This Vietnamese EV Maker Is Investing Billions in the US Market and Could Compete Tesla

Vietnamese electric vehicle company Vinfast has big plans.

recently time journal Regarding the company and its ambitions, CEO Le Thuy said that Winfast aims to “become one of the top global EV manufacturers in five to 10 years.”

As per the profile, the company plans to take in the global EV market in a few ways. Its factory near Haiphong, Vietnam (which had been in operation for just 21 months) will start producing fully electric vehicles this month.

The company plans to build a factory in North Carolina that will produce cars by July 2024 and is looking for a site in Europe, the profile added.

Winfast this week bought 1,765 acres in Chatham County, North Carolina, for about $44 million, According to WRAL Techwire, a local tech-focused publication. It also opened six dealerships in California this month, with plans to open 30 in total. According to CleanTechnica,

According to TIME, VinFast gets its major funding source (about $6.6 billion) from its parent company VinGroup, the largest conglomerate in Vietnam that produces everything from universities to hospitals to living campuses. .

Founder, Pham Nhat Vung started WinGroup after studying in Russia and selling his restaurant Instant-Noodle Behemoth Based in Ukraine to Nestle. Perth USAA Center Principal Fellow Huang Le Thu told TIME that Vuong “is one of those visionary entrepreneurs. Maybe you can compare him to Vietnamese Elon Musk.”

Because of Vuong’s background, WinGroup has close ties to Ukraine and Russia, the story goes. Wuong declined to be interviewed for the profile, but a “close confidant” told TIME that he was “heartbroken” about the attack.

TIME analyzed the larger geopolitical environment for WinGroup, from Vietnam’s relations with China and Russia to the company’s position as a standard bearer in its home country, as well as the company’s connections in the US.

Thuy told Time that President Biden tweeted positively about the company in March, which appeared to run nearly 10,000 US pre-orders.

“We keep joking that [he’s] We have the best seller ever, and we didn’t have to pay,” she told the outlet.

The EV maker has also secured funding from around the world. In early July, Winfast announced that it had raised $4 billion for a North Carolina factory, Bloomberg told,

Still, in EV land, competition between gas guzzlers and existing companies is fierce, and it’s not easy for new companies to get the hang of it, as the outlet notes. And, despite their economic strength, Chinese EV makers haven’t moved to the US, which is largely dominated by Tesla.

VinFast did not respond of entrepreneur Request for comment on whether it sees Tesla as its biggest rival.

Added to the profile is that the company hopes to woo US customers by leasing the battery, the most expensive part of the car, for a monthly rate, then swapping when the battery runs out.

He told Time that Michael Dunne, founder of the ZoZoGo EV market intelligence firm, had a positive view of a WinFast model he reviewed.

“But the US market is not for the weak,” he told the outlet.