Vietnam's VinFast faces uphill battle in U.S. EV market despite billionaire founder's big bets
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VinFast faces major challenges as it enters the U.S. market. Vietnam’s richest person is betting over $10 billion to create Vietnam's first global automaker.
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VinFast currently has tiny U.S. market share, selling only 2,000 EVs in 2022's first 9 months. It aims to sell 1 million EVs worldwide in 6 years.
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The VF 8 model had a recall 2 months after U.S. launch. Reviews criticized ride quality, tech features. VinFast says it quickly fixed issues.
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Prices are similar to rivals, but range and features fall short. VinFast could gain share by tapping more U.S. expertise.
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Founder Pham Nhat Vuong continues to fund VinFast's global expansion, despite ongoing losses. Profitability expected by 2025.