VinFast Auto (Nasdaq: VFS) today announced that it received a record-breaking number of 27,649 non-refundable and non-transferable pre-orders for the mini-SUV VF 3 within 66 hours, setting a Vietnamese automotive record, demonstrating the impressive appeal of the VF 3 and its potential to become a “national car” in Vietnam.
In addition to record sales, the VF 3 became a social media phenomenon in Vietnam, topping trend rankings and sparking the most online discussions since VinFast opened pre-orders.
The VF 3’s record-breaking pre-orders are credited by its special introductory price of only 235 million VND (approximately $9,248, battery subscription) and 315 million VND (approximately $12,390, battery included) for customers who placed deposits from May 13 to May 15. This is an ideal price point that makes it feasible for more consumers to own a vehicle and improve their quality of life at a reasonable cost.
For a down payment, customers only need between 50-70 million VND (approximately $1,965-$2,750). The remaining balance can be financed through affordable installments with a total monthly payment of just over 2 million VND (approximately $78.5) over 8 years. Notably, paying for the VF 3 in full upfront costs only half the price of the cheapest gasoline car model currently available in the Vietnamese market.
In addition to its attractive price, the record-breaking number of pre-orders can also be attributed to the innovative sales approach VinFast piloted for this model. For the first time in Vietnam, vehicles were sold on e-commerce platforms such as Shopee, VinID, and orders could be placed through 9 livestream sessions conducted by 15 influencers.
This revolutionary sales approach made the VF 3 the first vehicle in Vietnam to achieve over 50% of its total orders online, marking a momentous development in the online to offline business model and emphasizing VinFast’s pioneering role in the Vietnamese automotive market.
In response to the strong support from customers, Ms. Duong Thi Thu Trang, CEO VinFast Vietnam, said:
“The 27,649 pre-orders received within 66 hours is a testament to the strong support and trust of the Vietnamese people for VinFast. We are extremely grateful for our customers’ endorsement for the VF 3 and our brand, and we will strive to continue to earn their support as we grow into a world-class Vietnamese automaker”.
Similar to other VinFast electric vehicles, the VF 3 comes with the best warranty policy in the Vietnamese market, with a 7-year or 160,000 km warranty for the vehicle (whichever comes first) and an 8-year unlimited mileage warranty for the battery.
The first VF 3 cars are expected to be delivered to customers starting in August 2024, with at least 20,000 vehicles expected to be delivered this year.
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