In a year marked by significant milestones and challenges, VinFast, the Vietnamese automaker, has been navigating a diverse landscape in the automotive industry. The company’s strides include a remarkable NASDAQ listing and a strategic marketing campaign, while also facing initial skepticism and modest sales.
In the early months of 2023, VinFast’s debut of its VF8 model faced a notable wave of criticism, with sentiment leaning toward the negative. The unveiling event was met with some skepticism, and from February to May of the same year, approximately 128 units were reportedly sold. These initial hurdles, however, were only part of VinFast’s multifaceted year.
Breaking onto the global stage, VinFast achieved a significant feat by listing on the NASDAQ stock exchange. This move propelled the company’s valuation to an astonishing $80 billion, surpassing prominent automotive giants such as Volkswagen ($69.7 billion) and BMW ($69.4 billion). This valuation surge reflected investor confidence in VinFast’s potential and its ambitious vision for the future.
Leveraging the momentum gained from its NASDAQ listing, VinFast orchestrated a bold marketing strategy to raise awareness about its electric crossover, the VF8. Collaborating with actor Joey Lawrence, the company unveiled an advertisement showcasing the VF8’s features. The commercial featured the sleek red VF8 driving past a lineup of white electric vehicles, including the Ford Mustang Mach-E, Polestar 2, and two Tesla Model 3s, as well as a PHEV, the Chevrolet Volt, at a charging station.
The advertisement spotlighted various premium amenities offered by the VF8. Notably, the vehicle boasts rear ventilated seats, a luxury not even found in a BMW iX. The VF8 also flaunts a panoramic opening sunroof, a feature that sets it apart from the majority of electric crossovers.
At the heart of the campaign is VinFast’s remarkable warranty offering. While conventional automakers typically provide a four-year basic warranty, the VF8 comes with an extraordinary ten-year or 125,000-mile basic warranty. Even more impressive is the battery warranty, which extends for a decade, regardless of the distance covered. As highlighted in the ad, an owner could accumulate up to one million miles and still have the battery pack covered by warranty.
Madam Thuy Le, the CEO of VinFast, emphasized the company’s commitment to bringing innovative electric vehicles to the U.S. market. She stated, “The VinFast team has dedicated relentless effort to introduce distinct EVs to American consumers. Our latest U.S. marketing campaign, ‘Changing Lanes,’ showcases the VF8’s captivating design, unparalleled warranty, and an extensive list of premium, intelligent features that come standard—a remarkable proposition for EV enthusiasts seeking a unique driving experience.”
In this year of ups and downs, VinFast’s journey is emblematic of the ever-evolving landscape of the automotive industry. With its audacious strides and endeavors, the company continues to carve out its place in the market while facing the challenges that come with innovation and growth.