VinFast Slashes Lease Prices for First Customers by Over 50 Percent

Photo: Kirby Lee (AP)

Despite the fact not a single VinFast electric vehicle has made it to customers’ hands in the U.S. yet, the Vietnamese automaker is already drastically cutting lease prices. Reuters reports that the first customers in California will see lease price cuts over 50 percent on vehicles that are set to be delivered on Wednesday, March 1.

At the beginning of 2023, VinFast said that a 24-month lease for its all electric VF8 crossover would cost $599 per month, but now its website shows that a 24-month lease will set folks back $399 per month. The savings aren’t over yet.

Vinfast has reportedly told people in California who have already paid a refundable deposit on the VF8 that their payments would now be $274 for 24 months. I know, I know — it sounds unfair. Why California? What have they done to deserve this? Well, my friend, it’s because the Golden State was the first in the country to receive the vehicles. All in all, the discounts range between 54 percent for California buyers, and 33 percent for everyone else. Not too shabby.

The reason for the price cuts isn’t exactly a surprising one. A spokesperson for VinFast told Reuters in a statement that it was done “in order to stay competitive with other brands.” Austin, Texas-based EV maker Tesla recently slashed prices on some of its most popular vehicles to take advantage of new rules to qualify for the $7,500 electric vehicle tax credit for vehicles built in the U.S., and it’s caused a bit of a pricing war in the EV space.

Vehicles made by VinFast are not eligible for the credit since, you know, they are built in Vietnam — a place that is famously not the United States.

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Don’t fret just yet, VinFast stans. Reuters says the automaker has filed for an initial public offering in the U.S., and it plans to build an assembly plant in North Carolina — a place that is famously in the United States.

According to Reuters, the VF8 City Edition comes in both Eco and Plus trims. The Eco is where that $399 per month price comes in. Step up to the Plus, and it’ll cost you $513 per month. Regardless of what level of VF8 you get, range will not be impressive. The EPA rates the Eco model at 207 miles, and the Plus at just 191 miles.