VinFast: Vietnam’s Richest Man Challenges Elon Musk’s Tesla

VinFast: Vietnam's Richest Man Challenges Elon Musk's Tesla

Tesla has always been a worldwide talk because of its sleek, modern design and its high-tech driver interface. In addition to that, Tesla’s impressive all-digital, touch-sensitive display, and high performance have caught attention worldwide.  While its popularity is spreading like a wildfire, Vietnam’s richest man has challenged Tesla. Yes, VinFast, the automotive unit of billionaire Phat Nhat Vuong VinGroup is rolling out its latest electric vehicle models. They are aiming to roll their models across  North America and Europe by March next year, challenging Tesla globally.

More on VinFast

VinFast was founded by billionaire Pham Nhat Vuong. The company first began delivering gasoline autos to Vietnamese consumers with BMW-licensed engines in 2019. Likewise, VinFast sold about 30,000 vehicles last year. The company falls under the top 5 car companies in Vietnam. The company predicts sales of more than 45,000 units in 2021. It will begin delivery of EVs produced at its factory in the northern port city of Haiphong to domestic customers by December.

VinFast: Vietnam's Richest Man Challenges Elon Musk's Tesla

Chief Executive Officer Thai Thanh Hai said that the company plans to establish an automobile factory in the U.S. too. However, he declined to provide details around timing or possible factory locations. VinFast is also planning sales in Canada and Europe next year.

Thai Thanh Hai also said, “VinFast’s vision is to become a global smart electric car company and the U.S. market is one of the first international markets that we will focus on,”. “We initially will develop high-end models for the U.S.”

Future plans

Vinfast has already opened branches in the United States, Canada, France, Germany, and the Netherlands in preparation for the global launch of its new electric vehicles. The lineup will reveal in October, with two of its VF e35 and VF e36 smart electric car models going on sale globally in March 2022. The company aims to sell 56,000 electric vehicles by 2022. However, the target was cut off to 15,000 units due to the global chip shortage.

Even though the total investment in the U.S. has not been revealed. VinFast expects it to be profitable after five years of operation. With investment worth $2 billion, Pham Nhat Vuong wants VinFast to be Vietnam’s answer to Elon Musk’s Tesla. The group believes its electric cars and battery leasing model will give it a good hold in the US.

VinFast: Vietnam's Richest Man Challenges Elon Musk's Tesla

“With smart electric cars backed by VinFast’s proven research and production capabilities, we are confident that VinFast can be a competitive contender with leading brands in the U.S. today,” said Jeremy Snyder, chief growth officer for VinFast U.S. Jeremy Synder. Can VinFast woo people around the world and replace Tesla in the coming years?

Also Read: Was Elon Musk Destined to Colonize Mars Even Before He Was Born?