Turin, Sep 25 (BUS): Vietnamese automaker VinFast may add other markets in 2023 to expand its European strategy beyond planned debuts in Germany, France and the Netherlands next year.
The company, a unit of Vietnam’s largest Vingroup JSC conglomerate that some have dubbed “Vietnam’s answer to Tesla,” will debut in Europe next year with two models of battery electric SUVs, the mid-size VF e35 and the seven-seater VF e36, both Designed by Pininfarina, Italy
The two models were launched in Vietnam, North America and Europe around mid-2022, following a reveal planned for later this year, Reuters reports.
VinFast became the first domestic car manufacturer in Vietnam when its first gasoline-powered models built under its own badge hit the streets in 2019.
Emil Hendriksen, VinFast’s vice president of B2B sales, said Thursday that he’s also looking to Italy, Scandinavia, Switzerland and Austria to take a second step in their European strategy.
“We are studying those countries for 2023,” he said during a presentation at Pininfarina’s headquarters in Turin.
VinFast will initially rely on a direct distribution model in Germany, France and the Netherlands, based on real estate showrooms, but may later consider an agency model for sales in other countries, Hendricksen said.
The company sold about 30,000 cars domestically last year and set a target of selling 15,000 electric cars in 2022, although its representatives did not provide a detailed forecast for the European market on Thursday.
Earlier this year, sources said parent company Vingroup JSC was considering a US initial public offering (IPO) for its auto unit that could value VinFast at $60 billion, although the initial deadline for the deal cited by one of the sources has been pushed back. Second Quarter.
VinFast Europe CEO Bich Tran said any IPO decision is up to the company’s headquarters in Vietnam.
“Our European plan is independent of any IPO. We are continuing with our plans and everything in Europe is going as planned,” she said.