Vinfast, A Vietnamese Conglomerate-owned Car Factory To Sell Electric Pickups For The American Market

JAKARTA - An electric vehicle startup from Vietnam, Vinfast, has finally succeeded in entering the electric pickup truck market. This statement came from a top executive of this company in the US on Thursday, June 23.

Vinfast, a unit of the Vietnamese conglomerate Vingroup, is focused on launching its electric SUV sales in the US market later this year. However, the vehicle platform allows for expansion to other types of vehicles.

"We want to serve the needs of the market," Craig Westbrook, chief service officer for Vinfast USA, said at an Automotive Press Association event in Detroit, responding to a question about Vinfast selling electric pickups.

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"If we decide that's what the market needs and especially one that fits our brand, and I think it really could, yes. That's something we have to consider," he added.

Ford Motor Co, Rivian and General Motors Co are currently selling electric pickup trucks, and Tesla plans to start production of the Cybertruck pickup in mid-2023.

Vinfast started building EVs in Vietnam at the end of last year and is targeting a shift to electric production by 2023.

"The company's plans to start vehicle production at a plant in North Carolina remain on track by July 2024," Westbrook said. Vinfast plans to open a factory in the US with an annual capacity of 150,000 vehicles, building the VF8 and VF9 SUVs.

Vinfast currently has nearly 8,000 reservations for SUVs in the United States, and between 40,000 and 50,000 globally, including in Vietnam, Europe and Canada.

The VF8 and VF9 vehicles will have a starting price of $40,700 and $55,500, respectively.

"But that doesn't include the cost of renting an electric battery," Westbrook said. “The final price of the battery lease hasn't been set yet, but it will start in "under $100 a month."

According to Westbrook, starting in 2024, Vinfast will also offer the option to purchase batteries with the vehicle. The company expects consumers to be evenly split between renting and buying.