Vinfast, as a company, is certainly growing at a pretty past face. The company came into being in 2017, and it already has 2 years under its belt of manufacturing and selling cars. But there seem to be no brakes on the way the company is making progress as it plans to set foot in the US market. It is also looking forward to targeting the European and Asian markets later this year.
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.
