EV Company VinFast Hopes to Top Tesla

A Vietnamese company called VinFast is shooting for the stars and setting up shop in the United States, with plans to create more EVs and more jobs. 
Written by Lauren Smith
Reviewed by Serena Aburahma
Oct 25, 2022
No matter where you look, the
EV
race is on. Some companies are trying to make the fastest EV luxury vehicles; others are trying to make the most affordable.
VinFast
is the EV division of Vingroup, a Vietnamese company that does everything, and has chosen affordable.

What is VinFast and Vingroup?

Vingroup is the parent company of VinFast. Based in Vietnam under the leadership of Vietnam’s richest man, Founder, and Chairman, Pham Nhat Vuong, Vingroup breaks up its divisions into Technology and industry, trade and service, and social enterprise. 
VinFast is a part of the company's Technology and Industry division along with a whole bunch of software development and artificial intelligence companies. The trade and service division focuses on real estate, five-star resorts, and shopping malls. 
The final division, social enterprise, focuses on not-for-profits and foundations. Schools for k-12, university, and health care are all included in this division. Combined, these three divisions really cover a little bit of everything. 
VinFast, according to the
Vingroup
, focuses on EVs and motorbikes and works to create affordable modes of transportation while ensuring a green future for Vietnam and globally. 
In Vietnam, specifically north of Hanoi, is Haiphong. This is where VinFast’s massive factory is located. This factory is 9 million square feet and for tours given to influencers and journalists, golf carts are required to get around, according to
Bloomberg
.
At the moment, VinFast has made about 35,000 units and has a goal of making and selling 1 million EVs within six years.
The company started making cars in 2017, and while it seems like a long way to go, the factory in Haiphong can reach 250,000 annually once things get moving.
According to the tour given to Bloomberg’s journalists, they make their own chips and are starting to make their own EV batteries in house too. The question, though, that seemed to resonate was how. 
Not in terms of equipment or materials but possibly in manpower, as the journalists noted the factory seemed to be a ghost town during their visit, and the nearby Vingroup university and real estate also seemed to be lacking people and action. 
The reason for this could be several things, but hopefully, it won’t affect their plans or future expansion overseas.
VinFast plans to expand the USA
soon, by 2024.
North Carolina, specifically according to a
Statement from the White House.
The factory in North Carolina will cost four billion dollars but will create 7,000 jobs building electric vehicles and batteries and hopefully cut EV costs for USA customers since they’ll be made stateside.

VinFast’s VF8 and future VF9

The next big thing coming from VinFast that journalists from Bloomberg got to test drive is the VF8. The vehicle is a quiet SUV available in a wider array of colors like:
  • Braminy white
  • Desat silver
  • Neptune gray
  • Jet black
  • Crimson red
  • Sunset orange
  • Deep ocean (green)
  • Vinfast blue
The vehicles, according to
VinFast
, come in either Eco or Plus, with Eco being the cheaper of the two trims. The Eco comes with 19-inch alloy rims, offers 348 horsepower that can go from zero to 60 in 5.8 seconds with a leatherette interior, and a manual rear liftgate.
The Plus offers a panoramic sunroof and either 20-inch or 21-inch (optional) alloy wheels, auto-dimming mirrors, a leather interior, a foot kick sensor rear liftgate, and 402 horsepower that gets the vehicle from zero to 60 in 5.3 seconds. 
Both trims are dual-motor all-wheel drive that can hold five adults. They both have a 15.6-inch infotainment console and a warranty of 10 years or 125,000 miles. 
To lower prices, however, there are some more options. The cheapest VF8 is 42,000 but includes a monthly battery subscription fee of $169 a month. There are two options for each of the Eco or Plus vehicles. 
The Eco standard offers 260 miles, while the enhanced, which won’t be available until 2023, will offer 292 miles. For the VF8 Plus, the standard is 248 miles and in 2023, the enhanced will offer 277 miles. 
As part of the battery subscription, VinFast will be responsible for battery repairs, maintenance, and replacement after batteries drop below 70% efficiency. If drivers want to skip the monthly subscription and have the full battery, the VF8 starts at $57,000. 
The cheapest Tesla is about $46,990, so there is a chance VinFast, with its affordable $42,000 VF8 with its subscription battery, might make EVs more affordable. 
While VinFast has the space and equipment for the rapid expected expansion, it just needs to get the ball rolling and the people to move it, which might happen more intensely once that factory in North Carolina is built. 
Which could be a very exciting competition for Tesla and a fun EV race to watch. 

Affordable car insurance for your EV 

While VinFast is working to meet its goals to make EVs an affordable future for anyone,
Jerry
is taking the confusion out of car insurance. 
Jerry is an App, the number one rated car insurance App in the App store, and works with 55+ top insurance providers to ensure you’re getting the best deal.
In less than a minute, Jerry will compare quotes and give you the best ones to pick from and then will help you switch over. 
On average, Jerry saves its users $800+ a year, which could help a lot if you decide to save up for a VF8 and want to do a battery subscription. 
Plus, Jerry has a team of licensed agents only a text away to answer any of your questions, like what sort of discounts you could get for driving an EV or being an awesome safe driver. 
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