VinFast to enter Europe amid EU's China EV probe
Vietnamese electric vehicle (EV) manufacturer VinFast is set to deliver its first EVs to Europe in Q4 2023, after receiving regulatory approval. The company, which was formed in 2017 and began making EVs in 2021, plans to ship around 3,000 VF8 crossovers to France, Germany, and the Netherlands, making Europe its largest overseas market this year. This move comes as the European Union considers imposing tariffs on VinFast's Chinese rivals, potentially giving VinFast a competitive edge in pricing.
VF8 SUV gains approval, boosts European presence
VinFast's European expansion represents a significant increase from its previous unmet target of delivering 700 cars by July. The VF8 SUV has been approved by a European regulator as compliant with EU standards, allowing it to be sold within the 27-country bloc. VinFast is also completing procedures to obtain the voluntary Euro NCAP safety rating. Europe is a major market for Chinese automakers, who shipped nearly 70,000 EVs in the first seven months of this year.
VF8 SUV: Impressive range, speed, and safety
The VF8 SUV starts at €50,990 (approximately Rs. 45.12 lakh) in France and is equipped with a 90kWh battery pack, providing a range of up to 482km on a single charge. The vehicle can accelerate from 0-100km/h in just 3.8 seconds and has a top speed of 240km/h. Advanced safety features include automatic emergency braking, lane departure warning, and adaptive cruise control.
VinFast's ambitious global expansion plans
VinFast's European expansion is part of a larger global plan that includes building factories in the United States and Indonesia and targeting markets in India, the Middle East, Africa, and Latin America. The company plans to launch its other models, VF6, VF7, and VF9, in Europe next year. VinFast's Q1 revenue dropped 49% from the previous year, posting a net loss of $598 million.
