In a warm welcome to VinFast, CNN's Julia Chatterley introduced the Vietnamese electric car manufacturer as a new player in the industry, highlighting its remarkable listing on Nasdaq. The company's expansion endeavors in the United States, including the commencement of a factory construction project in North Carolina, were also brought to the forefront.
Journalist JULIA CHATTERLEY: - Congratulations to VinFast on successfully completing the listing last week. This is a significant milestone not only for VinFast Group but also for you and your team. How do you personally reflect on this achievement?
CEO LÊ THỊ THU THỦY: - It's been an incredibly interesting journey! The enthusiastic market response has been astounding. We believe that the market acknowledges our capabilities and recognizes the necessity of players like us.
- Could you elaborate on VinFast's post-listing plans?
- VinFast consistently has ambitious plans on the horizon. With the listing triumph behind us, we are optimistic about the recovering market that will facilitate future capital-raising endeavors. We have solid backing from our parent company Vingroup and Chairman Phạm Nhật Vượng, who have committed USD 2.5 billion to support our journey to profitability. We are actively constructing a factory in North Carolina that will focus on vehicle production and distribution. Our expansion strategy spans multiple markets, including North America, Vietnam, and soon Europe, Southeast Asia, and the Middle East.
- How does VinFast believe it can compete in the US market, given the presence of established electric car giants like Tesla?
- You've touched upon the reason! The American market is indeed challenging and demanding. Conquering this market would signify success that extends to any part of the world. We hold a strong belief in our prospects in the US, especially with our innovative hybrid model—a blend of our proprietary retail system with distributor partnerships—which promises to expedite market expansion. We have witnessed keen interest from various states. Moreover, the broader shift from gasoline to electric vehicles provides ample space for new electric car brands. VinFast remains confident in its ability to capture the market.
- Could you provide insights into the production capacity of VinFast factories?
- Our factory in Vietnam can potentially yield up to 300,000 units annually, with plans to escalate capacity to 950,000 units. Advantages in labor costs coupled with a resilient supply chain confer a significant competitive edge to VinFast. Furthermore, the North Carolina facility is slated to begin operations at a capacity of 150,000 units per year, with scope for expansion in line with market demands.
- We understand the VF 8 model currently retails around USD 46,000 (approximately 1.1 billion VND) and the VF 9 model is on the horizon. Could you elaborate on VF 9's pre-order numbers and expectations post-listing?
- Presently, we have received approximately 26,000 global orders, with around 10,000 originating from the US. The majority of these orders are in anticipation of the VF 9 model. A substantial number of customers are eagerly awaiting the arrival of this model in the US.
- What challenges do electric car companies encounter, and what factors hinder customer access to such products, be it pricing or charging infrastructure?
- The US has an extensive charging infrastructure in place, with over 73,000 charging stations accessible to VinFast. Given the growth trajectory of these charging stations and associated partnerships, we are confident that charging infrastructure isn't a major impediment. In my view, the challenge lies in creating affordable products that cater to every consumer. This is why our mission centers on making electric vehicles accessible to a wide audience. Our product range, from compact models like the VF 3 to the full-size SUV VF 9, embodies this commitment.
- With investors currently having access to only a small fraction (1%) of shares, will there be future opportunities for capital raising by VinFast?
- We will continually assess investment possibilities in alignment with market conditions. A significant volume of shares will be introduced to the market within the next six to twelve months.
- What does the name VinFast signify?
- VinFast stands for "Vietnam - Style - Safety - Innovation - Pioneer." The name reflects our aspiration to introduce the Vietnamese brand to the global stage through automobile production. VinGroup aims to stimulate heavy industry growth, bolster manufacturing and support sectors in Vietnam, fostering development opportunities.
- Thank you very much.
