VinFast Gains 12 New Dealers in the USA as Part of Its Further Expansion

VinFast hasn’t sold more than 1,000 vehicles in the U.S. yet, but it just announced a significant expansion of its retail presence in the country.

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In its most recent financial report, the Vietnamese company announced that it is adding 12 franchised dealerships in the United States, bringing the total number of locations to 18 in seven states. Five new locations will open in Florida, four will open in Texas, and the first VinFast locations in Kentucky and Connecticut will also open soon.

Read: Can the little VF3 help VinFast succeed in the US?

“By leveraging the branch network, market experience and capabilities of leading U.S. dealers, VinFast will quickly deliver high-quality electric vehicles at competitive prices,” said David Duncan, the company’s vice president of sales. “This creates a solid foundation for VinFast’s strong growth.”

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Entering the US market was not easy for the company. Only 265 new VinFast models were registered nationwide last year. Sales have increased this year, with 448 units registered in January and February combined. VinFast expects its franchised dealers to contribute significant sales growth in the second half of this year.

VinFast’s only U.S. model is the VF 8 crossover, but the brand will launch its three-row VF 9 this quarter and also plans to add the VF 7 to its lineup. Although sales have been slow, VinFast remains ambitious. Last year, the company said it hoped to have more than 100 U.S. dealers by the end of 2024. The company is also building a $4 billion factory near Raleigh, North Carolina, that is expected to begin production by the end of 2025.

Vehicles built at the company’s local factory could be eligible for the full $7,500 federal electric vehicle tax credit, increasing their appeal. Currently, the VF 8 is only eligible for tax credits if it is leased. In January, the VF 8 was available to lease for just $249 per month, with a 36-month term down $0, but the current cheapest lease price is now $429 per month.

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