Vietnamese EV manufacturer VinFast made a grand entrance into the Philippine EV market on May 31.
Vietnamese electric vehicle manufacturer VinFast, supported by Vietnam’s largest conglomerate Vingroup, made a grand entrance into the Philippine EV market on May 31. The launch event featured two compact SUVs, a full-size SUV, a hatchback, and an impressive lineup of electric motorcycles. This expansion into the Philippines, following successful entries in Thailand and Indonesia, marks a significant step in VinFast’s global strategy.
The agreements from this meeting led Vingroup to announce its investment plans in the Philippines, including its EV taxi company, Green and Smart Moving , and VinFast. VinFast Auto Philippines has already partnered with four major dealers: EV Solutions, K1 Prestige Bay Motors Inc, Autoflare Corporation, and MNV Auto Group Inc. The first showrooms are set to open in Manila by the end of June 2024, with initial customer deliveries expected in the third quarter.
“Our battery leasing and vehicle-with-battery sales options provide consumers with more choices,” Nguyen explained. “This approach helps customers reduce upfront costs by separating the battery from the vehicle price, potentially making monthly EV operating costs comparable to or even more competitive than gasoline-powered vehicles.”
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