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Vietnam’s answer to Tesla has U.S. in its electric sights By Reuters


© Reuters. A labourer works in VinFast’s factory in Hai Phong City

By James Pearson and Phuong Nguyen

HAIPHONG, Vietnam (Reuters) – Move over Tesla, how about a VinFast?

That’s the proposition being offered by the automobile arm of Vietnam’s largest conglomerate, Vingroup. It’s betting big on the U.S. market with its VinFast line of cars and hoping that electric SUVs and a battery leasing model will be enough to woo consumers away from homegrown market leaders like Tesla and General Motors Co (NYSE:).

A recent arrival on the automotive scene and the No. 5 car brand in Vietnam, VinFast is not short on ambition, with its sights set on a U.S. listing and a valuation of as much as $60 billion, according to two sources familiar with its plans.

(GRAPHIC: VinFast fifth in terms of Vietnam sales in 2020 – https://graphics.reuters.com/VIETNAM-VINFAST/rlgvdzyjgvo/chart.png)

It will launch in North America and Europe

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