As VinFast begins setting up showrooms in Canada, the Vietnam-based auto startup says it’s confident that its unique battery leasing program will resonate with consumers when it launches the VF8 and VF9 electric crossovers this year.
“VinFast did collect both qualitative and quantitative market feedback regarding battery subscription,” said VinFast Canada CEO Huynh Du An. “Key findings included that a lower price of entry was intriguing to consumers, and they appreciated support plans the subscription provides.”
While the leasing strategy has benefits, it does carry risks, said Michael Vousden, an automotive analyst at GlobalData, a London-based data analytics company.
“Obviously, these EVs have big batteries and are expensive to make,” Vousden said. “They are expensive cars, so if you can bring that purchase price down … by having this lease deal, then maybe it makes sense.”