VinFast Announces Promo Program to Help Compete With Tesla

Chris Teague
by Chris Teague

vinfast announces promo program to help compete with tesla

VinFast, a Vietnamese electric-vehicle maker, made waves in America before any of its vehicles are even on sale. The company’s debut announcement outlined a novel battery leasing program that involved confusing pricing and terms, but it later backed away from that plan. It’s not done fiddling with numbers just yet, however, as the automaker announced a new promotions program to help it compete against EV market leader Tesla.

Oddly, the announcement did not mention any promos or discounts, only that the automaker is “considering many promotion programs.” In a statement, a VinFast rep said the company’s decision is a reaction to competitors’ (Tesla) price cuts.

“As a new brand entering the market, when other brands reduce their prices, we have to come up with promotions to ensure VinFast’s competitiveness,” they noted.

The first 999 VinFast EVs reached our shores in November last year, and deliveries are scheduled to start this month. Initial reviews of the VF8 SUV have been mixed, but there is general agreement that it’s too expensive to compete in the rapidly intensifying EV battle. Tesla had become famous for raising prices over the last few years but reversed course in late 2022, with price cuts as significant as 20 percent in some cases. 

That puts pressure on all automakers, but the increased scrutiny on brand-new automakers and the already spotty vehicle reviews put VinFast in the hot seat in a way that very few manufacturers have to endure. The company is building a factory in North Carolina, which could help its vehicles become eligible for federal EV tax credits, but production won’t kick off at the facility until 2024. 

[Image: VinFast]

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3 of 7 comments
  • RHD RHD on Jan 20, 2023

    I can't wait for the first genuine reviews of these things. Hyundai Excel redux? Vinfast brings to mind the clever Saturday Night Live moniker during the first three years: the Not Ready for Prime Time Players.

    • NormSV650 NormSV650 on Jan 22, 2023

      See Conner's review on Out of Spec on you tube. It was not pretty; actually ugly.

  • Living In A Living In A on Jan 22, 2023

    dead company walking

  • VoGhost What to name a car for people insecure about the size of their 'manhood'? Magnum. What do name a car for people insecure about their orientation? STR8. Nobody -- and I mean nobody -- knows their customer base like FCA/Stellantis.
  • VoGhost Finally! The minivan that Porsche owners have been clamoring for all these years?
  • 2ACL Random fact: despite cratering sales and discontinuation, the 200 is regularly featured in national top 10 lists for catalytic converter theft.
  • MaintenanceCosts The first-gen SRT8s look badass, there's just no two ways about it. A set of wheels from the same-year 300C SRT8 would make this into an impossibly good-looking car. But as a car rather than an object of sculpture, the second gen is so much better, even if it isn't a wagon.
  • 2ACL In addition to having two decades of wear and tear, several of these old Hondas & Acuras (namely the V6s) also have transmission design defects that would likely send them to the crusher if they manifested. I wonder how many of these recalls are still open because they're attached to cars in some state of inoperability.