Vietnamese automaker VinFast launched its yet most affordable EV, the VF5 Plus electric SUV, which starts at roughly $23,000. The VF5 EV had 3,000 reservations within 9 hours of going on sale, according to VinFast.
VinFast has made a name for itself after producing and delivering the first fully electric vehicle sold in Vietnam. Within just 3 years of its existence, the automaker announced to end ICE-powered vehicle production and move toward a fully electric lineup. VinFast debuted its first two EVs, the VF8 and VF9, at the 2021 LA (Los Angeles) Auto Show as it looked to expand its brand globally. It then reached another significant milestone in November 2022, exporting the first batch of VF8 electric SUVs to the United States becoming the first Vietnamese carmaker to sell automobiles in the USA.
The new VF5 Plus in Vietnam has a starting price of around VND 458 million ($19,500) plus battery costs. VinFast offers a monthly battery subscription from VND 1.6 million (roughly $68) which amounts to a total price of around VND 538 million ($22,900). According to early assessments, the electric SUV is already attracting new consumers.
Related: VinFast Targets 1 million EV Sales Globally in 5/6 Years
VF5, classified as an A-segment electric SUV, delivers 100 kW (134 hp) of maximum power and 135 Nm of torque. It is powered by a 37.23 kWh lithium-ion battery pack and can drive over 300 km on a full charge according to the company. Commenting at the launch, VinFast CEO Madam Le Thi Thu Thuy says:
The launch of the VF 5 Plus will provide customers with additional choices that suit the needs of the majority, thereby encouraging consumers to switch to electric vehicles and contributing to a sustainable future for all.
The decision was made as inexpensive EVs, including the $4,500 Hongguang Mini EV and others from Chinese automakers like BYD, are beginning to appear on the local market.
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