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Vietnamese EV maker Vinfast remains optimistic despite challenging entry into US auto market

TechTechnologyVietnamese EV maker Vinfast remains optimistic despite challenging entry into US auto market
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A Vinfast VF8 electric car on display at a showroom.

Yu Ruidong | China News Service | Getty Images

Breaking into the US market has been a challenge for Vietnamese electric vehicle maker Vinfast amid stiff competition and slowing demand.

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winfast Cuts monthly lease prices for its first US buyers to $399, down $599 per month, american rivals like Tesla slashes prices to attract more customers and increase sales, while lucid Lower-than-expected production forecast in 2023 after lower orders.

But the Vinfast CEO remains positive on the long-term demand for EVs.

“I think everyone agrees that the whole industry or the whole world is moving from internal combustion engines to EVs,” CEO Le Thi Thu Thu told CNBC.Squawk Box Asia” on Tuesday.

“And if you take that approach, and if you look at the legislation in all the different countries and imagine how many electric vehicles are going to need to be on the road in the coming years, there’s a lot of room in the coming decade.” of players in the market,” Le said.

He added that Winfast is entering the market with a “clear vision”, such as offering premium quality and accessibility to the mass market without cutting down on cyber security and functional security.

“We still have a lot to prove. It’s a lot ahead of us,” said Le.

software problem delayed delivery VinFast’s first batch of cars for US buyers from December 2022 to March 2023. But on March 1st, Out of 999 EVs, only 45 SUVs arrived Whose delivery was to be done.

VinFast cars are also currently ineligible for $7,500 tax credit in the US Because they are not made in the US, but in Vietnam – which will affect their US sales.

“Certainly, in the long run, we are also pushing for plants in North Carolina and to ensure that in the future, our vehicles will be eligible for tax benefits under the IRA,” Ley said.

Lay previously told CNBC that the firm has Final step to get permit for its manufacturing plant in North Carolina and that the plant is on track to begin production in 2024.

While the company filed for an initial public offering in December, it is yet to launch its roadshow.

“For us, it’s not about raising funds, but it’s a lot about getting the company more international and other corporate objectives and as you know the market has been challenging,” Le said.

Vietnam's Vinfast EV brand is new, unknown, and competing with the US

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