Vietnamese automaker, VinFast, has launched its most affordable electric vehicle yet, the VF 5 Plus electric SUV, priced at approximately $23,000. The company announced that within nine hours of opening orders, it had received over 3,000 reservations for the new EV model. VinFast gained recognition for being the first automaker in Vietnam to produce and deliver a fully electric vehicle. The company then pledged to cease gas-powered vehicle production and transition to a fully electric lineup. At the 2021 LA Auto Show, VinFast unveiled its first two EVs, the VF 8 and VF 9, with plans to expand its brand globally.
In November, VinFast achieved another milestone by shipping the first batch of VF 8 electric SUVs to the US, becoming the first Vietnamese automaker to sell cars in the US. Despite entering a competitive US EV market dominated by Tesla, VinFast has successfully attracted customers. However, concerns over a pricing war prompted the company to reduce the prices of VF 8 models and offer tax credits of up to $7,500 to new and previous customers in California. To further appeal to customers, VinFast recently introduced the VF 5 Plus, its most economical electric model yet. Reports indicate that the new electric SUV is already gaining popularity among potential buyers.
Affordable vehicle
The VF 5 Plus is VinFast’s most affordable electric vehicle, with a starting price of roughly VND 458 million ($19,500), excluding battery costs. However, VinFast offers a monthly battery subscription costing around VND 1.6 million ($68), bringing the total price to approximately VND 538 million ($22,900). Within nine hours of opening orders, VinFast reportedly received over 3,000 reservations for the low-cost VF 5 Plus, with 80% of reservations being converted into pre-orders. The VF 5 Plus is an A-SUV (compact) with a maximum power output of 100 kW (134 hp) and 135 Nm (100 lb-ft) of torque.
The VF 5 Plus is equipped with a 37.23 kWh lithium-ion battery pack that can provide a driving range of over 300 km (186 miles) on a full charge, according to VinGroup. VinFast CEO Madam Le Thi Thu Thuy says, “The launch of the VF 5 Plus will provide customers with additional choices that suit the needs of the majority, thereby encouraging consumers to switch to electric vehicles and contributing to a sustainable future for all.” As affordable electric vehicles, such as the Hongguang Mini EV priced at $4,500 and others from Chinese automakers like BYD, continue to enter the Vietnamese domestic market, it remains to be seen if VinFast will introduce the VF 5 electric SUV to the United States. We will keep you informed if any news arises on this matter.
Canada deliveries
VinFast CEO Le Thi Thu Thuy told Bloomberg the company expects to start delivering the standard version of the VF 8 to US customers in May and Canadians in early June. “We are working toward launching the standard VF 8 and will make sure to have all the required certificates at the time of delivery to customers,” Thuy said.
Last month it was known that VinFast’s expansion outside of Vietnam has been sluggish, with only 45 VF8 SUVs delivered to customers in California earlier this month. The company initially intended to begin deliveries by the end of 2022. VinFast’s VF 8 SUV, which is priced at $57,500 in Canada, boasts an impressive driving range of 293 miles (471km). The automaker is eager to establish a presence in highly competitive overseas markets and has offered its City Edition electric cars, capable of driving up to 207 miles (333km), for lease starting at $399 USD per month for 24 months. In recent news, it is also known that StoreDot, the company behind ultrafast Tesla-like 4680 cells, revealed a new partnership with VinES Energy Solutions to create extremely fast charging (XFC) battery cells for VinFast EVs. The first generation of these XFC battery cells will be installed in VinFast vehicles as soon as they become commercially available in 2025.
