers who have paid a refundable deposit, according to information sent to potential buyers by VinFast (currently about RMB 1,907). California will be the first U.S. state to receive the VF8 model. This equates to a 33% to 54% reduction in monthly rental prices from the initial announcement.

In a statement, VinFast said, “This is a special offer we are making to our customers for the VF8 City model to remain competitive with other brands. We will officially deliver the VF8 City Edition to our customers on March 1.” The company did not announce the exact number of deliveries.

VinFast’s move is a sign of the intensifying price war among global electric car makers. In January, Tesla announced price cuts of up to 20 percent worldwide. However, the company followed up with small price increases for certain models in certain markets.

The U.S. government’s new tax exemption for electric vehicles, which took effect earlier this year, has also affected the considerations of automakers and U.S. consumers. Electric cars like those produced by Tesla in North America are eligible for a $7,500 (currently about RMB 52,125) excise tax credit. Businesses, including financial services companies that underwrite car leases, can also claim up to $7,500 in tax credits if the electric car is sold by an IRS-certified company. As of Monday, however, VinFast was not one of the 39 “qualified manufacturers” recognized by the IRS.

Earlier this month, VinFast said that U.S. bank Hopewell would provide financial leasing services for the company’s U.S. sales. Last November, VinFast also reached an agreement with Autonomy to purchase 2,500 of VinFast’s electric vehicles on a monthly subscription basis.

In a separate statement, VinFast Chairman Li Qiusui said that following the U.S. market, VinFast will also deliver electric vehicles in Canada, France, Germany and the Netherlands. Currently, the VF8 City is available in two models with a range of 333 km and 307 km respectively.

VinFast has filed for an IPO (initial public offering) in the U.S. and plans to build an electric vehicle assembly plant in North Carolina.

The post Vietnamese manufacturer VinFast has significantly reduced its lease price in the United States appeared first on TechGoing.

VinFast, which began operations in 2019, is gearing up for expansion in the U.S. in hopes of competing with traditional automakers, andthe company began shipping its first 999 VF8s last November and plans to deliver them this month.

In a statement, VinFast said, “Due to specific component assembly items, the bolts connecting the front caliper to the steering knuckle may loosen while the vehicle is operating, which may reduce the effectiveness of the front brakes.”

In addition, VinFast noted that bolts will be tightened immediately for the 999 VF8s being shipped to the United States. “This is a relatively simple procedure that can be done quickly and without impacting delivery times and is expected to begin in late February 2023.”

Data show that VinFast delivered more than 4,000 electric vehicles to customers in the Vietnamese market last December, more than half of which were sport utility vehicles VF8. as of last December, the company had received 55,000 orders worldwide, 12,000 of which came from the U.S. market.

The post Vietnamese electric car maker VinFast recalls nearly 2,800 vehicles appeared first on TechGoing.

VinFast is the automotive group of Vingroup, the largest conglomerate in Vietnam, whose development mission is to create a better life for people through sustainable technologies, services and social enterprises.

In other words, Vingroup is involved in almost everything from electric cars and electric motorcycles to EV battery technology and storage solutions. Vingroup even owns golf courses and hospitals.

Its most promising technology, however, lies in its EV solutions. VinFast initially began manufacturing electric motorcycles before launching its first electric vehicle, the VF e34. On December 25, 2021, VinFast held a ceremony after the first customers received their first orders for the VF e34, which marked the first electric vehicle sold in the Vietnamese market.

In November 2021, VinFast unveiled two new all-electric SUVs – the VF 8 and VF 9 – at the Los Angeles Auto Show, in addition to announcing its ambition to become a global electric vehicle manufacturer with its U.S. headquarters in Los Angeles.

What’s more, earlier this year, the automaker said it would stop producing internal combustion engine vehicles by the end of 2022 and simultaneously unveiled an all-electric lineup. The lineup includes models in various segments, including

Mini (mini) – VF5

Subcompact – VF6

Compact – VF7

Mid-size – VF8

Full-size – VF9

Vinfast said it received 24,000 orders worldwide within 48 hours of opening pre-orders for the VF 8 and VF 9. On Monday, Vinfast announced that the first 100 VF 8 customers received their EVs.

In another huge milestone, Vinfast has delivered the first 100 units of its newly launched full-size SUV electric vehicle, the VF 8.

Le Thi Thu Thuy, Vinfast’s global CEO, spoke highly of the automaker and exclaimed at the event.

“Today’s event marks a turning point for the Vietnamese automotive industry. We are very pleased to deliver the first VF 8 all-electric vehicles to our pioneering customers in Vietnam at this historic moment. And soon, this enthusiasm will be realized by more than 65,000 Pioneer customers around the world.”

VinFast’s VF 8 is said to be designed to enter the global market as a full-size SUV with the following dimensions: 187.00 inches (L) x 76.14 inches (W) x 65.63 inches (H).

On top of that, the VF 8 is fully equipped with ADAS – including advanced driving features such as Smart Parking, Smart Summoning, Remote Parking Assistance and Highway Assist. Drivers will be able to interact with and control their vehicles by accessing the VinFast app to access intelligent services.

Vinfast VF 8 is available in two different versions.

Eco (eco version) – equipped with a 260 kW electric motor with a maximum torque of approximately 369 ft-lbs and a range of 260 miles on a full charge.

Plus – For added performance, the VF 8 Plus comes with a 300 kW electric motor with a maximum torque of about 457 ft-lb. Some range will be sacrificed, though, with a maximum of 248 miles on a full charge.

Vinfast noted that in addition to the battery subscription service announced in April, the automaker is now offering customers the ability to purchase the vehicle and battery so they can own both instead of renting them.

After the first 100 deliveries, Vinfast plans to ship the next batch of VF 8s (about 5,000 in total) to the U.S., Canada and Europe starting in November. VinFast says customers could receive their electric vehicles as early as December.

The post VinFast prepares to enter the U.S., Europe and Canada after delivering the first VF8 EVs appeared first on TechGoing.

The company is opening up six new showrooms across the US next week. A total of 30 would spring up at more places before the year concludes. To top this with some icing, Vinfast also has plans to build two new production facilities- one in North Carolina and the other one in some place in Germany. Its US showrooms would all be in shopping centers. The first six that open up to the public next week would be in San Diego, Berkeley, Santa Monica, Commerce, San Mateo, and Corte Madera.

The one factor that most startups spend battling for in their first few years is funds, and this is something that seems to not have bothered Vinfast, thanks to the fact that it is part of Vingroup, Vietnam’s largest conglomerate. Vingroup is a multi-billion dollar establishment that is in many industries: property (VinHomes), smartphones (VinSmart), education (VinSchool), holiday resorts, (VinPearl), pharmacy (VinFA), and many more. It for sure needs no external funding that clearly explains Vinfast’s rapid growth.

In the US, the company would put up for sale two EVs- the VF8 crossover and the VF9 SUV. VinFast runs a ‘battery as service’ business model where the buyer buys the car but rents the battery for a monthly rate. Depending upon the battery used, the fee could range from $35 for the smaller 92 kWh unit to $110 for the larger 123 kWh one that offers unlimited mileage. The company seems to like the prospect of being able to replace the battery if it ever fails.

via

The post Vinfast shows up in US with 6 new showrooms next week; total 30 planned by year-end appeared first on TechGoing.

The Vietnamese company has a total of two electric SUVs to its name, and it’s ever-ready to bring them to more markets. Asides from its dominance in its home base, the company plans to expand to more regions. On its drawing board, it’s making plans to build new factories in Europe and America, but before then it’d bring more of its vehicles to America.

Read also: Ford recalls over 100,000 vehicles.

Among the company’s plans are to increase the number of showrooms in the US. At the moment, there are plans to open 6 showrooms in the US by this week. It’d push on from these six after they are open to bringing 30 more showrooms across the North American country. More showrooms mean more publicity, hence possibly driving sales and adoption rate.

The two electric SUVs in the VinFast fleet are the VF8 and VF9, both of which come with a range above 250 miles on a single charge. VinFast as well offers a subscription plan to ensure the battery is replaced free of charge in case it gets bad. In 2024 the company will move on to produce and ship new electric vehicles with an emphasis on battery performance.

The post VinFast will set up 30 new showrooms in California by the end of the year appeared first on TechGoing.