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VinFast is the first Vietnamese manufacturer to offer EVs to US drivers.

VinFast electric vehicles, a division of Vietnam’s Vingroup, have arrived in the US for the first time after announcing a delayed delivery to a driver in California.

The 45 SUVs arriving from Vietnam are a small fraction of the 999 EVs scheduled to arrive in the US since December.

Due to a software issue, delivery was delayed until March 2nd. It marks a small step towards the long-overdue dream of Vietnam’s richest man, Vingroup founder and his Pham Nhat Vuong, to bring Vietnamese cars to the roads of America. Entering the US market has been a challenge for rivals in countries ranging from China to Malaysia.

VinFast aims to start manufacturing EVs in North Carolina in 2024, despite only receiving a major building permit last month, with a slow rollout in the United States. Despite several reports of an impending public offering, a U.S. stock listing has yet to materialize.

This article is Nikkei Asiais a global publication with a uniquely Asian perspective on politics, economics, business and international affairs. Our correspondents and outside commentators around the world share their views on Asia. And the Asia300 section details the 300 largest and fastest growing listed companies in 11 economies outside Japan.

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Gareth Dunsmore, Deputy CEO of VinFast, said of the Los Angeles delivery:

The automaker didn’t make its debut with US drivers at an easy time. Sluggish demand sent sales and stock prices for his EV startup Rivian down, forcing Tesla to cut prices and VinFast to follow suit.

The loss-making arm of Vietnam’s largest conglomerate is also facing supply hurdles amid fierce competition for battery minerals. Additionally, it is not eligible for some US subsidies until the North Carolina plant begins production.

a Version of this article First published in Nikkei Asia. ©2023 Nikkei Inc. All rights reserved.

https://www.ft.com/content/1d450e55-27fc-449b-ac98-3aa830ad6b97 VinFast is the first Vietnamese manufacturer to offer EVs to US drivers.

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