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/monthAmerican rivals like Tesla have slashed prices to attract more customers and boost sales. Clarity 2023 production was lower than expected due to lower orders.
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But VinFast’s CEO remains positive about long-term demand for EVs.
“I think everyone agrees that the whole industry, or the whole world, is moving from internal combustion engines to EVs,” CEO Le Thi Thu Thuy said on CNBC’s “Squawk Box Asia” on Tuesday. Told.
“And if you take that perspective and look at the laws in every country 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.
She added that 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.
“We still have a lot to prove. It’s still a long way off,” Le said.
A software issue has delayed the delivery of VinFast’s first batch of cars to US buyers from December 2022 to March 2023. 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,” Le said. said Mr.
Le previously told CNBC that the company was in the final stages of obtaining a permit for its manufacturing plant in North Carolina, which is expected to begin production in 2024.
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 objectives, and as you know the market was challenging.