Vietnamese Carmaker VinFast Plans To Offer Battery Leasing Upon Entering Canadian EV Market

Vietnamese car manufacturer VinFast announced its unique strategy as it plans to enter the Canadian electric vehicle market. The firm is looking at implementing a battery leasing scheme with its potential consumers.

In a nutshell, the automaker will sell the electric car and lease the battery separately, for which the car owner makes monthly payments. When the battery’s charging capacity falls below 70% under warranty, the firm will replace it for free.

“In our view, we think EVs with great technology should be within the reach of everyone,” said CTO Hong Sang Bae. “So we focus on quality, technology and reasonable pricing, which we think makes us a little bit different from other competitors in the marketplace.”

The Haiphong carmaker unveiled its full five-model electric vehicle lineup at the recent Consumer Electronics Show in Las Vegas, Nevada–the current SUVs VF8 and VF9, and the newly-launched VF 5, VF 6, and VF 7. The firm said all models will be coming to Canada, starting with the first two SUVs hitting the dealerships within the year.

While it hasn’t announced its Canadian pricing, the firm announced VF8 and VF9 would retail at US$41,000 and US$56,000, respectively. VinFast Canada Chief Growth Officer Hans Ulsrud said the company plans to take into consideration the application of EV incentive before pricing the units in the Canadian market.

“We have a goal for an EV incentive,” said Ulsrud. “There are very aggressive targets for the Canadian government to hit by 2035, so if we want great adoption of EVs, what we’re expecting is maybe some of those limits will be adjusted.”

Information for this briefing was found via The Globe And Mail. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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