Asia Minute: Vietnamese electric vehicles are coming to America
The latest entry into the world of electric vehicles is coming from the Asia Pacific. An automaker in Vietnam is shifting its strategy — and betting that it will be popular in the U.S. market.
VinFast is the largest automaker in Vietnam — and it’s coming to America — first to raise money, and then to build cars — electric cars.
This week, the company filed an application with the Securities and Exchange Commission to list its shares in the United States.
There are few details on that initial public offering right now. The precise timing and size of the operation remain unclear.
But the company has said that it will break ground on a multi-billion-dollar factory in North Carolina later this year — with initial production planned for 2024.
VinFast has also said it will shift its engines to be entirely powered by batteries before the end of this year.
The company is part of Vietnam’s largest corporate conglomerate, Vingroup, and while the automaker was only founded about five years ago, it’s grown fast.
Last year, it reported sales of more than 30,000 vehicles, and it’s targeting global sales of 42,000 this year.
Part of its strategy is aggressive pricing.
That includes an all-electric SUV selling for about $41,000 in the United States — compared to about $63,000 for a similar model from Tesla.