Vietnam-based VinFast, an automotive startup that’s part of local conglomerate Vingroup, said it will cease production of its internal combustion engine cars and transition into producing only electric vehicles (EVs) starting late 2022.
Photo credit: VinFast
VinFast has launched a range of fully electric vehicles: the VF 5, VF 6, and VF 7. It has also renamed its VF e35 and VF e36 models, which were introduced at the 2021 LA Auto Show as the VF 8 and VF 9, respectively.
The company said all five EVs were designed by Italian firms Pininfarina and Torino Design. Its VF 8 and VF 9 models will have smart features, including smart home, mobile office, in-car shopping, and in-car entertainment offerings.
“VinFast envisions a sustainable future for people and the planet through green, clean, and safe mobility,” VinFast global CEO Le Thi Thu Thuy said.
The initial price for the VF 8 is pegged at around US$41,000, while the initial sticker price of the VF 9 will be at around US$56,000.
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VinFast said it will use blockchain tech to receive orders and confirm ownership of the vehicles.
The launch of the new vehicle line comes amid VinFast’s plans to take its company public in the US in the second half of 2022. The firm could raise as much as US$3 billion from an IPO, lifting its valuation to between US$25 billion and US$60 billion.
Editing by Miguel Cordon and Jaclyn Tiu
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