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Vietnamese EV maker Vinfast reports $550 million Q3 loss

2024年07月03日

VinFast’s headquarters are in Haiphong, Vietnam, where its factory is. VinFast’s U.S. headquarters are in Los Angeles, California. VinFast has already succeeded in making the first two of those hurdles a reality, and that third and hardest task appears quite doable from what we’ve seen so far into this automaker’s brief but impressive existence.

Cash due at signing includes $199 first month’s payment, $695 acquisition fee, $0 down payment and $0 security deposit. Through November 30, 2024, lease offer is available on the new 2024 VinFast VF 8 Eco model leased through VinFast Auto, LLC (offer subject to change based upon availability). The purchase option at the lease end, excluding tax, title, and government fees, is $21,712, plus a purchase option fee of $350. While my very brief drive of VinFast’s electric future took place in a preproduction prototype, you won’t have to wait long to have your chance to buy a VF 8 — plans call for initial examples to land in US driveways by year’s end. In fact, the young automaker even expects to deliver the first units of its larger sibling, the handsome , before 2023. These are hugely ambitious goals, but the company Cfd stock already has an established track record for accomplishing the nearly impossible, thanks in part to an executive team made up of industry veterans.

VinFast promises a full range of connected services, including e-commerce functions and gaming. VinFast says it already has 60,000 reservations globally for its VF 8 and VF 9 electric SUVs. VinFast is a household name in Vietnam, where its cars have become bestsellers and have access to an extensive charging network across more than 60 cities and provinces. VinFast was founded in 2017 as a subsidiary of Vingroup, one of Vietnam’s largest conglomerates.

Vietnamese EV maker Vinfast reports $550 million Q3 loss

• The company said it delivered almost 22,000 vehicles in the quarter, an on-year increase of 115 percent.
• VinFast built a highly automated plant and churned out 3 different models in only 21 months.
• The company’s leadership is optimistic about future growth, driven by strategic investments and an ongoing focus on enhancing operating efficiencies and production capacities.
• My drive is limited to quick acceleration blasts up and down a road between factory buildings, with a U-turn on one end and a keyhole loop return on the other.

Importantly, VinFast is stacked with veteran industry talent from top to bottom — people who know how to design and build cars in volume. At 187 inches long, 74.8 inches wide and 65.4 inches tall, the VF 8 is the same length as a Tesla Model Y and only around an inch separates their width and height. Interestingly, chief engineer Huy Chieu tells me that in developing the VF 8’s driving performance, the company recently benchmarked Hyundai’s excellent Ioniq 5 EV, a great bogey. The carmaker broke ground on its first American factory in North Carolina last month with plans to begin production at the $4 billion facility in 2025—as of June, only 137 electric vehicles by VinFast were registered on U.S. roads. If VinFast simply wanted to bring traditional gas-powered vehicles to the U.S., it would be an extremely difficult task. There is already so much competition, especially in the bread-and-butter segments of midsize SUVs.

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The VF e34 delivers a sophisticated, smart technology experience to the sea of sameness all-electric crossovers through intuitive technologies to enhance your drive. Founded in 2007, Gear Patrol is the eaglefx broker overview definitive buying guide for enthusiasts. Our independent experts test the best in cars, tech, home, outdoors, style and watches. We combine hands-on testing, decades of experience and original photography to craft reports, reviews and guides. VinFast is also taking reservations on the VF9, a flagship, three-row, 7-seater crossover that delivers up to 330 miles of range with a starting price of $83,000.

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The enhanced-range Battery Version 2 Eco is slated limefx to deliver 292 miles for $41, just $300 more. The more luxurious (and consequently heavier) VF 8 Plus is expected to achieve 248 miles of range in Battery Version 1 guise ($47,700) and 277 miles in its $48,000 Battery Version 2 spec. US mileage estimates on the EPA’s more-stringent test cycle figure to be somewhat lower.

According to an SEC filing, his Vingroup controls 1.2 billion shares in VinFast, more than 50 percent of outstanding shares. Two of his private investment companies, Vietnamese Investment Group and Asian Star, own an additional 1.1 billion shares. Combined, the entities own about 99.7 percent of the company. Thanks to a wildly fluctuating stock price, you may have seen the name VinFast in the news lately. In case you wondered just what it is — and whether Dom Toretto is involved — here’s everything you need to know. For now, VinFast is a small part of a much larger company.

For one thing, this company has the financials to see things through. More to the point, Vingroup also appears to have a slew of helpful related technologies in its portfolio, including divisions focused on AI, cybersecurity and cloud computing. The organization even built a new university from scratch to cultivate homegrown talent. All of this illustrates that not only does this company have the resources to become a global automotive player, it develops businesses at a breakneck clip. At 28 years young, Vingroup is barely out of corporate adolescence.

On a DC fast charger, Version 1 models can go from 10% to 70% full in 24 minutes, while vehicles with the larger packs take 31 minutes. VinFast built a highly automated plant and churned out 3 different models in only 21 months. My drive is limited to quick acceleration blasts up and down a road between factory buildings, with a U-turn on one end and a keyhole loop return on the other.

Additional miles cost $0.11 per mile in the VF 8 and $0.15 in the VF 9. It’s rarer still when an all-new automaker arrives, builds a factory, and then begins building cars that people actually like and buy. When that new automaker is able to survive amid established, well-known competition.

An early VF8 city edition achieved around 200 miles of range with less sophisticated battery tech. Sign up here to find out more about the exceptional features crafted into every VinFast, and our mission to drive the world to switch to electric vehicles. We had a chance to tour VinFast’s factories, and they are indeed state of the art. They are also nearly brand new, built from scratch in less than two years’ time.