VinFast Expands into the US with First Dealership Partnership

VinFast Partners with Leith Automotive Group in North Carolina

Vietnamese electric vehicle (EV) maker VinFast marks a significant milestone by launching its first U.S. dealership in partnership with the North Carolina-based Leith Automotive Group.

This strategic move is part of VinFast‘s broader plan to increase its presence in the competitive U.S. market.

Shift in Distribution Strategy

In a departure from its initial Tesla-like direct-to-consumer model, VinFast’s global chief executive announced a shift to a “hybrid” distribution approach that includes dealership partnerships.

This change aligns with VinFast’s efforts to enhance its sales and service network in the United States.

VinFast’s $4 Billion Manufacturing Plant

The partnership gains further significance as North Carolina is set to host VinFast’s $4 billion manufacturing facility, which is expected to begin operations in 2026.

This plant represents a major investment in the U.S. market and indicates VinFast’s commitment to long-term growth in the region.

Comprehensive Service through Leith

Leith Automotive Group will not only serve as a sales point but will also handle all necessary repairs, maintenance, and parts for VinFast vehicles.

This comprehensive service model aims to provide a seamless customer experience.

VinFast’s Growing Presence in the US

Founded in 2017 and part of Vietnam‘s largest conglomerate Vingroup (VIC.HM), VinFast began delivering electric cars in California in March and debuted on Nasdaq in late August.

The company has received applications from 70 dealers across the United States, potentially expanding its distribution through 125 sales points nationwide.

Market Entry Amidst Competitive EV Pricing

VinFast enters the U.S. market at a time when EV pricing is increasingly competitive, with Tesla and several Chinese companies leading the charge.

The company reported sales of approximately 13,000 units globally in the second and third quarters of the year, over half of which were to an affiliate owned by its founder.

VinFast’s strategic dealership partnership and manufacturing investment in North Carolina signify its ambitious plans to establish a robust foothold in the U.S. EV market.

Amidst intense competition and evolving market dynamics, VinFast’s hybrid distribution model and comprehensive service approach could be key factors in its success in the American market.

Photos courtesy of VinFast