VinFast, a Vietnamese electric vehicle (EV) manufacturer and a subsidiary of Vingroup JSC, delivered its first 45 cars to customers in California, marking its first sales outside Vietnam.
VinFast has recently revealed that the VF8 City Edition Eco, as per Reuters, a rebranded version of the car with a lesser range, will have an estimated battery range of 207 miles (333 km) according to the EPA.
The lease for the Eco model costs $399 per month with a $5,174 down payment, while the lease for the Plus costs $513 per month with a $5,413 down payment. In the future, the company may potentially provide battery leasing options.
VinFast offers its first vehicles for leasing through US Bank, but the NHTSA has not yet assigned a safety grade to them. VinFast has been certified for a subsidy of up to $7,500 per vehicle under President Joe Biden’s incentive program, according to the IRS website, and the subsidy is remitted to the finance firm.
VinFast aims to compete with established car manufacturers at a time when major automakers, led by Tesla, are driving down prices and bringing a variety of new EVs to market. According to analysts, quarterly results from US EV startups Lucid, Rivian, and Nikola all reflected pressure from reduced orders, higher loan rates, and more competition.
VinFast is currently awaiting final regulatory approval before starting to build a $4 billion factory in North Carolina.
Featured Image Source: REUTERS/Lisa Baertlein