Vietnamese automaker Vinfast has plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere. So far, that gamble has yet to pay off. But its CEO told The Associated Press in a recent interview that Vinfast chose the U.S.
Vinfast CEO Le Thi Thu Thuy holds up a miniature model of a Vinfast car in Hanoi, Vietnam, on Sept. 29, 2023. Vietnamese automaker Vinfast has plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere. So far, that gamble has yet to pay off. Workers assemble a car at a Vinfast factory in Hai Phong, Vietnam, on Sept. 29, 2023.
In mid-August, Vinfast listed its shares on the Nasdaq, seeing them more than double in value to a peak of $82.35 that briefly put its market value above those of General Motors Corp. and Ford Motor Co. in late August. They are now trading at about $5.70. The automaker’s ambitions dovetail with communist-ruled Vietnam’s plan to make the auto industry a backbone of the economy: its tree-lined EV factory was built in less than two years by reclaiming 335 hectares of land from the sea. For now, it’s using only a fraction of its capacity to roll out 250,000 EVs a year.
The few automakers that have managed to break into the U.S. have done so by either selling cheaper cars initially, like Hyundai or Kia, or by building a reputation based on performance or design, said Sam Abuelsamid, a mobility analyst for Guidehouse Insights.
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