Vietnam-based electric vehicle manufacturer VinFast has formally entered partnerships with several U.S. dealers, marking a break from the fledgling company’s initial direct-sales model.
After signaling an interest in building a U.S. dealership network in mid-2023, the automaker announced agreements with five dealers located across four different states on Tuesday, January 2.
The new storefronts and their locations are as follows: Leith VinFast, Raleigh, North Carolina (managed by Leith Automotive Group); Smith Haven VinFast, St. James, New York; Principle VinFast Grapevine, Grapevine, Texas; and VinFast Wichita, Wichita, Kansas. Leith VinFast was opened in December 2023, making it the first third-party VinFast retailer in the U.S.
Until the company’s other models, the VF 6, VF 7, and VF 9, come to the U.S., sales at all five locations will be restricted to the minimum $47,200 VF 8 electric SUV. Although the company’s products do not currently qualify for federal tax credits, consumers who buy or lease from a VinFast dealer can access the automaker’s aftersales benefits, including 10-year warranties for their vehicle and its battery.
The Vietnamese brand further revealed plans to add another 120 franchised storefronts to its U.S. network in the coming years, although it has yet to establish a time frame. It currently operates 13 showrooms in California.
VinFast’s decision to work with third-party retailers in the U.S. is an encouraging sign for franchised dealers, who are hoping to demonstrate their utility in the face of direct-to-consumer sales models, systems that have long attracted the interest of major car manufacturers. Dealers emphasize their ability to work more closely with consumers than large-scale corporations, provide tailored shopping experiences, and adapt rapidly to transforming market landscapes.
VinFast has yet to report its annual sales total for 2023. Despite souring sentiments among analysts and automaker executives toward the global electric vehicle market over the course of the year, the Vietnamese manufacturer maintained it could reach its annual target of 40,000 to 50,000 units.
