VinFast, the Vietnamese electric vehicle (EV) manufacturer, has adopted a distinctive strategy by offering substantial payouts to customers experiencing extended service delays on their vehicles. In an innovative move, VinFast is providing cash incentives or service vouchers, ranging from $100 for minor issues to $300 for problems rendering the vehicle inoperable, with additional compensation for service delays exceeding three days, as reported by Automotive News.
This unique post-sales service initiative, not directly associated with VinFast's 10-year, 120,000-mile warranty, aims to distinguish the automaker in the increasingly competitive EV market. VinFast clarified that the payouts are part of its commitment to delivering a satisfying and worry-free experience for its customers.
The compensation structure is categorized into three types:
Type 1: Minor Repair Issues – $100
- Examples include inconveniences that do not impact the vehicle's use, such as air conditioner or the 360-camera system.
Type 2: Issues Causing Inoperability – $300
- Covers problems requiring rescue servicing, such as regenerative braking or issues with starting and stopping the vehicle.
Type 3: Ongoing Goodwill Compensation for Extended Service Delays – $100 per day (available after the third day)
- Customers experiencing delays beyond three days are eligible for daily goodwill compensation, with no specified maximum limit.
VinFast emphasized its commitment to resolving issues promptly, aiming to return the cars to customers as quickly as possible. The automaker's unique approach to after-sales service follows its entry into the U.S. market last December, where it faced a recall of all vehicles, subsequently resolved through a software update in May.
In August, VinFast witnessed a surge in market capitalization, reaching $191 billion with a record stock price. However, as of the latest market update, its stock price has retraced to around $5.41, with a market cap of approximately $12.62 billion.
Despite market fluctuations, VinFast's unconventional post-sales compensation strategy reflects its ongoing efforts to carve a distinctive identity in the competitive electric vehicle landscape.