VINFAST RECEIVED 70 DEALER APPLICATIONS ACROSS U.S., WITH PLANS TO EXPAND TO 125 LOCATIONS NATIONWIDE

Rhea-AI Summary

VinFast Auto Ltd. (NASDAQ: VFS) announces aggressive U.S. expansion plans, targeting 125 points of sales nationwide by the end of 2023, with a focus on distributing electric vehicle models VF 8, VF 9, VF 6, and VF 7. The company also offers aftersales policies including a 10-year/125,000-mile warranty for vehicles and 10-year unlimited mileage for the battery. VinFast will conduct Pop-up Mobile Test drives across Austin, Texas, and other cities, aiming to make EVs accessible to everyone.

Positive

• VinFast's aggressive expansion plans and commitment to making electric vehicles accessible to more consumers are positive indicators of the company's growth potential in the U.S. market. The 10-year warranty for vehicles and batteries enhances customer confidence and satisfaction, potentially driving higher sales and brand loyalty.

Negative

• None.

AUSTIN, Texas, Nov. 10, 2023 /PRNewswire/ -- VinFast Auto Ltd. (the "Company" or "VinFast") (NASDAQ: VFS) today at Electrify Expo 2023, announced its aggressive plans for expansion across the U.S. with more than 70 dealer applications in hand. Updates on dealer agreements are expected to be announced in the coming months, which should allow VinFast to start distributing its EVs through 125 points of sales nationwide.

This is a step forward affirming VinFast's commitment to expanding its business network and quickly making electric vehicles accessible to more consumers. The Company is planning to distribute its electric vehicle models at hundreds of points of sales by the end of 2024, including its existing showrooms. In 2023, VinFast expects to distribute VF 8 models through its distribution network, and will continue its offerings with the VF 9, VF 6 and VF 7 when these models launch in the market.

All VinFast customers who purchase or lease VinFast electric vehicles are eligible for VinFast's aftersales policies including a 10-year/125,000-mile warranty for the vehicle and 10-year unlimited mileage for the battery under non-commercial use.

Additionally, VinFast's Parts Distribution Centers are available to fulfill orders from all regional markets including the U.S. and are ready to timely support dealers' requests. VinFast's dealers will be able to simply submit a request and then collect fulfillment periodically (monthly or quarterly) or, in urgent cases, by air. This will support the high standard of repair and maintenance services offered to VinFast customers, regardless of distribution method.

From now until year end, VinFast will conduct Pop-up Mobile Test drives across Austin, Texas, and other targeted cities and states, providing local customers with easier access to hands-on trials with VinFast EVs. Details will be shared later via VinFast's official channels.

Steve Tran, CEO of VinFast North America shared: "Our mission is to make EVs accessible to everyone. That is why VinFast always strives to expand its business network, and to provide consumers with premium quality electric vehicles, attainable prices, and outstanding aftersales services. Cooperating with dealers will help us shorten the time to bring products to market and to quickly meet the needs of U.S. customers."

As unveiled last quarter, VinFast intends to establish broad distribution channels, leveraging local networks and the expertise of third-party dealerships and distribution to increase coverage in its expanding list of target markets. The Company aims for its presence in up to 50 global markets and countries by the end of 2024.

About VinFast

VinFast – a subsidiary of Vingroup JSC – is Vietnam's leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures a portfolio of electric SUVs, e-scooters and e-buses in Vietnam and exports to the United States, Canada, and soon, Europe. Learn more at www.vinfastauto.us. 

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SOURCE VinFast

FAQ

What are VinFast's expansion plans in the U.S.?

VinFast aims to expand its business network across the U.S. with more than 70 dealer applications in hand and plans to distribute its electric vehicle models at 125 points of sales nationwide by the end of 2023.

What aftersales policies does VinFast offer for its electric vehicles?

VinFast offers a 10-year/125,000-mile warranty for the vehicle and 10-year unlimited mileage for the battery under non-commercial use.

How is VinFast making EVs accessible to consumers?

VinFast will conduct Pop-up Mobile Test drives across Austin, Texas, and other cities, providing local customers with easier access to hands-on trials with VinFast EVs.