The next couple of years will be busy for the Vietnamese automaker. It is preparing to launch the VF 8 and VF 9 electric SUVs, followed by smaller electric SUV models like the VF 7 and VF 6, which it previewed this year at CES. Buyers who drive shooting star trading fewer than about 1,000 miles per month might opt to lease the battery at $35 per month for the VF 8 or $44 for the VF 9, which covers 310 miles of range per month. Additional miles cost $0.11 per mile in the VF 8 and $0.15 in the VF 9.

1. Thanks to a wildly fluctuating stock price, you may have seen the name VinFast in the news lately.
2. But VinFast will only be making electric vehicles for sale in the U.S., and while more and more EVs are showing up or planned every day, it’s still a segment that’s ripe with potential.
3. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services.

« We have been watching the intensity of the market and I think this year, the market has been a little bit better. We are ready but we need the market to be more cooperative for us to make the IPO happen, » said Le. « We are in the final stages of getting a permit to test the construction but the land has already been cleared. The state has already worked on the infrastructure for the land as well, » she told CNBC. Vehicle may show optional accessories that are not included in base vehicle and that are subject to availability. Features of the actual vehicle will vary depending on version and configuration. VinFast EVs are built with premium craftsmanship and high-quality parts designed for safety, reliability, and comfort on every journey.

VinFast became Vietnam’s first domestic automaker when it began manufacturing internal combustion vehicles in 2019. It’s now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. The company is currently taking reservations for two electric SUVs, the midsize VF8 and larger VF9.

How much is a VinFast?

The company didn’t say how much money it’s hoping to raise. Le said the layoffs will not affect the planned timeline for production to commence at its first North American manufacturing plant. Announced prices are subject to change and do not include destination charge or any applicable tax, title, registration, and license fees. A CPO vehicle is an affordable, like-new car backed by a manufacturer’s warranty. Here are some of the best used car deals in February 2024.

Investors might initially question VinFast’s seemingly unproven operations. But VinFast says its « state-of-the-art » manufacturing facility in Hai Phong has over 1,400 robots and highly automated production lines that reach automation levels of 90% and 95% for press and paint shop, respectively. The facility can produce up to 300,000 EVs per year and is designed with the flexibility to produce its full line-up of vehicle models. VinFast went public through a reverse merger with Black Spade Acquisition Co., a special-purpose acquisition company (SPAC) based in Hong Kong. SPAC mergers, also known as “blank check” mergers, were a popular way for startups to go public during the pandemic. But as the financial market declined in 2022, dealmaking slowed significantly.

Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. VinFast is an intriguing EV option in the early innings of a larger game, but investors would be wise to remember that the company is burning cash and will require significant capital if it’s going to make this ride a long-term success story.

Everything to Know About VinFast, the Vietnamese EV Startup Shaking Nasdaq This Week

Motortrend called the VF8 “nowhere near ready for public consumption.” Inside EVs described riding in the VF8 as “unbearable.” These are not exactly promising signs. However, VinFast is a part of the larger Vingroup, which had poured $9.3 billion into the company through the third quarter of 2023 and offers financial stability. Like most young EV makers, VinFast is in the early innings of scaling EV technology, and at low production volumes it remains highly unprofitable. In the most recently reported quarter, VinFast notched a net loss of $623 million, a nearly 20% increase from the prior quarter.

Despite getting help from experienced players, VinFast’s international debut has been a rocky one. Initial media coverage of the brand’s debut was often full of intrigue over this country with essentially no homegrown auto industry. It got its start by making BMW-based internal combustion vehicles, then quickly halted those to focus on its own EV efforts. “Recently, Tata’s IPO filing in India revealed that they are the turnkey developers of the VF6, 7, 8, 9 car models for VinFast based on Tata’s eVMP platform,” Tran wrote. « I believe that in the long run [we are] going to concentrate the manufacturing of electric vehicles as well as the key components of electric vehicles in the U.S., » Le added. Vietnamese electric vehicle maker VinFast told CNBC it’s on track to start production in the U.S. by 2024 even though the company is cutting its head count in North America.

What cars does VinFast sell?

The company says it has 55,000 reservations for its EVs worldwide, but hasn’t given a breakdown of how many of those are from the U.S. Anecdotally, on our trip with VinFast to Vietnam, we met several U.S. and Canadian customers who have put down deposits on multiple VinFast vehicles and were invited by the company as VIPs. VinFast recently invited Kelley Blue Book to its home country to see what the company is all about, tour its factories, and hear about its ambitious plans for introducing its cars to the United States. It’s rarer still when an all-new automaker arrives, builds a factory, and then begins building cars that people actually like and buy. When that new automaker is able to survive amid established, well-known competition.

The relevant authorities were responsible for accepting and resolving such matters. We subsequently decided to no longer pursue the issue,” a VinFast https://g-markets.net/ official said, later confirming they were referring to Tran’s case. VinFast filed for an initial public offering in the U.S. on Dec. 6.

They have not disclosed the number nor price of the shares to be traded, according to its prospectus. Instead it is following what other EV startups such as Tesla and Rivian are doing by selling directly to customers. Moreover, VinFast says its cars will be sold in all 50 states. While VinFast is new to the United States, it’s not a typical startup. Founded in 2017, VinFast is a unit of Vingroup, Vietnam’s largest conglomerate, which has interests in real estate development and education as well as a number of technology businesses.

What’s next for VinFast?

This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started. The company has intriguing potential as a young automaker in an evolving EV industry that favors innovation over legacy and manufacturer size — a good thing for VinFast. VinFast was founded in 2017 as a subsidiary of Vingroup, a major Vietnamese conglomerate.

Although not a household name in the U.S., VanFast is one of the largest automakers in Vietnam. It produces electric SUVs, scooters and buses and has an EV charging network spanning more than 60 cities and provinces in Vietnam. On Jan. 25, 2022, GogoTV’s lawyer said VinFast’s complaint and the resulting lawsuit had officially been closed. The original video that started the controversy is gone from GogoTV’s channel, albeit reuploaded by an unrelated YouTube account. Until then, Tran had been active on Facebook and Facebook Messenger, posting messages about the company’s manufacturing and finances while communicating with close friends and supporters nearly every day. Suddenly, Tran stopped responding to anyone’s messages, which sent his friends into a frenzy.