Vietnam’s VinFast is making a strong push to enter the electric vehicle (EV) market in the United States, as evidenced by the vehicles showcased at CES in Las Vegas this year. The company brought a midsize pickup truck, comparable in size to the popular Toyota Tacoma, as well as a small utility EV named the VF3, which was first unveiled last year.
Both of these vehicles have the potential to perform well in the US market. The midsize electric truck could find success in a segment dominated by full-size trucks, while the affordable VF3 crossover aims to attract budget-conscious consumers to the world of electric vehicles.
However, VinFast has faced significant challenges in its efforts to penetrate the US market. The VF8, its first global vehicle, has been labeled as “the worst reviewed car in America.” In light of these struggles, the company recently appointed its founder and chief financial backer, Pham Nhat Vuong, as the new CEO, replacing Le Thi Thu Thuy.
Founded in 2017, VinFast began manufacturing EVs in 2021 and has received substantial financial support from Vuong, Vietnam’s richest man. The company plans to establish factories in the US, India, and Indonesia, and has delivered approximately 21,200 cars in California as of the third quarter of last year.
At CES, VinFast unveiled new concepts indicative of its future direction. The VF Wild electric truck concept features distinctive styling and a versatile bed design, while the VF3, a compact two-door “mini-eSUV,” aims for urban appeal with a targeted range of 125 miles.
Despite its ambitious plans, VinFast faces significant challenges, including stock trading below its listing price and the need to address quality concerns stemming from poor reviews of the VF8. The company’s ability to solidify its position in the competitive EV market remains uncertain as it navigates these obstacles.