Last week, Tesla lowered prices in key markets such as the United States, European Union, and China by up to 20%. In response, competitors are beginning to strategize countermeasures.
One such competitor, VinFast, a Vietnamese electric vehicle manufacturer currently selling in the US and Europe, is planning to launch promotions to maintain the competitiveness of its models, according to Reuters.
In comparison, the entry-level Tesla Model Y SUV is currently priced at $52,990, which has recently been lowered from $65,990. To compete, VinFast may need to lower their prices or offer additional benefits.
A VinFast spokesperson put it like this: “As a new brand entering the market, when other brands reduce their prices we have to come up with promotions to ensure VinFast’s competitiveness. We are considering many promotion programmes and will announce soon”.
In November, the first 999 VinFast electric vehicles (EVs) were shipped to the US and are set to be delivered to customers this month. To date, the brand has received 65,000 orders globally and aims to sell 750,000 EVs annually by 2026. To achieve this goal, VinFast plans to construct a factory in North Carolina, pending approval from local authorities.