American car dealers love the VF3

Ms. Le Thi Thu Thuy – VinFast global CEO said that the VF 3 mini SUV will launch early next year in the US market, priced under 20,000 USD.

In August 2023, Vietnamese auto brand VinFast made its mark when it was officially listed on the US stock exchange Nasdaq with ambitious goals of producing affordable electric vehicles for American consumers. At the CES 2024 Consumer Electronics Show, VinFast introduced the Wild electric pickup truck and the all-new VF 3 mini SUV.

On this occasion, Yahoo Finance editor Akiko Fujita had a discussion with VinFast Chairman of the Board of Directors – Ms. Le Thi Thu Thuy about the strategy to penetrate the US market, in the context of the user adoption rate. Electric cars are declining and affordability is a major obstacle for car buyers in the United States.

“From the beginning, our mission has been to make electric vehicles accessible to everyone. You can see all car models appear on our list, from affordable electric cars under 20,000 USD to the spacious, luxurious VF 9 suitable for the whole family”, Ms. Thuy shared.

Below is the detail of the conversation:

Akiko Fujita: “In 2023, VinFast made a big splash with its listing event on the US Stock Exchange. However, let’s talk about the electric vehicle market in the US today. The electric vehicle industry is entering difficult times as sales begin to slow. Consumers are increasingly concerned about infrastructure, range and costs. Looking at the current market situation, what are the realistic expectations that VinFast has in the US in 2024?”

– Ms. Le Thi Thu Thuy: “I think the adoption rate of electric vehicles has decreased, but the acceptance is still there. Clearly, it cannot continue to stay high for long. But we still see an increase in electric vehicle sales.

However, after understanding the most accessible customers – those who already own many cars and can buy more electric cars, manufacturers now have to consider the problem of selling cars to general consumers. . That means that electric vehicles must meet two criteria: be both affordable and meet their daily needs.

That is why, from the beginning, we have said that our mission is to “make electric vehicles accessible to everyone”. You can see models in our range, anything from an affordable electric car under $20,000 to a luxurious VF 9, suitable for the whole family.

We realize that as customers become more and more demanding in making decisions about purchasing electric vehicles, presence in all segments of the market will help customers make choices easier.”

Akiko Fujita: The VF3 car just introduced at the exhibition will be in the low-cost segment of VinFast’s car range. Will it cost around $20,000?

– Ms. Le Thi Thu Thuy: That’s right, under 20,000 USD.

Akiko Fujita: Does VinFast intend to use this car to compete in the US market? Instead of cars worth 40,000 – 50,000 USD, is VinFast seeing a real opportunity in this popular segment?

– Ms. Le Thi Thu Thuy: This is an interesting twist. When we started researching the market, everything indicated that Americans like spacious, muscular cars. So the VF 8 and VF 9, especially the VF 9, were the first cars we brought to America. Even many Vietnamese people ordered VF 9.

In September last year, I went to the US to meet partners after deciding to switch to a distribution model through agents. And I brought this car, VF 3. Before that, it was very well received in Vietnam, as a test of user reaction.

And then I asked the dealers in the US: “Do you like this car? Do you think you can stylize it and sell it?” And they all replied: “Sure! It will be our best-selling car!” All the dealers liked VF 3. So when we returned we decided to develop VF 3 for the US market.

Akiko Fujita: When is the launch date of VF 3 for the US market?

– Ms. Le Thi Thu Thuy: Next year, early next year.

Source: Yahoo Finance