Vietnamese automaker Vinfast has plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere
Vinfast CEO Le Thi Thu Thuy holds up a miniature model of a Vinfast car in Hanoi, Vietnam, on Sept. 29, 2023. . So far, that gamble has yet to pay off. Vietnamese automaker Vinfast plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere.
Vinfast is a part of Vingroup, a sprawling conglomerate that began as an instant noodle company in Ukraine in the 1990s. The company built its first car in 2019 in a seaside factory close to Haiphong, where engineers monitor screens as gleaming metal sheets are expertly snatched by robotic arms and pressed to make frames, doors and other parts that are welded, assembled and painted before the vehicles are tested.
The automaker's ambitions dovetail with communist-ruled Vietnam's plan to make the auto industry a backbone of the economy: its tree-lined EV factory was built in less than two years by reclaiming 335 hectares of land from the sea. For now, it's using only a fraction of its capacity to roll out 250,000 EVs a year., an American car research company. The question is whether Vuong has the “stomach to go possibly years and years” losing money before Vinfast eventually becomes profitable.
or Kia, or by building a reputation based on performance or design, said Sam Abuelsamid, a mobility analyst for Guidehouse Insights.
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Vietnam's Vinfast committed to selling EVs to US despite challenges, intense competitionVietnamese automaker Vinfast has plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere. So far, that gamble has yet to pay off. But its CEO told The Associated Press in a recent interview that Vinfast chose the U.S.
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