Fortune Favors The Bold?
You can say a lot about VinFast, but its strong-headed approach to staying relevant in the U.S. can be admirable in some regard. Despite its “aggressiveness,” the Vietnamese automaker has been slipping in relevance and sales over the past few years. Most automakers at this point would pause and/or probably hightail it out of the market and save whatever dignity it has left, but VinFast is made of solid stuff.
It seems VinFast views its latest struggles as just another speed bump and remains committed to making its U.S. dreams come true. The brand has recently announced a multi-pathway plan to get itself back on its feet.
VinFast
VinFast’s American Dream
Automotive News reported that VinFast’s North American CEO Brian Finnerty laid out the brand’s plans to reignite its staggering sales across the nation. Basically, VinFast just introduced a refreshed VF8 model and plans to launch a certified pre-owned program and open new dealerships as it reverses its shrinking dealer footprint. Finnerty was quoted as saying the plans are more than an expansion of their network; they’re also a long-term commitment by VinFast to the U.S. market. In fact, Finnerty says the brand is beginning its next chapter of growth in the U.S.
These plans come after the stark reality the brand is facing: dealerships are closing in certain states. Beyond reopening dealerships, the brand just introduced the 2027 VF8, which features new technology like rear automatic emergency braking and lane change assist. To boost sales, VinFast is even offering 0% financing for up to 84 months on the new VF8.
The Hard Truth
VinFast isn’t the top-of-mind EV brand in the U.S. as it stands, and the EV industry is currently up and down, with sales dropping or stagnating. Even industry leader Tesla is experiencing its own sales slide, but is currently the only EV brand that seems resilient enough to ride the rough waves of the current climate.
VinFast’s U.S. sales have nosedived in the past year; according to the report, new vehicle registrations fell 63%, totaling just 389 from January to July this year. This slide comes as fuel prices have pushed buyers toward electrified mobility options. VinFast is also facing legal issues in North Carolina, where the state alleges that the automaker missed crucial construction deadlines on its proposed manufacturing plant.
Ronan Glon
