Written by Cláudio Afonso | LinkedIn | X
Vietnamese carmaker VinFast said on Sunday it is cutting prices of its EVs by between 2% and 14% with immediate effect. The price reduction follows last month’s announcement that it aims to at least double its global deliveries this year.
The company is also phasing out its EV battery rental service from March, shifting to a direct purchase model. Customers currently using rented batteries can either continue under the existing policy or buy the batteries at a discounted price.
The automaker clarified that it will extend its free battery charging policy by an additional six months, now valid until the end of 2027.
“By separating the price of the battery from the acquisition value of the automobile, VinFast takes on all the risks related to the vehicle’s battery and ensures a reasonable price for its products, while providing customers with peace of mind about the battery’s quality during use,” the company said in a statement from 2022.
Shifting to a dealership business model, VinFast said last month it plans to develop a dealer network across major cities in Germany, France, and the Netherlands.
The company entered the Middle East in the fourth quarter of 2024 with its first retail location in Dubai, United Arab Emirates. It also launched operations in Indonesia, the Philippines, and India last year.
In 2024, sales surged 192% to 97,399 electric vehicles with over 200,000 units expected for 2025. VinFast delivered “over 10,000” EVs in Vietnam, including “over 4,000 VF 3s and 3,300 VF 5s,” according to the carmaker.
The company will report its fourth quarter earnings results on April 24.
