- VinFast fights to maintain EV dominance in Vietnam with its affordable VF 3 model.
- Chinese EV makers challenge VinFast by slashing prices, fueling a price war.
- Vietnam’s passenger EV sales soar 140% in 2023, but Chinese brands pose stiff competition.
VinFast is fighting tooth and nail to keep its crown in Vietnam’s EV market. Its secret weapon? The wallet-friendly VF 3 is priced at just 235 million dong (US$9,200) sans battery.
Flexible battery subscriptions and 28,000 preorders in just 66 hours, VinFast is revving up to make the VF 3 Vietnam’s “national car.”
Ready, set, price war!
Chinese EV makers are crashing VinFast’s party, and they’re not afraid to play dirty. Wuling’s Hongguang Mini EV rolled into Vietnam with a price tag to match the VF 3, only to slash it by 19% later. Now, it’s a third cheaper than a VF 3 with a battery.
Vietnam’s passenger EV sales hit the gas in 2023, soaring 140% to 20,000 units. VinFast’s deliveries and a flood of affordable EVs from China and ASEAN fueled the growth.
Dovernment incentives and tempting prices, electric cars doubled their share of total car sales to 10%. Chinese brands like BYD are loving the tax breaks, too.
VinFast’s ASEAN dream vs. China’s EV empire
VinFast is taking its show on the road, starting with Thailand and Indonesia. VinFast wants to conquer 50 countries and deliver 100,000 EVs this year.
But can Vietnamese firms outrace Chinese brands in Southeast Asia’s EV market? With China’s huge domestic market and deep pockets invested in the EV supply chain, it’s going to be one tough battle.
To read the original article: https://www.techinasia.com/china-ev-makers-struggle-break-vinfasts-hold-vietnam
