VinFast has significantly reduced its lease prices for its first model shipped to the United States, offering discounts of up to 54% to early customers in California. The company’s VF8 all-electric crossover was initially advertised with a monthly lease price of $599 for 24 months, but the website now shows a lease price of $399 per month for the same period. Those who had already paid a refundable deposit on the vehicle were informed that the payment would be $274 per month in California.
VinFast’s move comes amid increased price competition among EV manufacturers. In January, Tesla reduced prices globally by up to 20%, although it has since increased prices on some models and in some markets. The Biden administration’s EV credits, which took effect at the start of the year, have also influenced the decision-making process of automakers and US consumers.
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EVs made by Tesla in North America qualify for a consumer tax credit of $7,500, and businesses, including finance companies that underwrite car leases, can claim a credit of up to $7,500 for EVs if they are sold by one of the companies certified by the IRS.
However, VinFast was not listed as one of the 39 “qualified manufacturers” on the IRS list as of Monday. The company has filed for an initial public offering in the United States and has plans to build an EV assembly factory in North Carolina. VinFast shipped its first 999 EVs to California late last year, but they have not yet been made available to buyers. In November, the company signed a deal with vehicle subscription service Autonomy to purchase 2,500 EVs.
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The drastic reduction in lease prices for VinFast’s electric crossover marks the company’s aggressive entry into the US EV market, where competition is heating up. With its IPO and assembly plant in the works, VinFast is positioning itself as a serious player in the industry, and its latest move will certainly garner attention from consumers and competitors alike.
