Shulou(Shulou.com)11/24 Report--

On the morning of February 28, Beijing time, it was reported that Vietnamese electric car maker VinFast had cut the rental price of its first model sent to the United States by more than 50%. The model will be available to customers in California and shipments will begin this week.

VinFast is a subsidiary of Vietnam Vingroup Group. The company said in January that its first all-electric model, the VF8, was leased at $599 a month for 24 months (CTOnews.com Note: currently about 4169 yuan). By Monday, however, the company's website showed that the rent had been reduced to $399 a month for 24 months (CTOnews.com Note: currently about 2777 yuan).

In California, monthly rental prices for customers who have paid refundable deposits have been further reduced to $274 (CTOnews.com Note: currently about 1907 yuan), according to information sent to potential buyers by VinFast. California will be the first state in the United States to receive VF8 models. This is equivalent to a 33% to 54% reduction from the originally announced monthly rent price.

"this is a special offer we offer to our customers for VF8 city models to remain competitive with other brands," VinFast said in a statement. "We will officially deliver VF8 City to our customers on March 1." The company did not disclose specific delivery quantities.

VinFast's move shows that the global price war between electric vehicle manufacturers is intensifying. In January, Tesla announced a global price cut of up to 20 per cent. However, the company then raised the price of some models slightly in some markets.

The new tax exemption for electric vehicles, which came into effect earlier this year, has also affected the concerns of automakers and American consumers. Electric cars like Tesla's in North America are eligible for a consumption tax credit of $7500 (CTOnews.com Note: currently about 52125 yuan). If electric cars are sold by companies certified by the IRS, companies, including financial services companies that take on car leases, can also apply for a tax credit of up to $7500. But as of Monday, VinFast was not one of 39 "qualified manufacturers" identified by the IRS.

Earlier this month, VinFast said that Bank of America would provide financial leasing services for its sales in the United States. Last November, VinFast also reached an agreement with Autonomy to purchase 2500 VinFast electric vehicles for a monthly subscription service.

In a separate statement, Li Qiushui, chairman of VinFast, said that after the US market, VinFast would also deliver electric vehicles in Canada, France, Germany and the Netherlands. Currently, the VF8 City Edition is available in two models with a range of 333km and 307km respectively.

VinFast has filed for IPO in the United States and plans to build an electric vehicle assembly plant in North Carolina.

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