VinFast VF 3 is a micro electric vehicle with a length of approximately 3114mm and a three-door and four-seater design. The exterior styling of the car is easily reminiscent of Baojun Yueye, a subsidiary of SAIC-GM-Wuling. The overall design language is highlighted by bold geometric elements and tough lines. It has ample ground clearance and is equipped with 16-inch wheels. It is reported that the car will provide users with a series of personalized car paint options.

Refer to the official pictures for the interior. VF 3 follows a minimalist style and offers two interior styles, Eco and Plus. There is no central entertainment screen in the car, and there are almost no physical buttons. It is expected that most driving-related information will be displayed through the 8-inch instrument screen behind the steering wheel.

In terms of power, the official did not disclose specific data. The cruising range under EPA test standards is 125 miles (approximately 201 kilometers), which can meet the daily use needs of most Vietnamese users. Up to now, VinFast has launched seven different levels of products from micro electric vehicles to large SUVs, including VF 5 Plus, VF e34, VF 6, VF 7, VF 8 and VF 9, etc.

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It is understood that the investment is part of VinFast’s long-term investment plan of US$1.2 billion in the Indonesian market, with plans to expand in seven Asian markets including India and Malaysia.

“We plan to start delivering electric vehicles in Indonesia in 2024, including the right-hand-drive models VF e34 and VF 5, followed by the VF 6 and VF 7,” VinFast said in a statement. “Due to the relatively low cost of domestic raw materials With sufficient supply, we have also identified Indonesia among seven new market clusters as a key potential market for establishing electric vehicle and battery manufacturing facilities.”

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It is noted that VinFast plans to expand in seven more markets in Asia, including Indonesia, where it aims to begin deliveries next year and build a factory by 2026.

The Indonesian factory will be VinFast’s third, the first being its main factory in the northern Vietnamese city of Hai Phong, and the second being a new ($4 billion) factory scheduled to come online in 2025 in North Carolina, USA.

Last year, VinFast filed for an IPO on the NASDAQ in the U.S. to raise funds for the construction of its factories, and VinFast began selling cars outside of Vietnam for the first time, delivering its first 45 vehicles in California on the first day.

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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

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VinFast, which announced in May that it would go public through a merger with Black Spade Acquisition Co. VinFast and Black Spade said in a joint statement that they plan to complete the merger by August, subject to shareholder approval and other customary closing conditions.

Black Spade will hold a special shareholders meeting on Aug. 10 to approve the proposed business combination with VinFast, with a potential equity value estimated at $23 billion, according to the joint statement.

VinFast has already exported about 3,000 electric vehicles to the US, with deliveries beginning in March, and will also build a $4 billion factory in the US.

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Last March, the Vingroup JSC subsidiary announced it would build a $4 billion (currently about 27.76 billion CNY) electric car plant on 712 hectares of land in Chatham County, N.C., with production scheduled to begin in July 2024.

“We need more time to complete the administrative process,” VinFast said in a delayed statement, though they didn’t specify when the plant is expected to start operations in 2025.

VinFast received a license from the local government last month and started building the new factory. Of course, it still needs a permit from the U.S. Army Corps of Engineers to minimize damage to water quality and wetlands.

According to the latest prospectus issued by the company on Thursday, the first phase of the plant includes a construction capital expenditure of 1.4 billion US dollars (currently about 9.716 billion CNY), which is expected to create more than 7,000 jobs and produce 150 million CNY per year. million cars.

Last year, VinFast filed to list on Nasdaq in the US to raise funds for its factory construction. VinFast began selling cars outside Vietnam for the first time last week, delivering its first 45 vehicles in California on day one.

Its revenue in 2022 will be 14.9 trillion VND (currently about 4.366 billion CNY), a decrease of about 6.9% compared to 2021. The company’s latest prospectus showed a 55% increase in net loss from VND32.2 trillion to VND49.8 trillion.

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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.

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To complete the IPO, the company will convert to a Singapore public limited company, which will be named VinFast Automotive Limited, and the number of shares to be issued and the price range have not yet been determined.

While the company has not specified the timing of the share offering, it has previously said that the IPO was initially scheduled to take place in the fourth quarter of this year. VinFast’s parent company, Vingroup Group, said in May that the IPO could be delayed until 2023 due to market uncertainty.

VinFast, which was founded in 2019, is betting big on the U.S. market to compete with traditional automakers and other electric vehicle startups with two all-electric SUVs and its battery rental business, which can lower vehicle prices.

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VinFast said it will also open offline stores in Europe, with its first flagship store in Cologne, Germany, set to open in November 2022. The company will also open a store in Paris, its first in France, before the end of the year, followed by a second French store in Nice. Amsterdam will be the site of the company’s first Dutch store. In the future, VinFast will also open offline stores in Berlin, Munich, Frankfurt and Hamburg, Germany.

Photo credit: VinFast

VinFast revealed that in early 2023, the company plans to open stores in Oberhausen, Germany; Marseille, Rennes, Montpellier and Metz, France; and Den Haag and Rotterdam, the Netherlands. opened stores.

VinFast said its network of mobile service vehicles will support customers by providing them with repair and maintenance services. The company has already deployed the mobile service network in Germany and will expand it throughout Europe by early 2023.

At this year’s Paris Motor Show, which opens on October 17, VinFast will showcase the VF 6 compact four-door electric car and the VF 7 compact crossover. The company has previously unveiled the VF 8 and VF 9 electric SUVs.

In a statement, VinFast CEO Le Thi Thu Thuy said, “VinFast is proud to return to the 2022 Paris Motor Show, proving that Vietnam is not only capable of building cars, but also taking a big step towards the electrification revolution.”

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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.

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