VinFast still optimistic despite challenging entry to U.S. auto market

Amid stiff competition and softening demand, it has been difficult for Vietnamese electric car maker VinFast to enter the US market.

Vinfast Lower monthly lease price for first US buyers Down from $399 $599/monthAmerica’s rivals are Tesla price cut Attract more customers and increase sales while Clarity 2023 production was lower than expected due to lower orders.

But VinFast’s CEO remains positive about long-term demand for EVs.

“I think we all agree that the entire industry, or the whole world, is moving from internal combustion engines to electric vehicles,” CEO Le Thi Thu Thuy said on CNBC.squawk box asia” on tuesday.

“And if you take that perspective and look at the laws in all the countries and imagine how many more electric cars will need to be on the road in the next few years, the next decade, there’s a lot of room. number of players in the market,” Le said.

VinFast is entering the market “with a clear approach”, including offering the highest quality and accessibility for the mass market without cutting corners on cybersecurity or functional safety, she added.

“We still have a lot to prove. It’s still a long way off,” Le said.

software problem delivery delay From December 2022 to March 2023, VinFast’s first batch of cars will be available to US buyers. However, on March 1st, Only 45 SUVs out of 999 EVs what should have been delivered.

VinFast vehicles are also currently excluded. $7,500 tax credit in the US It’s made in Vietnam, not in the US, so it affects sales in the US.

“Long-term, of course, we are also focusing on our North Carolina plant, and in the future, we are making sure our vehicles qualify for tax benefits under the IRA,” said Le. said Mr.

Le previously told CNBC that the company Final stage of obtaining permits Production is scheduled to begin in 2024 at a manufacturing facility in North Carolina.

The company filed for an IPO in December, but the roadshow has yet to begin.

“For us, it was not about raising capital, it was about making the company more international and other corporate purposes, and as you know the market was challenging.