This Vietnamese EV Maker Run By A Former Volkswagen Exec Is Eyeing To Take On Tesla Next Year In US Market

Vietnamese automaker VinFast plans to start accepting pre-bookings for its upcoming VF e35 and VF e36 electric sport utility vehicles in the first half of next year, Reuters reported on Thursday, citing the company’s CEO Michael Lohscheller.

What Happened: VinFast expects to begin delivering electric vehicles to U.S. customers by the end of the next year, as per the Reuters report.

Lohscheller, a former Volkswagen Ag (OTC: VWAGY) executive, said the two models would be unveiled at the Los Angeles automotive show next month.

See Also: Ford CEO Says EVs Remain Beyond Reach Of Average Buyers

Lohscheller did not provide a volume forecast but said Vinfast is aiming to sell 15,000 electric vehicles globally next year, a significant drop from an earlier target of 56,000 electric vehicles, as per the report.

Vinfast already has an office in California and aims to open 60 U.S. showrooms next year; the automaker aims to sell a bulk of its electric vehicles online.

Why It Matters:  The nearly four-year-old electric vehicle startup is aiming to compete in vehicle size and price in the United States and may also explore going public, Reuters noted. 

VinFast, which has an assembly plant in Vietnam, would compete in a market that is led by Tesla Inc (NASDAQ: TSLA) in the United States.

Price Action: GM shares closed 0.12% lower at $57.69 on Thursday.

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Photo: Courtesy of VinFast