Thuy Le, the CEO of VinFast (NASDAQ:VFS), revealed Thursday that the electric automaker intends to send its first batch of electric vehicles to Europe later this year, following the receipt of regulatory approval.
Under the plan, approximately 3,000 VF8 crossover vehicles will be shipped to France, Germany, and the Netherlands during the fourth quarter of this year from VinFast's manufacturing facility located in northern Vietnam.
VinFast’s move to extend its presence into the European market marks a significant expansion, representing a four-fold increase compared to its prior, unmet target of delivering 700 vehicles by July of the previous year. This decision comes at a time when the European Union's investigation into Chinese electric vehicle manufacturers has the potential to create a gap in the market.
"We expect to deliver the first VF8 models to French, German and Dutch customers in the fourth quarter of this year," said the analysts, adding the company's other models VF6, VF7, and VF9 would be launched in the European market next year.
Shares of VFS are down 7.56% in afternoon trading Thursday.