If you are considering buying VinFast’s new VF 8 electric vehicle that landed in the US, you may be in luck. VinFast announced a new pricing promotion Friday, along with an updated EPA range for the VF 8 City Edition.
Last week, Electrek reported VinFast was considering implementing new promotions as it worked to make a name for itself in the US market.
After Tesla introduced massive price cuts across its lineup (Model Y was up to 20% off), the EV leader experienced “unprecedented demand” in the US and other markets globally, with many stores hitting new records.
However, analysts believe Tesla’s price cuts may spark the beginning of an EV price war in which other automakers will also need to reduce prices to remain competitive.
We are already seeing the spillover effects. For example, XPeng slashed prices on some of its most popular EV models in China by up to 13%, following a decline in sales during Tesla’s price cuts.
Experts say the same could happen in the US, and we are seeing our first signs of it as newcomer VinFast releases a special promotion for its first EV in the region, the VF 8 City Edition.
According to the company, the VF 8 City Edition Eco will start at $49,000, while the Plus model starts at $56,000, effective immediately. Buyers will also receive an additional direct discount of $3,000 off the MSRP.
In addition, the EPA estimated range for the VF 8 Eco has been upgraded to 207 miles (333 km) on a single charge, up from 179 previously.
After shipping its first batch of VF 8 models to the US in November and starting the process of going public on the US markets, VinFast is looking to expand its brand and become a competitor in the rapidly evolving EV market.
As a newer brand, introducing price discounts can be a great way to attract new buyers. However, the VF 8 is still pricey, especially the Plus model. The VF 8 Plus starts at $56,000 ($53,000 with direct discount) with 179 miles EPA estimated range.
With those prices, it will be hard to compete with Tesla, given the Model Y starts at $53,490 with a 330-mile range. Even the Eco model with an updated 207-mile range is almost $50,000.
There are several EV SUVs on the market already that the VF 8 will compete with, such as Hyundai’s IONIQ 5, with a starting MSRP of $41,450 and an EPA range of 303 miles.
I like VinFast’s vision and how quickly the company is expanding, but with prices like these, it may be tough to carve out a market for itself. Hopefully, they can prove me otherwise.