The automotive division of Vietnam’s largest business group, Vingroup, wants to enter the US market.
The group hopes its VinFast vehicles will be enough to distract car buyers from market leaders like Tesla and General Motors.
VinFast has recently entered the automotive markets. It is considered the fifth largest car manufacturer in Vietnam.
VinFast Chef – Nguyen Thi Van Anh. She recently told Reuters that the company plans to launch in North America and Europe in 2022. VinFast will join a large number of manufacturers looking to compete with Tesla.
VinFast is backed by Vingroup, Vietnam’s largest conglomerate or diversified business group. VinGroup has interests in real estate, schools, hospitals, smartphones and other goods.
Even with such strong support, VinFast is facing a tough competition. Companies such as General Motors, Toyota and Volkswagen have spent tens of billions of dollars developing electric and self-driving cars.
The company was founded in 2017 by a team led by former General Motors officials. VinFast strives to compete on vehicle size and price. It will offer an electric SUV or SUV, which Van Anh described as “more luxurious“than those currently available.
VinFast vehicles will also come with battery leasing program. Buyers will pay a monthly amount close to what the average car buyer can spend on gasoline.
This means that the cost of the battery, one of the most expensive parts of an electric vehicle, will not be included in the selling price.
The battery uses cells from the South Korean company Samsung SDI. When it’s 70 percent full lifespan“VinFast will replace him,” Wang Anh said. VinFast hopes these ideas will win over the Americans. clients…
Many Asian automakers have successfully entered the US market. Toyota in the 1970s and Hyundai in the 1980s overcame product concerns in order to gain market share from US manufacturers.
VinFast, which has yet to make a profit, faces stiff competition.
Bill Russo is the head of Automobility Ltd and a former employee of Chrysler. Russo said the biggest hurdle for VinFast is convincing “consumers that they have a reliable product” and that VinFast cars are good value for money.
Russo added: “It looks like the product itself has the right look and feel and Features of the, but this will only get you into the game. It takes an edge over the competition in technology or business model to win. “
Michael Dunn is the head of the automotive consulting company ZoZo Go.
Dunn said that no EV maker will be able to compete with Tesla in the near future.
But Dunn added, “… the good news is that companies like VinFast don’t have to beat Tesla to win.” He said the company only needs to convince some car buyers who have bought gasoline-powered vehicles to switch to electric vehicles.
VinFast hired Jeremy Snyder to help them grow. He worked at Tesla for ten years.
Snyder told Reuters that he was the first VinFast employee in the United States. The company employs approximately 100 full-time and temporary employees in the United States.
“It’s very interesting to bring Vietnam and the United States closer together with VinFast,” he said.
I’m John Russell.
James Pearson and Phuong Nguyen reported the story to Reuters. John Russell adapted it to learn English. The editor was Mario Ritter Jr. _____________________________________________________________
Words in this story
luxurious – adj. very convenient and expensive: very attractive
battery – P. a device that is placed inside a machine (such as a watch, toy, or machine) to supply electricity to it.
lifespan – P. the amount of time that a living creature lives; the expected amount of time the machine will run
client – P. person who buys goods and services
feature – P. interesting or important part, quality or ability