VINFAST OFFICIALLY LAUNCHES IN THE MIDDLE EAST

Rhea-AI Summary

VinFast Auto has officially launched in the Middle East market with its first dealership opening in Dubai, UAE, in partnership with Al Tayer Motors. The 1,000-square-meter store showcases the VF 6, VF 7, VF 8, and VF 9 models. The company plans to expand to Saudi Arabia, Qatar, Kuwait, and Bahrain later this year. The VF 8 model will be priced from $47,500 for Eco trim and $51,500 for Plus trim. VinFast has signed partnerships with Al Tayer Motors (UAE), Al Mana Holdings (Qatar), and Bahwan Automobiles & Trading (Oman), and recently partnered with Charge&Go for charging infrastructure in UAE.

Positive

• Strategic expansion into Middle East market with first dealership in Dubai
• Partnership with established regional dealers in UAE, Qatar, and Oman
• Infrastructure development through Charge&Go partnership for charging stations

Negative

• None.

News Market Reaction – VFS

-1.02%

1 alert

-1.02% News Effect

On the day this news was published, VFS declined 1.02%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

DUBAI, UAE, Oct. 29, 2024 /PRNewswire/ -- At Bluewaters Island (Dubai), VinFast Auto held the official brand launch event in the Middle Eastern market, showcasing a variety of smart and green mobility solutions. This event marks a significant milestone in VinFast's global expansion strategy and reinforces its commitment to providing sustainable and green transportation solutions in the region.

On the same day as the brand launch, VinFast, together with its partner Al Tayer Motors, officially opened its first dealership in the United Arab Emirates (UAE), located in the downtown area of Dubai. With a total area of over 1,000 square meters, the store is designed with a modern and luxurious style, integrated with a service workshop, providing customers the opportunity to directly experience VinFast's smart electric vehicles, including the VF 6, VF 7, VF 8, and VF 9 models.

With modern design, advanced technology, and impressive performance, VinFast's electric vehicles promise to bring entirely new driving experiences to customers in the UAE as well as the Middle East region. Previously, on October 17, 2024, VinFast signed a Memorandum of Understanding with Charge&Go to promote the installation and operation of a network of public charging stations and related services in the UAE.

According to plans, additional VinFast dealerships in the Middle East, including Saudi Arabia, Qatar, Kuwait, and Bahrain, will be opened later this year. The VinFast VF 8 model is expected to be priced starting from $47,500 (Eco trim) and from $51,500 (Plus trim) when it is launched for sale in the Middle East.

Speaking at the event, Mr. Ta Xuan Hien, CEO of VinFast Middle East, shared: "Today's official brand launch in the Middle East marks an important step in VinFast's journey to expand its presence in the global electric vehicle market. We are proud to partner with Gulf nations in the electrification revolution, offering smart and powerful electric vehicles with exceptional warranties, while gradually realizing our expansion plan in the Middle East and globally."

As a pioneer in the all-electric vehicle strategy, VinFast has established a strong reputation with its presence in numerous international markets such as the U.S., Canada, Europe, Indonesia, India, and the Philippines. The Middle East is a new advancement in VinFast's expansion strategy, especially as countries in the region are adopting policies to accelerate the development of electric vehicles.

In the Middle East, VinFast has signed exclusive partnership agreements with three leading regional dealers: Al Tayer Motors (UAE), Al Mana Holdings (Qatar), and Bahwan Automobiles & Trading (Oman). By promoting collaboration with top partners in the Middle East, VinFast is actively participating in realizing green mobility solutions in the region, while affirming the commitment of the Vietnamese electric vehicle manufacturer to making EVs more accessible to everyone.

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play EV manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://me.vinfast.com/   

Photo - https://mma.prnewswire.com/media/2543383/VinFast_VF_8_model.jpg
Photo - https://mma.prnewswire.com/media/2543483/VinFast_Middle_East_CEO.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/vinfast-officially-launches-in-the-middle-east-302290456.html

SOURCE VinFast

FAQ

What is the starting price of VinFast VF 8 in the Middle East?

The VinFast VF 8 will be priced starting from $47,500 for the Eco trim and from $51,500 for the Plus trim in the Middle East market.

Which VinFast models will be available in the UAE?

VinFast will offer four models in the UAE: VF 6, VF 7, VF 8, and VF 9.

Where is VinFast's first Middle East dealership located?

VinFast's first Middle East dealership is located in the downtown area of Dubai, UAE, spanning over 1,000 square meters.

Which countries are included in VinFast's Middle East expansion plan?

VinFast plans to expand to Saudi Arabia, Qatar, Kuwait, and Bahrain later this year, in addition to its current presence in the UAE.