If there is one country that can bring cheap electric cars to market, it is China. But this company comes very close.
When you think of affordable electric cars, China quickly comes to mind. The country leads the way in EV technology and brings surprisingly affordable models to market time and again. Yet we must also consider some underdogs.
VinFast, an emerging startup, has officially launched its latest electric car, the VF 3, in foreign markets and it is a big success. This new, affordable electric car is not from China, but … from Vietnam!
The ultra-affordable electric car that is not from China
Unveiled in January, the VF 3 immediately caught on in Vietnam and online. Its compact but sturdy design (which is a bit reminiscent of a mini Ford Bronco) is aimed primarily at young drivers who value both style and functionality, said Tran Mai Hoa, VinFast’s CEO.
In May, VinFast began pre-orders in Vietnam for a special introductory price of 235 million VND (about 9,165 euros) for the battery-only model. A model with battery included paid 315 million VND (about 12,285 euros), but this price was only available for orders between May 13 and 15.
A mini version (Image: VinFast)
The ultra-cheap electric car turned out to be a hit. In just 66 hours, VinFast received a whopping 27,649 pre-orders, a new record in Vietnam. According to the company, the VF 3 became a hit on social media and topped the trend lists.
VinFast started delivering the VF 3 last month, with prices starting at 322 million VND (about 12,558 euros). The company aims to get at least 20,000 of these models on the road this year.
Success in the Philippines
The ultra-cheap electric car is already crossing the border, too. On Tuesday, VinFast officially launched the VF 3 in the Philippines.
Anyone who reserves the VF 3 between Sept. 19 and Sept. 30 will receive special pricing and additional benefits. The promo price is about 28,520 euros for the model with a battery subscription and 32,870 euros for the model with the battery included.
The interior (Image: VinFast)
VinFast is also giving early buyers of the VF 3 a chance to choose from nine different paint colors for free. For special premium colors, you will pay 20,000 pesos (about 920 euros) after the promotion.
Will Vietnam pass China with this electric car?
The VinFast VF 3 is pretty compact with dimensions of 3 meters long, 1.6 meters wide and 1.6 meters high, and it has a wheelbase of 2 meters. That makes it even smaller than the Chevy Bolt EV.
With an 18.64 kWh battery, the VF 3 can drive about 210 km on a full charge. Moreover, it can be charged from 10 to 70 percent in about 36 minutes with a fast charger.
VinFast’s small electric SUV will compete with low-cost EVs from China in the Philippines. Currently, China’s BYD firmly controls the market, with 66 percent of EV sales by 2024.
