VinFast released its most affordable EV yet on Friday, the VF 5 Plus electric SUV, starting at around $23,000. According to VinFast, the electric SUV received 3,000 reservations within nine hours of opening orders.
VinFast has made a name for itself after producing and delivering the first fully electric vehicle sold in Vietnam.
The EV maker followed it up by vowing to end gas-powered vehicle production and move toward a fully electric lineup. VinFast debuted its first two EVs, the VF 8 and VF 9, at the 2021 LA Auto Show as it looked to expand its brand globally.
VinFast hit another major milestone in November, shipping its first batch of VF 8 electric SUVs to the US and becoming the first Vietnamese automaker to sell cars in the US earlier this year.
However, in a competitive US EV market still being dominated by Tesla, VinFast has already slashed VF 8 prices after the EV leaders price cuts earlier this year sparked concerns of a pricing war.
VinFast has since announced that new and previous VF 8 customers are eligible to receive up to $7,500 in tax credits in California.
To help overcome this, VinFast debuted its most affordable electric model yet, the VF 5 Plus on Friday. Initial reports suggest the electric SUV is already attracting new customers.
VinFast releases its cheapest EV yet, the VF 5 Plus
In a press release Friday, VinGroup, the parent company behind VinFast, said the EV maker will officially begin VF 5 Plus deliveries in Vietnam.
The VF 5 Plus is VinFast’s most affordable EV yet with a starting price of around VND 458 million ($19,500) plus battery costs. VinFast offers a monthly battery subscription that costs VND 1.6 million (roughly $68) which amounts to a total price of around VND 538 million ($22,900).
According to VinGroup, the low cost VF 5 Plus received over 3,000 reservations within nine hours of opening, with 80% of them converting to preorders. VinFast’s newest SUV is an A-SUV (compact) that delivers 100 kW (134 hp) maximum power and 135 Nm (100 lb-ft) of torque.
Powered by a 37.23 kWh lithium ion battery pack, the VF 5 Plus can drive over 300 km (186 miles) on a full charge according to VinGroup.
VinFast CEO Madam Le Thi Thu Thuy says:
The launch of the VF 5 Plus will provide customers with additional choices that suit the needs of the majority, thereby encouraging consumers to switch to electric vehicles and contributing to a sustainable future for all.
The move comes as low cost EVs are entering its domestic market like the $4,500 Hongguang Mini EV and others from Chinese automakers like BYD.
VinFast has not stated if the VF 5 electric SUV will make its way to the US. We’ll keep you updated if we hear anything.
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