VinFast, a Vietnamese EV startup, opened its first showrooms in California during July 2022. The company expects to scale up its operations across the states and plans to deploy a new EV manufacturing facility worth USD 2 billion in North Carolina.

The company has planned for an initial public offering (IPO) later this year or next year to fund its growth plans. VinFast will initially open six showrooms in California and aims to scale up with a further 12 outlets, prior to spanning out across other US markets. The showrooms will not sell vehicles but instead will act as galleries where consumers can explore options and work with sales staff to place online reservations. 

VinFast will sell two EV sports-utility vehicles in the US; this includes a midsize SUVs, called “VF8” priced at USD 40,700 onwards and a larger version “VF9,” starting at USD 55,500. US customers can place orders with deliveries expected to start by late 2022. 

Founded in 2017, VinFast is the electric vehicle manufacturing arm of the Vietnamese conglomerate Vingroup. The company has a unique business model where buyers pay one price for the vehicle and lease the battery for a monthly fee. VinFast sells its vehicles directly to customers, replacing traditional dealership networks.