VinFast is looking to dealers to help them establish a foothold in the US market. In a recent regulatory filing, the company revealed that it has successfully recruited 27 potential dealers across a dozen states.
VinFast has been operating in the US, starting with California, where they introduced the VF 8 crossover earlier this year. However, sales were slow with only 111 of the 999 VF 8 electric SUVs that were shipped to California selling within the first three months. Unable to move their EVs through the direct to consumer sales model, the Vietnamese electric vehicle (EV) manufacturer announced in August it was looking to partner with already established dealerships.
Those efforts have paid off, at least in terms of getting dealers on board with 27 dealers with more than 100 locations across the US saying they want to sell VinFast EVs.
“Through the end of Sept. 30, 2023, VinFast has received applications/letters of intent from 27 dealers with more than 100 open points across 12 states in the U.S.,” the automaker said in their Q3 earnings report. (via Automotive News)
The announcement highlighted the extensive interest from dealers, with applications and letters of intent from more than 100 potential sales points across states including Florida, Texas, North Carolina, Virginia, Louisiana, New Jersey, and Arkansas. The exact number of dealers and sales points VinFast plans to establish in the US was not disclosed.
This expansion comes on the heels of VinFast’s Nasdaq listing in August, which saw its stock prices surge initially to more than $82 per share, before dropping to around the $5 mark today.
Currently VinFast only sells the VF 8 electric SUV in the US and Canada, but plans to introduce the larger VF 9 SUV before the end of the year.