HANOI, VIETNAM - Media OutReach Newswire - 25 July 2024 - Leveraging global growing appetite for SUVs, VinFast is well-positioned to capture market share with its comprehensive product portfolio. Spanning segments A to E, the Vietnamese automaker offers a variety of electric SUVs to cater to diverse needs. VinFast has just introduced the D-segment model VF 8 in Europe, but the B-segment car model VF 6 promises to make waves with its modern design, packed with smart features. Coupled with VinFast's industry-leading warranty and after-sales support, the VF 6 presents an attractive option for cost-conscious young Europeans seeking a seamless transition to electric mobility.
Europe's love affair with SUVs has reached a new peak, with these vehicles surpassing all other categories combined in sales for 2023, according to data from Automotive News Europe. This dominance, foreshadowed by rising SUV popularity in recent years, marks a significant shift in the European automotive landscape.
While the image of hulking SUVs might come to mind, the trend is largely driven by the rise of smaller, more manageable SUVs that have replaced the continent's once-ubiquitous hatchbacks. These compact people movers, accounting for 4.1 million sales in 2023, are the current darlings of European drivers.
This trend presents an opportunity for VinFast, a Vietnamese electric car company with a global outlook. The Nasdaq-listed automaker, known for its diverse product range, sees Europe's embrace of SUVs as a springboard for its electric vehicle ambitions.
Vingroup - VinFast's parent company, Vietnam's leading private corporation - is a dominant force in the country's economy, contributing approximately 1.6% to its 2023 GDP. This diversified conglomerate spans technology-industry, trade & services, and social enterprise.
At the helm of this empire is Vietnam's wealthiest individual, Pham Nhat Vuong, who views VinFast as a "devotion project". "The electric vehicle market is poised for significant growth," Vuong asserts, underscoring his unwavering commitment to VinFast as the cornerstone of Vingroup's future.
Led by its visionary founder, VinFast is determined to be a driving force in the global electric vehicle revolution, navigating a landscape of rising interest rates, a shaky global economy, and potential dips in consumer confidence. To mitigate these headwinds, VinFast has established a competitive edge through a multifaceted approach.
The company offers a comprehensive electric mobility ecosystem, encompassing electric buses, scooters, and cars. Its passenger car segment caters to a wide range of needs and budgets, with offerings spanning from mini e-SUV to full-sized electric SUVs. Notably, VinFast boasts a diverse SUV lineup, including the VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9, spanning from A-SUV to E-SUV segments.
VinFast's VF 6 SUV Aims to Take Electric Mobility Mainstream
VinFast is making a strategic push into global markets with the VF 6, a B-segment SUV that has garnered positive reviews in its domestic market. Analysts see the VF 6 as a key player in VinFast's plan to establish itself in demanding regions like the United States and Europe.
The VF 6 has been praised for its technology and features, which rival those found in more expensive vehicle classes. The spacious interior, with dimensions comparable to C-SUVs, caters to the needs of young families.
The electric drivetrain offers inherent advantages in terms of maintenance costs, as there's no need for frequent oil changes. Industry experts view the VF 6's combination of competitive pricing, stylish design, and advanced technology as a potential game-changer in the electric car market.
The VF 6's design, crafted by Torino Design, features VinFast's signature wing-shaped LED strip and imposing 19-inch alloy wheels, a rarity in the B-segment. The eye-catching aesthetics and unique color options are seen as appealing to style-conscious consumers.
Performance-wise, the VF 6 caters to a range of driving styles. In Vietnam, both the Base and Plus versions come equipped with a 59.6kWh LFP battery, offering a driving range of 399 km and 381 km respectively (based on WLTP standards). Power output varies between the two trims, with the Plus offering a more exhilarating driving experience thanks to its 150 kW electric motor and 310 Nm of torque.
The VF 6 Plus boasts an advanced driver-assistance system that includes traffic jam assistance, highway driving assistance, lane departure warning, and adaptive cruise control. These features, along with lane keeping assist, traffic sign recognition, and automatic emergency braking, are hallmarks of VinFast vehicles and contribute to a safer and more relaxing driving experience.
The VF 6 goes beyond its functional strengths by offering a suite of advanced technology and smart features. This elevates the driving experience, transforming the car into a well-equipped mobile hub that caters to entertainment and relaxation needs for passengers on the go.
Long Warranties and Strategic Partnerships Pave the Way for European Inroads
Following the tradition of VinFast's electric vehicle lineup, the VF 6 will be backed by a comprehensive after-sales program. In Vietnam, this includes a leading 7-year or 160,000 km warranty, whichever comes first. This industry-topping guarantee underscores VinFast's long-term commitment to every market it enters, fostering trust and confidence among consumers.
Particularly in Europe, a region known for its discerning car buyers, VinFast is doubling down on its warranty offerings. This warranty reflects the company's deep belief in the quality and reliability of the VF 6. It also signifies VinFast's commitment to providing European consumers with not just a compelling electric vehicle option, but also the peace of mind and security they expect from a car manufacturer. This strategy positions VinFast as a serious contender in the European electric car market, one that prioritizes not just innovation but also customer satisfaction over the long term.
In a strategic move to address potential customer concerns before delivering cars in the European market, VinFast has established key partnerships to build a robust after-sales and customer care network.
The company secured a cooperation agreement with Mobivia, a leading European car repair and maintenance brand, in April. This partnership grants VinFast customers in France and Germany access to high-quality after-sales services at Mobivia's expansive network of 1,200 service workshops. The agreement ensures warranty services, maintenance consultations, and the supply of new parts and accessories for VinFast electric vehicles, all adhering to Mobivia's rigorous standards.
Further bolstering customer confidence, VinFast announced a partnership with Bosch, a global leader in automotive technology and services. This collaboration grants VinFast customers in Europe access to Bosch's vast network of 700,000 charging points across 30 European countries. This seamless charging infrastructure empowers VinFast owners to navigate Europe with ease and peace of mind.
Building upon their successful two-year collaboration on charging services in North America, the Bosch-VinFast partnership in Europe exemplifies their commitment to providing a smooth and worry-free electric vehicle ownership experience. These pre-emptive actions demonstrate VinFast's understanding of the importance of customer care in the competitive European electric car market.
With a strategic focus on SUVs and a commitment to exceptional customer service, VinFast is poised to capitalize on the European electric vehicle market. The company's diverse product portfolio, including the well-received VF 6, caters to the continent's shift towards smaller, more manageable electric SUVs.
By prioritizing after-sales care through partnerships with established brands like Mobivia and Bosch, VinFast is addressing potential concerns and building trust among European consumers. This multifaceted approach positions VinFast as a serious contender in the electric vehicle landscape, one that is not just delivering innovative vehicles but is also building a reputation for long-term customer satisfaction. As Europe's love affair with SUVs continues to evolve, VinFast is well-positioned to become a household name for those seeking a seamless and stylish electric driving experience.Hashtag: #VinFast
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News Source: VinFast
25/07/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.
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