VinFast ships 999 electric vehicles to the U.S.

© Reuters. VinFast ships 999 electric vehicles to U.S.

By Michael Elkins

Vietnam electric vehicle maker, VinFast announced Friday that the company has shipped its first batch of 999 cars to the United States. The first cars are expected to be handed over to customers by the end of December, the company said.

VinFast officials said the number 999 for the vehicles shipped in the first batch had been chosen because it is considered a lucky number in Vietnam.

"There is no luckier number than 999," VinFast Chief Executive Le Thi Thu Thuy said. The Panamanian-chartered transport ship used to send the first shipment of VinFast EVs had the capacity to carry up to 2,000 vehicles, officials said.

Thuy said some of the VF 8 electric SUVs being shipped on Friday would be sent to U.S. car subscription service Autonomy but the majority would go to retail buyers who have ordered the car. Thuy said VinFast expected to be able to ship a second batch of cars to the United States, its first export market, around January.

The automaker is currently awaiting final regulatory approvals to finish building its electric vehicle plant in North Carolina and is expected to start production at the factory in July 2024. Vehicles built at the North Carolina facility would qualify for incentives under the terms of the Inflation Reduction Act (IRA). As currently written, the IRA requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026.

"The IRA came as a surprise to all of us but it doesn't really impact our strategy in the U.S.," Thuy said. "As soon as we start manufacturing cars in the U.S., our customers will be eligible (for) the tax incentive."