Vietnam's answer to Tesla has U.S. in sights2021|01:45
Hoping to woo consumers away from market leaders like Tesla, there's another EV hopeful with its sights on the U.S. market. VinFast is the automobile arm of Vietnam's largest conglomerate, Vingroup. And it's betting big on the U.S. market with electric SUVs and a battery leasing model. Despite being a recent arrival on the auto scene in Vietnam, VinFast is not short on ambition. It's also eyeing a U.S. listing and a valuation of as much as $60 billion. It will launch in North America and Europe in 2022. Joining a crowded field of players seeking to take on Elon Musk's Tesla. Vinfast CEO Nguyen Thi Van Anh: "In North America, they prefer the big cars and the spaces. That's why we come with the SUV. Spacious SUVs, with luxury interior, with great and advanced technology." VinFast cars will come with a battery leasing scheme that means the cost of the battery, one of the most expensive components of an electric car, will not be included in the final price. According to a presentation prepared by the company for potential investors, VinFast cars will be cheap compared to other EV models. There is precedent for Asian carmakers cracking the U.S. market. Toyota in the 1970s and Hyundai in the 1980s overcame initial scepticism with products that eventually stole market share from U.S. manufacturers. Vinfast's manufacturing facility in Vietnam has the capacity to churn out 250,000 cars a year. It plans on conducting most of its U.S. sales online, removing the need for a costly dealership network.