Vietnamese electric vehicle (EV) manufacturer VinFast is cutting prices on most of its models by between 2% and 14%, aiming to attract more customers and accelerate sales growth, the company announced on Sunday.
The price reductions, which take effect this month, come as part of a broader strategy to strengthen its position in the global EV market and achieve its goal of doubling sales in 2025.
See also: VinFast Nearly Triples EV Sales in 2024, But Struggles Abroad
VinFast stated that the move is intended to lower the initial cost burden for buyers, particularly as the company transitions away from its battery rental model. Previously, customers were required to lease batteries separately, an approach aimed at reducing upfront costs.
However, VinFast is now discontinuing this service, opting instead for a more traditional pricing model where battery costs are included in the overall vehicle price. The company believes this change will simplify the purchasing process and make its EVs more accessible to a wider audience.
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“By reducing prices and phasing out battery rentals, we are making electric mobility more accessible,” VinFast said in a statement, according to Nikkei Asia. The decision reflects the company’s efforts to remain competitive in the fast-evolving EV industry, where affordability and cost transparency are key factors influencing consumer decisions.
VinFast has been expanding aggressively in international markets, with a focus on North America, Europe, and Southeast Asia. In 2024, the company reported strong growth, setting the stage for its ambitious target of doubling sales by 2025.
See also: VinFast Officially Launches Its Brand in the Middle East
As competition intensifies, major automakers and EV startups alike have been adjusting pricing strategies to attract customers, particularly amid shifting market conditions and evolving government incentives.
