VinFast has only recently begun to export its products, the U.S. being its first foreign market. As its cars won’t be available for purchase until January, it remains to be seen how well they perform in the market. However, the company reports high pre-order numbers and announced plans to expand into additional countries by 2023.
VinFast is one of the few EV companies that managed to survive investor hesitancy and COVID-related economic restrictions. Founded in 2017 by corporate conglomerate VinGroup, the automaker is currently led by its CEO Le Thi Thu Thuy. Earlier this year, the company lost several members of its executive team, citing work quality issues, and has had three different chief executives during its tenure. Despite the changing leadership, the company has pushed ahead with plans to grow its operations, announcing a North Carolina plant earlier this year.
Autonomy’s has ordered 2,500 units of the VF 8 and VF 9, both electric SUVs that boast competitive driving ranges, 402 horsepower and impressive safety features. The vehicles will be made available to consumers through the company’s subscription service. Autonomy’s business model allows drivers to rent vehicles at a lower monthly cost than most traditional auto loans. For example, Tesla’s model 3 can be loaned at $450 a month, whereas owners of the vehicle typically pay anywhere from $700 to $2,500. The monthly subscription also covers maintenance and roadside assistance.
While most consumers still prefer to own their vehicle outright, vehicle subscription services provide an alternative to those looking to save money without sacrificing performance. This latest deal will serve as means for both companies to determine how in-demand their products and services will be in the new EV landscape.
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