Vietnamese automaker VinFast has opened North American and European offices to make its foray into the electric vehicle (EV) industry.
Vinfast intends to roll out two electric car models in March 2022, the VF e35 and VF e36. The company added that representative offices have been opened in five international markets and it plans to launch showrooms in California soon.
The company has lowered its 2022 sales target of 56,000 units to 15,000 following the global chip shortage, according to Phat Nhat Vuong, chairperson, in a media report on Jul 12. VinFast sold 30,000 units in 2019 but failed to make a profit.
The Vietnamese automaker is also contemplating an initial public offering within the US or a partnership with a Special Purpose Acquisition Company to raise more capital.
Its USA chief executive officer stated to the media in April that the company will conduct a majority of its US sales online to eliminate the need for dealership networks and also invest in a battery leasing scheme to reduce costs.
VinFast, a unit of Vingroup JSC, is Vietnam’s first and only domestic automaker after introducing its gasoline-powered models in 2019.