VinFast prepares more EV crossovers for U.S., Canada

Vietnamese automaker VinFast delivered the first batch of its stylish VF 9 crossover to domestic customers this week and is preparing to export the three-row EV to North America in the coming months.

Meanwhile, VinFast said it will send a second shipment of its two-row VF 8 crossover to the United States and Canada in April. The coming VF 8 Standard Edition will have more range than City Edition models delivered to U.S. customers starting in March, which were rated by the EPA at about 200 miles of range — that's about 320 kilometres — depending on the configuration.

VinFast has promised to quickly create an entire lineup of EVs for global markets after building gasoline-powered vehicles for its home market starting in 2017. Last year, VinFast stopped making combustion-engine models. The company made its first EV, the e34, for domestic buyers in 2021.

The VF 9 is the flagship vehicle for the EV newcomer, with a starting price of US$83,000 before shipping, according to VinFast's U.S. website. Canadian pricing stars at C$103,750.

VinFast sells directly online and has nine stores in California, where it has its North American headquarters.

The success of the VF 8 and VF 9 are important for the automaker as it plans to build a factory in North Carolina, with production starting in 2025. Currently, VinFast vehicles don't qualify for the up to US$7,500 U.S. federal tax credit, which requires North American assembly.

"VinFast celebrated the delivery of the first 27 VF 9 all-electric SUVs to its customers at [events] in Hanoi, Da Nang and Ho Chi Minh City, Vietnam," the automaker said Monday. VinFast expects to export the VF 9 to North America "in the coming months" and to open reservations for two smaller models, the VF 6 and VF 7.

The VF 9 comes in 6- and 7-seat configurations with luxury features available such as a panoramic glass roof, heated and ventilated front seats with a massage function, 15.6-inch infotainment screen and head-up display.

"I am confident that VinFast's high-quality electric vehicles will meet the needs of our customers, bringing a high level of satisfaction to customers around the world," said CEO Le Thi Thu Thuy in a press release.

The first shipment of 999 VF 8s to reach U.S. shores was a bit of a disappointment, industry analysts said, given the limited range of the City Edition and its elevated price for an unknown brand trying to crack the U.S. market.

For its second shipment, Vinfast will send 900 VF 8 standard-range vehicles to California and 900 to Canada, Thuy said in a statement to Bloomberg. The sticker is expected to start at US$49,000 in the U.S., not including shipping, and C$57,500 in Canada, she said.

The standard-edition VF 8 has an estimated range of 293 miles (470 kms) for the Eco trim and 278 miles (447 kms) for the Plus trim, based on the Worldwide Harmonized Light Vehicles Test Procedure used in Europe. In the U.S., EPA range estimates are generally lower for the same vehicle since test conditions are more demanding in the U.S.

VinFast, which filed for an initial public offering with the U.S. Securities and Exchange Commission in December, is considering the IPO as soon as the second quarter of this year, Bloomberg reported in January.

VinFast's latest pre-IPO filing showed the company lost US$2.1 billion in the 12 months ended Dec. 31, deepening its spending after losses of US$800 million in 2020 and US$1.4 billion in 2021.