VFS remains a money-losing business reliant on Vingroup's money
Established in 2017, VinFast entered the U.S. market this year as part of a push to expand sales beyond its home country of Vietnam. The auto manufacturer is controlled by the Vingroup; Vietnam’s largest conglomerate, and began trading on the Nasdaq Tuesday after a reverse-merger deal with special-purpose acquisition company Black Spade.
VinFast remains a money-losing business reliant on its parent for capital.
In May, it recalled all the cars it had shipped to the U.S.—nearly 1,000 in total—for a problem with the display screen going blank while driving, preventing owners from seeing warning lights or the speedometer. A little over 100 of those were already delivered to customers.
Car reviewers have also panned its first U.S. model, describing glitches with the technology and other quality problems that they say are a sign the vehicles were rushed to market.
In June, the company said it would start paying customers who encountered quality issues with their vehicles, promising to pay between $100 to $300 depending on the severity. VinFast also offers a 10-year or 125,000 mile warranty on the VF8, as well as a 10-year warranty on the battery.
Through the first half of this year, VinFast delivered about 11,300 vehicles globally, mostly in Vietnam where it has a factory.
VinFast remains a money-losing business reliant on its parent for capital.
In May, it recalled all the cars it had shipped to the U.S.—nearly 1,000 in total—for a problem with the display screen going blank while driving, preventing owners from seeing warning lights or the speedometer. A little over 100 of those were already delivered to customers.
Car reviewers have also panned its first U.S. model, describing glitches with the technology and other quality problems that they say are a sign the vehicles were rushed to market.
In June, the company said it would start paying customers who encountered quality issues with their vehicles, promising to pay between $100 to $300 depending on the severity. VinFast also offers a 10-year or 125,000 mile warranty on the VF8, as well as a 10-year warranty on the battery.
Through the first half of this year, VinFast delivered about 11,300 vehicles globally, mostly in Vietnam where it has a factory.