Vietnamese VinFast electric cars will begin to be sold in the EU – Kommersant

Today, September 21st, it became knownthat European regulators have issued permission for the supply of electric vehicles to the EU from the Vietnamese manufacturer VinFast. It is reported that the first batch of 3 thousand cars will arrive in Europe this year. Sales of VinFast in the EU will begin in France, Germany and the Netherlands in the fourth quarter, Reuters clarifies, citing sources in the company. Thus, the EU could become the largest market for the Vietnamese automaker, which supplied 2.1 thousand of its electric vehicles to the United States this year.

In August VinFast started listed on the NASDAQ exchange through a merger with a SPAC. And according to the results of the first day of trading, the company’s shares soared by 68.5%. As a result, its market capitalization reached $85 billion, which at that time made VinFast more expensive than Ford Motor, General Motors and BMW Group. VinFast is part of the VinGroup conglomerate of Vietnam’s richest man, Pham Nhat Vuong. VinFast was launched in 2017 to develop models in collaboration with BMW, Magna Steyr and Pininfarina. Currently, the capitalization of the Vietnamese company is $40 billion.

VinFast currently produces its electric vehicles in Vietnam, but as early as 2024 plans locate part of the production in the USA.

Evgeny Khvostik