Vietnamese automaker VinFast has just confirmed plans to launch the VF 3 compact electric car in the United States, potentially aiding the company’s expansion strategy with its base price of just about $20,000.
According to Yahoo Finance, VinFast revealed the VF 3 at the CES 2024 in Las Vegas. It features a 125-mile driving range between charges.
VinFast VF 3’s market entry
VinFast introduced the new VF 3 electric car at the CES 2024 in Las Vegas. It is set to become one of the smallest models in the US, considering its 125″ length.
Its imminent launch in the country is indeed remarkable, as the company did not originally plan to bring it to the North American market.
“It’s an interesting twist. All the market research said US consumers like really big cars.”
Le Thi Thu Thuy, VinFast’s Board of Directors Chairwoman
However, Ms. Thuy’s US visit to meet with its dealers last September 2023 prompted the company to also bring the VF 3 small car to the US to compete on the lower end of the market.
“Everybody said, ‘definitely, it’s going to be the biggest volume for us. So we went back and we decided to just develop the VF3 for the US market as well.”
Le Thi Thu Thuy, VinFast’s Board of Directors Chairwoman
US expansion
VinFast stunned the global electric vehicle industry with its Initial Public Offering (IPO) in the United States in late August 2023.
It enjoyed a stock surge of 255% on its first day on the Nasdaq, following its SPAC merger with blank check firm Black Space Acquisition. This significant growth enabled the Vietnamese automaker to match Tesla’s market cap in 2020.
However, its stock continued to drop to about 90% since that remarkable feat. In addition, its VF 8 received multiple negative reviews.
Now, VinFast is seeking to alleviate these challenges with the launch of a $20,000 electric car in the US market.
What’s currently known about the VinFast VF 3?
VinFast aims to open pre-orders for the VF 3 as early as this year. However, it has yet to announce the model’s official arrival timeline, pricing, and key specifications.
As of now, we know that the VF 3 is a two-door, four-seater electric car with folding rear seats to expand cargo capacity to 19.4 cubic feet. It boasts an interior with a minimalist design and a 10″ touchscreen infotainment system, which supports Apple CarPlay and Android Auto.
It also claims to enable a driving range of more than 125 miles owing to its small li-ion battery pack. However, the automaker has yet to specify the battery’s size and capacity.
According to the press release, it will offer two trims, including the Eco and the Plus.
Apart from the VF 3 electric car, VinFast also introduced its electric pickup truck concept, “Wild.” All these efforts are crucial for the company to compete with industry leaders like Tesla. In Q3 2023, VinFast’s North American deliveries only reached about 21,200 units. In contrast, Tesla delivered 435,000+ EVs in the same period.
The Vietnamese automaker is also attempting to boost its production capacity with a new $4 billion electric vehicle factory in Chatham County, North Carolina. It is expected to reach an annual production output of 150,000 units once construction ends in 2025.
