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Vietnamese electric vehicle maker VinFast plans promotions in response to Tesla’s price cuts

Vietnam‘s electric-vehicle (GO) maker VinFast said it will launch promotions to protect the competitiveness of its models in the market, a week later tesla announced aggressive discounts to stimulate demand.

VinFast, which started operations in 2019, is preparing to expand into the United States, where it hopes to compete with existing automakers by offering two models, the VF8 and VF9, which start at $59,000 and $83,000, respectively.

Tesla is offering its base Model Y for $52,990 in the US market, a reduction of $65,990.

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“As a new brand entering the market, when other brands lower their prices, we have to come up with promotions to ensure VinFast’s competitiveness,” a VinFast spokesperson said in a statement.

“We are considering many promotional programs and will announce them soon.”

The statement did not specify whether the promotions would include price cuts.

The Vietnamese EV maker began shipping its first batch of 999 EVs to the United States in late November and aims to deliver them to customers this month, the spokesperson said.

VinFast has said it has won nearly 65,000 orders worldwide and expects to sell 750,000 electric vehicles a year by 2026.

The automaker plans to build an electric vehicle plant in the US state of North Carolina and is awaiting final regulatory approval from local officials.

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