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Vietnam’s EV maker VinFast set to break ground on delayed U.S. factory

BusinessVietnam's EV maker VinFast set to break ground on delayed U.S. factory

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VinFast is set to break ground on its delayed U.S. factory on Friday.

Steve Russell | Toronto Star | Getty Images

Vietnamese EV maker discusses how it plans to compete on price and quality in the U.S. market

Le acknowledged that there’s increasing competition in the U.S. market.

“We think that there’s still a lot of room for new players. I think the U.S. consumers are open to new players, as long as we have good quality products,” said Le.

VinFast entering the U.S. EV market means it will have to go up against Tesla and BYD, as well as traditional automakers increasingly focusing on hybrids and EVs.

But crucially, the electric vehicles produced at VinFast’s new facility could qualify for up to $7,500 in U.S. tax credits. VinFast vehicles do not currently qualify because they are not built in the country, but are built in Vietnam.

The company is also pricing its VF 9 model at a considerable discount to the comparable Tesla Model X. Prices for VinFast’s VF 9 are expected to begin around $85,000 for the Eco model, according to Motor Trend. A Tesla Model X costs about $100,000.

“Our strategy from the beginning has always been providing premium quality products at affordable pricing, coupled with excellent customer service. So we stay true to that strategy,” said Le.

“We are the only one in the market that have a lineup of vehicles from very small city vehicles like $12,000 vehicles to full-size three-row SUVs like the VF 9 that will go to market in the U.S. later this year.”

VinFast’s U.S. expansion has faced hurdles, including delayed deliveries to its first customers due to a software issue in May. The company also reduced its U.S. headcount in February.

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“We [recalled] the vehicles because the screens could potentially go blank for a second. So we updated our software over the air to to fix the issues out of precaution. We announced that we [recalled] the vehicles but that was just a software update,” Le said.

In May, the firm announced that it plans to list in the U.S. via a merger with special purpose acquisition company Black Spade Acquisition Co.

— CNBC’s Penny Chen contributed to this report.

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