The company's EVs will be sold with a unique battery leasing model.
VinFast has taken a distinctly unique route towards its ultimate goal of becoming a major player in the EV space. Emanating from Vietnam, the company initially revealed a luxurious sedan and SUV based on the BMW 5 Series and X5. Then, to start the year, the company took the covers off its first EVs that are destined to come to North America.
Those plans appear to be on track based on the latest from VinFast, currently the number 5 car brand in Vietnam. Uniquely, VinFast's EVs will be sold with an unorthodox battery leasing scheme. We've heard about this battery subscription service previously when the company revealed its smaller e34 crossover for other markets.
With the high cost of batteries for electric vehicles, VinFast's leasing model will separate the battery from the cost of the car. The leasing cost would amount to a motorist's average fuel bill per month. However, CEO Nguyen Thi Van Anh was not yet willing to disclose how much any of the company's models would go for. "I'm going to give you a better product," she said. "I'm giving you an SUV. I'm giving you a more spacious car."
Van Anh will be relocating from Hanoi, Vietnam's capital, to Los Angeles as the company prepares to make inroads in the US. According to Reuters, VinFast is aiming for a US listing and a valuation of up to $60 billion.
VinFast is hoping to sell 45,000 vehicles per annum in North America. Although competing with Tesla is a battle for even established automakers, VinFast's US Chief Growth Officer is none other than Jeremy Snyder who himself spent a decade at Tesla. One of the models likely to be sold in the US is the VF33 SUV which is around about the same size as the Kia Telluride. What's clear is that VinFast's models all boast plenty of technology and luxurious interiors; the CEO claims its SUV will be "more luxurious" than competitors' offerings. The company will launch in the USA and Europe in 2022. "It's very exciting to bring Vietnam and the United States closer through VinFast," said Snyder.