Vietnam EV maker VinFast plans promotions in response to Tesla price cuts

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VinFast, which began operations in 2019, is preparing to expand into the United States, where it hopes to compete with existing automakers by offering two models, the VF8 and VF9, which have starting prices of $59,000 and $83,000, respectively.

Tesla is offering its base Model Y for $52,990 in the US market, down from $65,990.

“As a new brand entering the market, when other brands reduce their prices we have to come up with promotions to ensure VinFast’s competitiveness,” said a VinFast spokesperson in a statement.

“We are considering many promotional programs and will announce them soon.”

The statement did not specify whether the promotions included price reductions.

The Vietnamese EV maker began shipping its first batch of 999 EVs to the United States in late November and aims to deliver them to customers this month, the spokesperson said.

VinFast said it has secured nearly 65,000 orders globally and expects to sell 750,000 EVs annually by 2026.

The car manufacturer plans to build an EV plant in the US state of North Carolina and is awaiting final regulatory approval from local officials.

(Reporting by Phuong Nguyen; Editing by Ed Davies)

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