Vietnam’s nationwide carmaker VinFast hasn’t been off to an important begin within the US market. Its first automobile on sale in the USA, the VF8 crossover, noticed simply 128 new-vehicle registrations from January to Could, in line with Experian knowledge cited by Automotive Information.
The VinFast VF8 had one new registration in February, 16 in March, 66 in April and 45 in Could. VinFast was No. 22 among the many 25 manufacturers on Experian‘s record of latest EV registrations, adopted by Jaguar, GMC, and Mazda.
VinFast has lower costs and provided lease offers to maneuver two shiploads of VF8s which have arrived so removed from Vietnam. Nevertheless it seems it is having a tough time doing so.
In equity, the VinFast VF8 is presently bought in California alone, however VinFast has plans to promote the two-row VF8 in different states as nicely. That mentioned, the gross sales are abysmal contemplating that the Golden State is America’s largest EV market by far, accounting for roughly 40 p.c of all zero-emission automobile gross sales within the nation.
Why is it so onerous for VinFast to promote the VF8 EV within the US? For starters, the model is basically unknown within the nation, and the actual fact the VF8 is priced above comparable automobiles from Ford, Volkswagen and Hyundai solely provides insult to harm. Tesla’s Mannequin Y value cuts additionally did not assist VinFast’s case.
Then there’s the truth that the VinFast VF8 has obtained horrible evaluations from US media, with some shops saying it looks like a rushed product. “The VF8 feels and drives like a prototype automobile that is a yr away from launch. It wants work. Lots of work. I can’t consider it is a automobile you may exit and purchase proper now,” wrote InsideEVs‘ Steven Ewing in his evaluation titled “Yikes.”
Regardless of the botched launch of the VF8, the automaker has massive plans for the US, asserting a lineup of EVs that it intends to promote available in the market, together with the three-row VF9 crossover anticipated this yr with a focused beginning MSRP of $84,200. VinFast additionally plans to deliver over two smaller and extra reasonably priced crossovers, the VF6 and VF7, to the US in a while.
Earlier this yr, VinFast postponed plans to start constructing a $4 billion plant in North Carolina, pushing the beginning date to 2025 from 2024. The corporate posted a $598 million loss within the first quarter on a 49 p.c drop in income.