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| website = {{URL|vinfastauto.com}}
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'''VinFast Auto Ltd.''' is a Vietnamese-founded, [[Automotive industry|automotive]] company headquartered in Singapore.<ref>{{cite web |title=Vietnam EV maker VinFast to shift legal HQ to Singapore ahead of first exports |url=https://www.reuters.com/business/autos-transportation/vietnam-ev-maker-vinfast-shift-hq-singapore-ahead-ipo-first-exports-2022-05-24/ |website=Reuters |access-date=15 August 2023}}</ref> Established in 2017 in [[Hải Phòng]], it is a member of the conglomerate organization [[Vingroup]], one of the largest private conglomerates in [[Vietnam]] that was founded by [[Phạm Nhật Vượng]].<ref>{{cite web|url=https://www.mondial-paris.com/en/visiteur/exposant/285/vinfast|title=Constructeur|publisher=[[Paris Motor Show]]|access-date=25 October 2018|archive-date=3 April 2020|archive-url=https://web.archive.org/web/20200403133939/https://www.mondial-paris.com/en/visiteur/exposant/285/vinfast|url-status=dead}}</ref><ref>{{cite web|url=http://www.autonews.fr/mondial-auto-2018/vinfast-mondial-auto-suv-sedan-concept-photos-82028|title=Vinfast: L'énigmatique marque vietnamienne sera au Mondial|trans-title=Vinfast: The enigmatic Vietnamese brand will be at the World|author=Lucas Raheriarivony|language=fr|publisher=Auto News|date=10 September 2018|access-date=25 October 2018}}</ref><ref>{{cite web|url=https://www.leprogres.fr/lifestyle/2018/09/11/les-grands-debuts-du-constructeur-vietnamien-vinfast-au-mondial-de-paris-2018|title=Le constructeur vietnamien VinFast dévoile ses deux premiers modèles de voitures|trans-title=Vietnamese manufacturer VinFast unveils first two car models|language=fr|publisher=[[Le Progrès]]|date=1 September 2018|access-date=25 October 2018}}</ref> It is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing [[electric vehicle]]s (EV) such as electric cars and electric scooters.<ref>{{Cite web|last=VnExpress|title=VinFast eyes global market, to open car plant in US – VnExpress International|url=https://e.vnexpress.net/news/business/companies/vinfast-eyes-global-market-to-open-car-plant-in-us-4242502.html|access-date=2021-03-13|website=VnExpress International – Latest news, business, travel and analysis from Vietnam|language=en}}</ref>
'''VinFast Auto Ltd.''' is a Vietnamese-founded [[Automotive industry|automotive]] company headquartered in Singapore.<ref>{{cite web |title=Vietnam EV maker VinFast to shift legal HQ to Singapore ahead of first exports |url=https://www.reuters.com/business/autos-transportation/vietnam-ev-maker-vinfast-shift-hq-singapore-ahead-ipo-first-exports-2022-05-24/ |website=Reuters |access-date=15 August 2023}}</ref> Established in 2017 in [[Hải Phòng]], it is a member of the conglomerate organization [[Vingroup]], one of the largest private conglomerates in [[Vietnam]] that was founded by [[Phạm Nhật Vượng]].<ref>{{cite web|url=https://www.mondial-paris.com/en/visiteur/exposant/285/vinfast|title=Constructeur|publisher=[[Paris Motor Show]]|access-date=25 October 2018|archive-date=3 April 2020|archive-url=https://web.archive.org/web/20200403133939/https://www.mondial-paris.com/en/visiteur/exposant/285/vinfast|url-status=dead}}</ref><ref>{{cite web|url=http://www.autonews.fr/mondial-auto-2018/vinfast-mondial-auto-suv-sedan-concept-photos-82028|title=Vinfast: L'énigmatique marque vietnamienne sera au Mondial|trans-title=Vinfast: The enigmatic Vietnamese brand will be at the World|author=Lucas Raheriarivony|language=fr|publisher=Auto News|date=10 September 2018|access-date=25 October 2018}}</ref><ref>{{cite web|url=https://www.leprogres.fr/lifestyle/2018/09/11/les-grands-debuts-du-constructeur-vietnamien-vinfast-au-mondial-de-paris-2018|title=Le constructeur vietnamien VinFast dévoile ses deux premiers modèles de voitures|trans-title=Vietnamese manufacturer VinFast unveils first two car models|language=fr|publisher=[[Le Progrès]]|date=1 September 2018|access-date=25 October 2018}}</ref> It is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing [[electric vehicle]]s (EV) such as electric cars and electric scooters.<ref>{{Cite web|last=VnExpress|title=VinFast eyes global market, to open car plant in US – VnExpress International|url=https://e.vnexpress.net/news/business/companies/vinfast-eyes-global-market-to-open-car-plant-in-us-4242502.html|access-date=2021-03-13|website=VnExpress International – Latest news, business, travel and analysis from Vietnam|language=en}}</ref>


== History ==
== History ==

Revision as of 05:32, 16 August 2023

VinFast Auto Ltd.
Company typePublic
Nasdaq: VFS
IndustryAutomotive
FoundedJune 2017; 6 years ago (2017-06)
FounderPhạm Nhật Vượng
Headquarters
Area served
Worldwide
Key people
Lê Thị Thu Thuỷ (Vingroup Chairwoman & VinFast CEO)
Lê Thanh Hải (CEO) [3]
ProductsAutomobiles
Motorcycles
Commercial vehicles[4]
ParentVingroup
Websitevinfastauto.com

VinFast Auto Ltd. is a Vietnamese-founded automotive company headquartered in Singapore.[5] Established in 2017 in Hải Phòng, it is a member of the conglomerate organization Vingroup, one of the largest private conglomerates in Vietnam that was founded by Phạm Nhật Vượng.[6][7][8] It is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing electric vehicles (EV) such as electric cars and electric scooters.[9]

History

The company was founded in 2017 by Vingroup.[10] The company designed its models with the help of Pininfarina, BMW and Magna Steyr and participated in the 2018 Paris Motor Show. VinFast claims it will be the first volume automotive manufacturer in Vietnam as well as the first Vietnamese automaker to participate in a major international auto show.[citation needed]

VinFast broke ground in September 2017 on an 828-acre (3,350,000 m2) facility in an industrial park located on Cat Hai Island near the city of Hai Phong. The factory with paint shop, press shop, assembly shop and engine shop was built in just 21 months.[11] The investment is US$1.5 billion in the first phase of a program to make cars and electric motorbikes at a greenfield factory on the facilities. The company claimed that it has aggregated talent from multiple established companies and is sourcing European design, engineering, and production technology partners. The first two vehicles that were shown at Paris motorshow in the fall of 2018 are the LUX SA2.0 and the LUX A2.0, designed by Pininfarina.

Additionally, General Motors recently announced a partnership between Chevrolet and VinFast. VinFast will have exclusive rights to distribute Chevys in Vietnam and will take ownership of the existing General Motors (GM Korea) factory in Hanoi (VIDAMCO). That factory will then build a GM-licensed "all-new global small car" to be sold under the VinFast name.[12]

VinFast signed two contracts with Siemens Vietnam, a unit of Siemens AG, for the supply of technology and components to manufacture electric buses in Southeast Asian countries in August 2018.[13]

On 21 March 2019, VinFast has sent the first batch of 155 VinFast Lux cars, 113 are completed vehicles and 42 semi-finished cars, abroad in Europe, Asia, Australia and Africa to conduct field tests for quality testing and to qualify for a 5-star ASEAN NCAP rating.[14]

VinFast would have been the title sponsor of the inaugural edition of the Formula One Vietnamese Grand Prix, which was due to take place during the 2020 season. The race was later cancelled due to COVID-19 pandemic.[15]

In Q1 2020, VinFast was the fifth best-selling car brand in Vietnam.[16]

On 25 February 2020, it was reported that VinFast vehicles were spotted in South Africa for field tests at Kakamas in the Northern Cape Province and in Cape Town.[17]

On 20 July 2020, the company has gone to manufacturing ventilators, based on open-source information provided through the Massachusetts Institute of Technology (MIT), for patients who have a hard time breathing due to COVID-19 with reported donations made to Singapore, Russia and Ukraine.[18]

On 10 September 2020, VinFast announced that a loss of VND 6.6 trillion ($284 million) in the first half of the year.[19]

In December 2020, VinFast has released preliminary images of a pickup truck being developed weeks after the Lang Lang testing centre was purchased.[20] Other vehicles in development included a three-door hatchback, two different coupe-type SUVs, a small SUV, a four-door coupe, a couple of people movers and electric scooters.[20] According to the Intellectual Property Office of Vietnam, the patents for these vehicles are set to expire on 14 January 2024.[21]

On 27 July 2021, parent Vingroup announced that Michael Lohscheller, the CEO of Opel, had been appointed CEO of VinFast Global.[22] Five months later, on 27 December 2021, it was announced that Lohscheller had resigned the position.[23]

On 30 September 2021, VinFast reported that Cerence software will be used for its electric vehicles as an intelligence voice assistant.[24]

On 25 December 2021, Vinfast delivered the first batch of 100 VF e34 electric crossovers to Vietnamese customers at VinFast's manufacturing complex in Hai Phong. The VF e34 marks VinFast's first EV model and the first ever electric vehicle to be manufactured and sold in Vietnam.[25]

On 6 January 2022, reports emerged that VinFast plans to build new EV plants in Germany and the United States as part of the company's plans to retire production of gas-powered vehicles and transition fully to EVs by late 2022.[26]

Move to Singapore, efforts to go public

VinFast appeared to making its first efforts to become a public company in early 2021. Sources told Reuters that the automaker planned to merge with a special-purpose acquisition company (SPAC) based funding in the United States.[27] On 28 May 2021, the plan was put on hold due to SPAC scrutiny.[28]

VinFast announced on 7 April 2022 that it planned an initial public offering (IPO) through a Singapore-based holding company.[29] A few weeks later on 24 May 2022, Vinfast announced that it would be moving its headquarters to Singapore, with the company stating that "We feel that Singapore is a jurisdiction that will give investors more confidence."[1] Singapore will be its legal and financial headquarters while Vietnam remains its operational headquarters. However, at the same time, the company said it would again put its plans to go public on hold.[30]

VinFast announced in July 2023 that it was planning to acquire a SPAC operated by Black Spade Capital. The move allows the company to avoid the process of issuing an IPO. The transaction, valued at $23 billion was completed on 14 August 2023, and the company finally went public on the US-based Nasdaq exchange on 15 August 2023.[31][32][33]

Overseas operations

On 31 July 2018, VinFast GmbH was established in Frankfurt, Germany.[34] The office will be in charge of distributing auto parts and other related services.[34] On the same day it was announced that VinFast will set up branch offices in Shanghai, China and Seoul, South Korea.[34]

In February 2020, ex-Holden engineers were being recruited by VinFast in Port Melbourne, making Australia the second overseas country to have a branch after the company moved in December 2019.[35][36] The branch, known as VinFast Engineering Australia, is staffed by ex-Ford, Holden and Toyota employees[37] and opened on 12 June 2020.[38] On 6 May 2021, the Port Melbourne office was announced to be closed due to the COVID-19 pandemic temporarily.[39] The Lang Lang test track is not affected by the closure.[40]

On 29 March 2022, Vinfast announced it would locate its first North American auto plant in Chatham County, North Carolina.[41] The auto manufacturer will create 7,500 jobs.[42] In July 2023 the company broke ground at its electric vehicle manufacturing site, located within the Triangle Innovation Point in Chatham County, North Carolina.[43]

Export plans

In April 2019, VinFast reported that the Lux SA2.0 and Sedan Lux A2.0 were the first two models introduced to Russia at the end of 2018.[44] According to Auto.Vesti, the models are expected to be sold throughout Russia by the end of 2020.[44] Vuong mentioned that electric vehicles will be sold in the country after 2021.[45]

It was announced in December 2019 that VinFast plans to market electric vehicles to the United States by 2021.[46]

In December 2020, VinFast has reportedly mentioned that the company plans to sell its vehicles in Australia with no date mentioned.[20]

On 22 January 2021, VinFast unveiled three finalized designs of their electric SUV models VF31, VF32, VF33 intended for US, Canada, Germany, France and the Netherlands[27] export markets. Of which, VF32 and VF33 are available in both gasoline and electric engine versions. These vehicles are stated to meet with the NHTSA, Euro NCAP and ASEAN NCAP 5 star-ratings as well as featuring self-driving capabilities thanks to a suite of electronic driver-assist features.[47] In July 2021, VinFast appointed Michael Lohscheller, who previously worked as an executive of Volkswagen America and as CEO of Opel, to lead its overseas operations.[48] The VF31 was later rebranded as VF e34 and would become available in Europe in November 2021.[49]

Vinfast announced plans to open two VinFast showrooms in California with one showroom in Santa Monica on 24 May 2022.[30]

On 16 November 2022, the first VinFast showroom opened in Toronto at the Yorkdale Shopping Centre.[50]

Etymology

The name VinFast is an abbreviation of Vietnamese words:[10]

  • Việt Nam (Vietnam)
  • Phong cách (Style, spelled Ph as F)
  • An toàn (Safety)
  • Sáng tạo (Creativity)
  • Tiên phong (Pioneer)

Products

Automobiles

VinFast announced their first two models, the LUX A2.0 and the LUX SA2.0, at the 2018 Paris Motor Show. Both models are based on previous generation BMW products with various changes and enhancements, including the extensive redesign of the chassis to meet future international safety standards. Both will come in rear-wheel drive and all wheel drive, and both will be powered by the licensed BMW N20 turbocharged petrol engine in 175 bhp and 227 bhp options. Comprehensive reliability and safety testings have been completed. Production of both models started in 2019.[51][52]

In January 2022, Vinfast announced it will put an end to the production of its internal combustion engine (ICE) vehicles lineup that consisted of the LUX A sedan, LUX SA and President SUV and the Fadil hatchback by the end of 2022. The company will instead focus research and development efforts on battery electric vehicles.[53]

LUX A2.0

Main article: VinFast LUX A2.0

The LUX A2.0 is an executive sedan, based on the F10 BMW 5 Series.[51][54]

  • Front of Vinfast Lux A2.0
    Front of Vinfast Lux A2.0
  • Back of Vinfast Lux A2.0
    Back of Vinfast Lux A2.0
  • Inside Vinfast Lux A2.0
    Inside Vinfast Lux A2.0

LUX SA2.0

Main article: VinFast LUX SA2.0

The LUX SA2.0 is a mid-size luxury crossover, based on the F15 BMW X5.[51][54]

  • Front of Vinfast Lux SA2.0
    Front of Vinfast Lux SA2.0
  • Back of Vinfast Lux SA2.0
    Back of Vinfast Lux SA2.0
  • Inside Vinfast Lux SA2.0
    Inside Vinfast Lux SA2.0

President

Main article: VinFast President

The VinFast President was unveiled in September 2020. It is a V8 version of the LUX SA2.0, selling as a 500 unit limited-edition, at a price of VND 4.6 billion and featuring additional luxury features over the model it is based on.[55] The President is understood to have a GM-sourced LS3 V8 engine.[56]

  • VinFast President
    VinFast President

Fadil

Main article: VinFast Fadil

The Fadil is a city car manufactured under license to General Motors as a rebadged variant of the Opel Karl.[57] It will be priced under 500 million VND (US$21,500).[58][59] The first Fadils from regular production were finished on June 14, 2019,[60] delivery to the first pre-order customers took place on June 17.[61] The price of the Fadil in Vietnam is ₫394,500,000 (US$16,900).[62]

  • 2020 VinFast Fadil
    2020 VinFast Fadil
  • 2020 VinFast Fadil
    2020 VinFast Fadil

Electric automobiles

VF e34

Main article: VinFast VF e34

The VF e34[63] measures 169 in (4,300 mm) in length. It comes with a single electric motor. It has a claimed range of 285 km per full charge. The front-wheel drive VF e34 is powered by a 110 kW/147 HP electric motor.[64]

VF 5

Main article: VinFast VF 5

The VF 5 is an A-segment crossover city car forming the entry to the VinFast line-up.[65] It was earlier known as the VinFast VF e32.[66]

VF 6

Main article: VinFast VF 6

The VF 6 is a B-segment vehicle, first introduced to the public along with the VF 5 and VF 7 at CES 2022.[67]

VF 7

Main article: VinFast VF 7

The VF 7 is a C-segment vehicle. Designed by Lee Jae Hoon, senior exterior designer for General Motors.[68]

VF 8

Main article: VinFast VF 8
VF8 on display at Hillsdale in San Mateo, California

The VF 8 (formerly known as VF32 and VF e35) is a mid-size SUV with a length of 187.008 in (4,750.0 mm). This model came with two options, one motor or two, each of which produces 201 hp and 320 Nm of torque. The driving range is estimated to be 248~292 miles.

VF9

Main article: VinFast VF 9

The VF 9 (formerly known as VF33 and VF e36) is the full-size SUV with a length of 201.575 in (5,120.0 mm) and a dual-motor powertrain generating a combined 402 horsepower. The battery is a 106-kilowatt-hour unit that Vinfast estimates will deliver over 262~369 miles of range.

Collectively, in the first 48 hours of being able to sell electric automobiles, more than 24,000 orders have been placed, with 15,237 placed for the VF8 as well as 9,071 for the VF9.[69]

Electric scooters

VinFast has planned to produce seven different electric motorcycle models by 2019. It has signed agreements with state owned petrol distributor PV Oil to have charging stations built at existing gas stations.[70]

Klara

Main article: VinFast Klara

The Klara is VinFast's first electric motorcycle model launched in November 2018. It has a range of 80 kilometres (50 mi) and a maximum speed of 50 kilometres per hour (31 mph). VinFast signed an agreement with Bosch-Vietnam, a division of Bosch, for the supply of components.[70] The batteries are supplied by a joint venture with LG Chem.[71]

Two versions of the Klara are sold, featuring lead acid and lithium ion batteries respectively. The Klara features 3G and bluetooth connectivity to allow remote lock and unlock and tracking.[72]

  • Cream VinFast Klara
    Cream VinFast Klara
  • Showroom VinFast Klara at Times City
    Showroom VinFast Klara at Times City
  • VinFast lithium-ion battery for Klara scooter by Bosch
    VinFast lithium-ion battery for Klara scooter by Bosch

Ludo

Impes

Klara S

Theon

Theon is equipped with a mid-engine and chain transmission system with a power of up to 7,100W. It can reach a power of 9,000W equivalent to 12 horsepower and a maximum torque of 22.27Nm, accelerate from 0 to 50 km per hour in just six seconds and reach a maximum speed of 90 km/h.

Feliz

Tempest

Vento

Evo200

  • Yellow VinFast Evo200
    Yellow VinFast Evo200

Electric buses

VinBus

  • A VinBus in Hanoi

Production facilities

VinFast operates a 335 hectares (1.29 sq mi) greenfield factory at Cat Hai Island, Hai Phong. The factory produces, cars, motorbikes and parts for either of them.[73] In 2017, VinFast also acquired GM Vietnam's Hanoi factory (VIDAMCO).[74]

In September 2020, VinFast purchased the Lang Lang Proving Ground in Australia from General Motors.[75] Vinfast purchased the former Holden proving ground for $30 million and settled on the purchase on 2 November.[76] In October 2021, VinFast disbanded its local engineering operations and put the Lang Lang Proving Ground test track up for sale.[77]

Controversy

On May 2021, VinFast reported one of its customers, Tran Van Hoang, a Vietnamese YouTuber, to the police over comments that the customer made on his YouTube video about the quality of his VinFast Lux A2.0 car. VinFast claimed that the video contained "untrue content" that "affected the reputation" of the company.[78] On the video, Hoang complained about faults in the tire pressure sensor, the windshield wipers, the wireless phone charger, squeaking doors, and he also complained about his experience with the dealer.[79]

See also

References

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External links

Wikimedia Commons has media related to VinFast.
  • Official website
  • Business data for VinFast Auto Ltd.:
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