VinFast's second all-electric SUV, the VF9, has been issued a $10,000 price reduction before deliveries have commenced. The three-row utility EV was originally supposed to start around $83,000. But reports now have the MSRP pegged at $69,800 before taxes and fees.
The base Eco trim of the VF9 seeing a price drop was first noted by Car and Driver, which likewise noticed that it seemed to apply across the model range. With the vehicle slated to commence U.S. deliveries next month, it’s a little surprising to see a price drop.
From Car and Driver:
While the previously listed base price for the VinFast VF9 was $81,000, VinFast is now advertising the VF9 at $71,000 for the most affordable Eco trim. The Plus trim costs $75,000 and gains luxurious extras like a panoramic glass roof, vegan leather upholstery, and second-row captain's chairs. The Plus also rides on 21-inch wheels instead of the Eco's 20 inchers and features 12-way power adjustable driver's seat with ventilation, memory, and massage functions, along with upgraded front passenger and second-row seating. All VF9s come standard with a 15.6-inch touchscreen, head-up display, heated driver's seat, and a 13-speaker sound system.
VinFast says the VF9 will be shipped to dealerships in September, and despite the year being nearly three-quarters of the way done, initial sales of the VF9 will still be for the 2024 model year. The VF9 has been in the works for a while now, originally revealed back in 2021 as the VF e36, and VF9s have been spotted testing on U.S. roads for at least a year while deliveries are already underway in the automaker's home country.
With the EV market appearing to be cooling off, VinFast may have decided that it needed to make the vehicle more competitive. Another possibility is that the model was originally priced to take into consideration that it might not be eligible for federal credits. However, the company was previously adamant that any customer who signed onto binding agreement would see the $7,500 rebate paid by the manufacturer if they were declined by the IRS when filing their taxes.
The above hinged on the vehicle being manufactured in North Carolina. While the plant is confirmed, and presently under construction, the vehicle production timeline has been pushed back to 2028.
Another issue may have been just how poorly the brand’s previous entrant, the VF8, performed in terms of reviews. Initial drives were plighted by technical issues, with some authors claiming that the car didn’t even feel safe to drive. Car and Driver, which has gotten extremely generous in how it reviews new vehicles in recent years, gave the model a 6 out of 10, faulting it for boasting a frustrating infotainment system, overzealous driver-assistance features, [and] mediocre fit and finish.” Regardless, that still placed it dead last in its segment and many other outlets were less kind.
The VF8 was likewise faulted with recalls for its infotainment and airbag systems.
Sales have similarly not been great. The company reported 34,855 deliveries in 2023, falling short of its 50,000-vehicle target. During the same time frame, Vinfast’s total revenue for 2023 was $1.19 billion. While that’s up 91 percent from the previous year, the automaker still reported a net loss of $2.39 billion.
At present, VinFast seems preoccupied with wrangling subsidies tied to all-electric vehicles. Some critics have used this to accuse the brand of being a finance scam, comparing it to LeEco, Faraday Future, and Nikola. However, VinFast has actually built EVs that are available for sale and the way in which most nations have structured their regulations makes it tricky to establish any new business in the automotive space without getting help from the state. Legacy automakers are also extremely influential and broadly disinterested in seeing any legitimate competition take shape. Considering how much governments are willing to fork over in terms of subsidies, any business not taking advantage is effectively shooting itself in the leg.
[Images: VinFast]
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