VinFast Archives - Gizmochina

VinFast Unveils the DrgnFly E-Bike with a Motorcycle-Like Design at CES 2024

Anubhav — Fri, 12 Jan 2024 03:09:09 +0000

The electric bike market has a new contender – VinFast‘s DrgnFly, blending modern tech with Vietnamese heritage. Originating from a company known for electric cars, VinFast’s foray into e-bikes is a bold step, showcasing its innovative spirit and cultural roots.

The bike has a 750-watt motor and a top speed of 28 mph

At first glance, the DrgnFly stands out with its unique design. Its low, fixed saddle and motorcycle-like aesthetics reflect a blend of bicycle and moped, reminiscent of Super73’s style. This design choice might not be everyone’s cup of tea due to the fixed saddle height, but it certainly adds a distinct character to the bike.

What truly sets the DrgnFly apart is its cultural symbolism. Inspired by Thang Long, the ancient imperial citadel in Hanoi, the bike represents the ascending dragon, a powerful symbol in Vietnamese culture. This touch of heritage, combined with a modern design by the award-winning Danish studio, Eskild Hansen, creates a product that’s more than just an e-bike; it’s a piece of art.

Technologically, the DrgnFly is tailored for the American market, boasting a 750-watt motor and a top speed of 28 mph. Its smart features, such as torque sensor pedal assist, offer a smooth riding experience. While it claims a 63-mile range, variables like rider weight and terrain will impact this. Its 4G connectivity and mobile app integration for ride modes, GPS, and diagnostics show VinFast’s commitment to a high-tech riding experience.

Priced at $2,800, the DrgnFly brings a lot to the table – from its cultural significance to its advanced features. Its debut at CES 2024 marks VinFast’s ambition in the growing e-bike industry, estimated to reach $120 billion by 2030.

Read more about Gizmochina’s coverage of CES 2024 here.

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VinFast Invests $500 Million in India, Expanding its Global EV Footprint

Anubhav — Sat, 06 Jan 2024 17:59:37 +0000

VinFast is a subsidiary of Vingroup, one of Vietnam‘s largest privately-held conglomerates. Founded in 2017, VinFast quickly gained attention for its rapid development and ambitious global expansion plans. The company marked a significant milestone by starting EV production in 2021, showcasing a range of electric cars and scooters. The company recently announced a significant move into the Indian market. Vinfast, known for its ambitious global expansion plans, is set to establish its first manufacturing facilities in India. This decision aligns with India’s growing interest in EVs and marks a major step for VinFast in tapping into one of the world’s largest vehicle markets.

The total investment will be around $2 billion

The agreement, forged with the southern state of Tamil Nadu, involves an investment of up to $2 billion, with an initial commitment of $500 million over the first five years. Tamil Nadu, often referred to as the ‘Detroit of Asia’, is an ideal location for VinFast, considering the region’s existing cluster of EV players such as Ola Electric and Ather, and international brands like China’s BYD.

VinFast’s foray into India isn’t just about expanding its global footprint; it’s a strategic move in a nation where electric vehicles are still a nascent but rapidly growing market. With electric models accounting for approximately 2% of India’s car sales last year, the potential for growth is significant, especially in light of the Indian government’s target of achieving 30% electric car sales by 2030.

The new facilities, which include an EV and battery manufacturing plant in Thoothukudi, Tamil Nadu, are expected to create 3,000 to 3,500 local jobs. This not only underscores VinFast’s commitment to contributing to the Indian economy but also reflects the broader trend of job creation in the green technology sector.

Interestingly, while VinFast is a relative newcomer in the EV industry, having started producing electric vehicles only since 2021, its aggressive expansion strategy has quickly positioned it as a notable player. The company’s plan to establish a nationwide dealership network in India further demonstrates its intent to become a major competitor in the EV market.

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VinFast invests $400 Million for EV Production in India and Indonesia

Joane — Fri, 06 Oct 2023 09:50:42 +0000

VinFast, the pioneering Vietnamese electric vehicle (EV) manufacturer, has meticulously streamlined its manufacturing capital expenditure, resulting in savings of $400 million, earmarked for the construction of two cutting-edge facilities in India and Indonesia. The company is set to make strides in its global expansion plans following a substantial cash infusion of $1.2 billion from its founder, Pham Nhat Vuong.

VinFast’s strategic vision revolves around establishing completely knocked down (CKD) car factories in both countries, with production slated to commence in 2026. This ambitious move comes on the heels of a successful third quarter for the company, during which it achieved impressive sales figures. In the third quarter alone, VinFast sold 10,027 EVs, marking a notable uptick from the preceding quarter’s 9,535 units. A significant portion of these vehicles found their way to founder Pham Nhat Vuong’s taxi company.

Source: VinFast

Vuong, who retains a majority stake in VinFast, is now gearing up to bolster the company’s financial foundation further. He plans to sell 46 million shares within six months, aiming to raise a substantial $700 million. This influx of capital is anticipated to fuel VinFast’s expansion plans and facilitate its foray into new markets.

VinFast made history in August by becoming the first Vietnamese corporation to go public in the U.S. However, the company’s journey on the stock market has been marked by significant fluctuations. After reaching a peak of nearly $69, VinFast’s shares closed at $8.50 on Thursday, indicating a volatile trajectory.

Despite these challenges, VinFast remains undeterred in its pursuit of growth. The company is embracing a capital-light distribution model and strategically focusing on markets like Indonesia and India. In addition to passenger cars, VinFast also manufactures electric motorbikes and buses within its home base in Vietnam.

VinFast’s global expansion plans extend beyond Asia, with a keen eye on markets in Europe, Canada, and the United States. However, the company faced a setback in its initial U.S. venture, as some vehicles were recalled due to potential safety concerns. As VinFast embarks on this expansion journey, industry experts and investors alike are closely monitoring the company’s strategic moves.

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Vietnamese EV maker VinFast sends second batch of Electric Suv’s to US

Joane — Mon, 17 Apr 2023 18:43:57 +0000

VinFast, the electric vehicle manufacturer from Vietnam, announced on Monday that it had sent out the second shipment of 1879 units of VF 8 SUVs to North America. The company which is the first-ever EV manufacturer in Vietnam is trying to expand its global market in North America and Europe.

Last November, VinFast sent its initial set of 999 vehicles to the United States. The company is now distributing the second group of cars in two parts, with 1089 electric vehicles going to the US and the remainder being transported to Canada.

source: VinFast

VinFast recently declared its intentions to extend its operations to the European market this year. As per their announcement, the company aims to dispatch 700 units of VF 8 EVs to Europe by mid-July, while also unveiling two new models and accepting global reservations for them.

What is VinFast?

VinFast LLC is a privately owned automobile manufacturer headquartered in Singapore, and founded by Vietnamese Billionaire entrepreneur Phạm Nhat Vuong as a part of the Vingroup conglomerate in 2017. VinFast is recognized as the first Vietnamese automotive brand to foray into the global marketplace and the first to produce electric vehicles, including electric cars and electric scooters.

The company launched its first two vehicle models the LUX A2.0 and the LUX SA2.0, which were inspired by the BMW design at the 2018 Paris Motor Show. However, the company then decided to venture into the EV sector and launched one of its first-ever compact cross-over electric SUVs the VF e34 in 2021.

To date, the company has launched about 5 EV models with the latest being the VinFast VF 8 which is shipped globally. Apart from cars, the company also manufactures electric scooters and buses.

The company has a production capacity of 2,50,000 units per annum and has delivered around 865 units of the latest VF8 EV domestically. Last December, apart from the domestic orders, the company also secured global orders for around 55000 units with 12000 units being sold to the US alone.

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Vingroup turns focus to electric vehicles, will shut down its VinSmart phone and TV business

Habeeb Onawole — Mon, 10 May 2021 22:25:57 +0000

Last September, Vietnam’s VinSmart tried to steal ZTE’s thunder when it announced its own smartphone with an under-display camera. Now, the phone which launched as the Vsmart Aris Pro won’t be getting a successor as Vingroup, the parent company, has announced it is shutting down VinSmart’s smartphone and TV division and will instead be focusing on electric vehicles.

The announcement has come as a big surprise considering VinSmart is a pretty new player in the smartphone market. It was established in June 2018, and back in December 2020, it announced it will begin shipping its smartphones to other regions including Europe, India, and the US.

Bloomberg reports that an official statement released by the company on Sunday said the closure of VinSmart is to “mobilize all resources” for the development of VinFast, its carmaking division. It added that it “is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles”.

The manufacturer stated that it will uphold the warranty of sold devices and continue to offer after-sales services to owners of its smartphones and smart TVs for as long as they are in use. It added that the software department will continue to work on releasing updates for existing devices.

Vinsmart will now pivot to making smart solutions for vehicles and developing infotainment for VinFast, Vingroup’s automobile company established in 2017. It has also been reported that it will continue its research on IoT devices, smart homes, and smart cities.

VinFast which has been offering cars powered by BMW-licensed engines plans to get listed in the United States at a valuation of up to $60 billion. It is also considering a public offering that is expected to raise $2 billion.

It plans to sell its electric SUVs in North America and Europe starting next year with a battery leasing program. The cars will be cheaper because the cost of the battery will not be included in the total price. However, buyers will likely pay a monthly fee that is said to be equal to the average cost of fueling a car per month. The battery will then be replaced after reaching 70% of its lifespan.

Do you think VinFast be able to take on Tesla, Toyota, General Motors, and Volkswagen?