Tech news
Thursday, Mar 23, 2023

Vietnam’s EV maker delivers first 45 cars in US market

Vietnamese electric vehicle maker VinFast delivered its first 45 cars to customers in California on Wednesday, its first sales outside Vietnam.
The company, a subsidiary of conglomerate Vingroup JSC , had shipped 999 vehicles to California in November but faced more than two months of costly delays in preparing them for delivery.

Last week, the company slashed the lease price on the VF8 electric crossover by 50 percent.

VinFast faced anger and frustration from early reservation holders when it said the initial shipment of VF8 cars would have a lower battery range than the company had flagged in marketing.

It also dropped an option for consumers to rent the electric car’s battery, a plan it had advertised as a way to bring down the cost of ownership.

VinFast said on Wednesday the VF8 City Edition Eco, a rebranded version of the car to account for its lower range, would have an EPA estimated battery range of 207 miles (333 km).

The first cars were available for lease through US Bancorp , VinFast said. The National Highway Traffic Safety Administration (NHTSA) has not yet provided a safety rating.

VinFast has been certified for a subsidy of up to $7,500 per vehicle under President Joe Biden’s incentive program payable to the finance company, according to the US Internal Revenue Service (IRS) website.

It is looking to compete with established carmakers at a time when major automakers, led by Tesla, are driving prices down and bringing a range of new EVs to market.

Analysts say quarterly results from US electric vehicle startups Lucid, Rivian and electric semi truck maker Nikola all reflected pressure from lower orders, higher interest rates and increased competition.

At VinFast’s store in Marina Del Rey, California, James and Nicole Wang took possession of a VF8 they had reserved earlier this year.

“We’re early adopters, we like to try things out,” said James Wang, 36.

Andrew and Nikki Le, who ordered 11 VinFast cars, took delivery of the first of those at the store. They had toured the VinFast factory in Haiphong, Vietnam in May as part of a promotion by the company, they said.

VinFast said insurers including State Farm, Allstate and Progressive would provide policies for the new model.

Vehicle subscription service Autonomy has a deal to purchase 2,500 vehicles from VinFast, the companies said last year. Autonomy did not respond to a request for comment on when it would take delivery.

With its initial vehicle deliveries stalled, VinFast cut dozens of jobs in the United States and Canada and merged those operations earlier this year.

The company is waiting for final regulatory approval to begin construction of a $4-billion plant in North Carolina.

Related Articles

Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Russian Hackers Preparing New Cyber Assault Against Ukraine
A brief banking situation report
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Being a Tiktoker might be expensive…
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
The desk of King Carlos Alberto of Sardinia has many secret compartments
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
First generation unopened iPhone set to fetch more than $50,000 at auction.
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Tesla reported record profits and record revenues for 2022
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
After Failing To Pay Office Rent, Twitter May Sell User Names
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Solar + Powerwall ensures you never lose power, even if the grid goes down
This man paid for strangers' grocery and it moved them to tears
Meta introduces a new version of Mark Zuckerberg
Virtual Reality on billboards: BMW advertisement on Times Square
Apple CEO Tim Cook says coding should be taught as early as elementary school: 'It's the most important language you can learn'
Apple Executive Resigns After Viral TikTok Shows Him Making Crude Jokes
Huawei is not only better technology, but also protecting users better: Apple Warns Of Security Flaw For Iphones, Ipads And Macs
Mark Zuckerberg warns many teams will ‘shrink’ as Meta revenue drops
Elon Musk reportedly begged for forgiveness after his affair with Google co-founder Sergey Brin's wife
J.P. Morgan’s wealth management guru has some advice for recent college graduates on managing money and building wealth
Pentagon widens scope of UFO-hunting unit
Bezos' girlfriend Lauren Sanchez gives $1M to group focused on migrant kids at US-Mexico border
Hong Kong gets its first metaverse churches with avatars and virtual preachers
The ‘Dirty Quid Pro Quo’ Between Democrats and Big Tech
Elon Musk swore in March not to sell any Bitcoin, but Tesla cashed out 75% of its Bitcoin holdings amid the crypto winter just months later
Crypto winter continues at Gemini as another round of layoffs hits Winklevoss crypto exchange