Vietnamese EV maker VinFast has announced the opening of its first franchised dealership in the United States. The company has been opening stores in Canada and the U.S. for just over a year, but this time the new store is owned by an independent group.
Leith Automotive becomes VinFast's first third-party retailer in North America. The dealership is located in Cary, North Carolina, some 30 km from the site of the manufacturer's planned North American assembly plant. VinFast says construction of that plant is scheduled to start in 2025, with cost estimated at around $4 billion USD.
The new franchised dealer is also the first American VinFast outlet to set up shop outside the state of California.
“After interacting with the VinFast management team and test-driving their vehicles, we were captivated by the brand and knew it was a perfect addition to our group.”
- Danny Williams, COO of Leith Automotive Group, via a press release
The North Carolina-based Leith group has 37 franchises in the state, representing 24 brands of new vehicles. Already, the VinFast dealership has 60 vehicles in stock, which is impressive considering how slowly the first models arrived in North America at the turn of last year.
VinFast currently offers only the VF 8 SUV but will soon be adding the VF 9. If all goes to plan, the VF 6 and VF 7 will join them by the end of 2024.
Further on the horizon is the VF 3, a smaller model to be offered at a much lower price. There has been talk of a price point under $20,000, but we’ll believe that when we see it.
The challenge for VinFast remains daunting. By the end of October, the company had only registered 218 vehicles sales in the U.S. In Canada, we’ve started to spot a few models here and there, but the sightings are very rare for now. To change its fortunes, the company is banking on its U.S. plant, because once its products are built there, they will be eligible for U.S. government rebates.
VinFast continues to nurture great ambitions. Last November, the company told Automotive News that it plans to have 125 franchised dealers in an initial rollout, with a total of several hundred by the end of 2024 across the United States.
Ambitious, indeed. But many question marks remain. Stay tuned.