VinFast, part of Vingroup, which is the largest privately run corporation in Vietnam, has some electrifying news. They are planning on moving into the United States and the global market. As the number one ranked car manufacturer in their home country, the creator of smart electric vehicles (EVs) plans to launch globally, starting with opening a plant in the United States later in 2021.
Although not yet well known in the United States, VinFast established their company back in 2017 and in just under four years, has become the best-seller in all three segments of their manufacturing in Vietnam. They launched three models of electric vehicles to the Vietnam market in 2019 and plan to launch three more when they go global later this year.
If the company is as successful in their global launch as they are in Vietnam, they are set to do exceedingly well. However, they will be competing against some big names stateside, including the currently-dominating Tesla, as well as Toyota (makers of the Prius).
Additionally, with other leading makers delving into the creation of electric versions of their most popular models (like the Ford Mustang Mach-E), the market globally promises to be much more competitive for VinFast.
Let's take a closer look at VinFast and their future plans.
The History Of VinFast
When VinFast was founded, the company worked with several other companies to create the designs for their new EVs. One of these companies, Pininfarina, is the Italian car design firm partially responsible for the creation of cars by such heavy-hitters as Ferrari, Alfa Romeo, Peugot, Fiat, Maserati, and more. VinFast also got help in design from BMW and Magna Steyr (an Austrian auto manufacturer).
Almost immediately, VinFast launched their line into shows and started winning awards for design and safety. They participated in the 2018 Paris Motor Show with two cars in their European Debut- the LUX A2.0 Saloon and the LUX SA2.0 SUV. The design of their two flagship cars were decided on via vote by over 62,000 consumers from 20 outlines created by four designers, ensuring they would be well-received by the public.
In addition to those first two EVs, in 2019, VinFast also launched a third EV- the VinFast Fadil. The Fadil was designed to be more affordable and compact for primarily city use. Priced between $16,900-$21,500, the Fidal is much cheaper than the $43,000 LUX A2.0 or the $61,500 initial price of the LUX SA2.0 SUV. To really show their diversity, VinFast also introduced three e-scooters (Ludo, Impes, Klara) to the Vietnam market during that same year.
Since launch, VinFast has received several awards. In 2018, Autobest launched a new prize for start-ups and new ventures in the automotive industry called the “A Star is Born” award, which VinFast had the honor of being the first ever recipient of for their success. Additionally, VinFast was awarded the ASEAN NCAP Grand Prix “New Manufacturer Safety Commitment” in recognition of their higher safety rating commitment.
VinFast’s Global Plans
VinFast’s upcoming plans for expanding further into the global market include the launch of three new smart EVs. The VF31 (compact), VF32 (small), and VF33 (mid-sized) are all set to start delivery in 2022. All three models have the option of being fitted with hardware for full self-driving, although they are not quite ready for these inclusions. The VF32 and VF33 will be available in the United States and Canada and will be available for pre-order as soon as November.
The VF33 will be offered with a dual-motor powertrain with 402 horsepower and a battery good for over 300 miles of driving. Additionally, it will come available with premium features such as a panoramic glass roof, LED headlights, and an infotainment screen with a 15.4-inch display. At a length of 201 inches, it is the largest of the initial offers in the United States by Vinfast.
The VF32 comes in at just 187 inches in length and is a more compact version of the VF33. It has nearly identical features to its larger counterpart, although it does come with the dual-motor powertrain 402 horsepower motor as an optional add-on rather than a standard offering. The standard offering on the VF32 is a single motor with up to 201 horsepower. The battery is a bit smaller at just 90-kwh versus the V33’s larger 106-kwh one.
Currently, VinFast’s main plant is located in Hai Phong in Vietnam, however they have centers for research and delivery in many other locations including the United States, Germany, and Australia. Their founder, Phan Nhat Vuong, the richest man in Vietnam and also the country’s only billionaire, has pledged $2 billion of his own money in support of VinFast becoming a more global company.
In an attempt to further their marketing, VinFast recently hosted a contest with prizes over $60,000 to incentivize designers to create a unique showroom building. With the monetary support they’ve received and their previous successes, VinFast promises to be a company to watch in the near future as they complete plans to open a new plant in the US and install 35 showrooms and service centers this year in California, where they have received licensure to test their self-driving features on public streets.