Vietnamese automaker VinFast has announced its intention to commence shipments of its EVs to Europe later this year. This development comes in the wake of regulatory approvals and against the backdrop of the European Union's deliberations on imposing tariffs on Chinese EV manufacturers.
Sources familiar with VinFast's strategy have revealed that approximately 3,000 units of the VF8 crossover model are slated for delivery to European destinations, including France, Germany, the Netherlands, and Israel, during the fourth quarter of this year. These vehicles will be manufactured at VinFast's production facility in northern Vietnam. The source, preferring anonymity due to the non-public nature of these details, did not disclose the precise number of VF8 SUVs set to be delivered.
Should this plan come to fruition, Europe will become VinFast's primary overseas market in the current year. Earlier this year, the company successfully shipped around 2,100 EVs to the United States.
VinFast's foray into the European market had initially been scheduled for the second half of 2022; however, it faced delays attributable to the global semiconductor shortage. The company, which has experienced financial losses, has revised its targets on multiple occasions.
CEO Le Thi Thu Thuy stated, “We expect to deliver the first VF8 models to French, German, and Dutch customers in the fourth quarter of this year.” She also revealed that the company's other models, namely VF6, VF7, and VF9, are set to make their European debut next year.
VinFast's expansion into Europe coincides with the European Union's launch of an investigation into Chinese subsidies for electric vehicles. This move comes amidst concerns that the European market may witness an influx of competitively priced EV imports from China.
Chinese automakers, including industry leaders such as BYD, MG, and Nio, are gearing up to bolster their sales in Europe with a range of cost-effective EV offerings. This development highlights the intensifying competition and evolving dynamics in the global electric vehicle landscape.