A new entrant is poised to put a charge into the Canadian electric vehicle (EV) market.
VinFast, the upstart Vietnamese company, is launching in North America by the end of 2022. It’s now offering early Canadian purchasers a major incentive to get on board with its SUV models.
For a limited time, Canadians can be VinFast pioneers with a reservation through the VinFirst incentive. For a refundable $250 deposit, Canadians are entitled to a $3,500 credit on the VF 8 model and a $6,000 credit on the VF 9.
Resource Centre
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This is where affordability meets exceptional craftsmanship and technology. We want to make the electrification of mobility more accessible for everyone.
VinFirst buyers will receive other perks, like a portable charger and a service package. Plus, the early birds will receive a vacation voucher for an all-inclusive weeklong stay for four at a five-star Vietnamese resort.
In January, at the Consumer Electronics Show in Las Vegas, VinFast unveiled its five-car EV lineup. Their cars all come with a warranty of 10 years or 200,000 km, whichever comes first.
“VinFast Canada is very excited to be entering the Canadian market in 2022,” said Huynh Du An, CEO, VinFast Canada. “We are confident that our customer journey and outstanding products will help us have a successful launch right out of the gate.”
VinFast was established in 2017 with a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam.
The company is Vietnam’s first domestic car maker. VinFast is part of Vingroup, the largest private conglomerate in Vietnam. The parent firm (which focuses on technology and industry, services and social enterprise) has a capitalization of US$35 billion from three publicly traded companies. So there is strong backing behind the EV operation.
The VF 8 and VF 9 models, like the other three in the line, were designed by world-renowned Italian automotive design firms Pininfarina and Torino Design, and are engineered around advanced powertrain platforms, combining superior performance, range and charging capabilities. The EVs will also be competitively priced for the market.
“This is where affordability meets exceptional craftsmanship and technology. We want to make the electrification of mobility more accessible for everyone,” continued Du An.
Zero-emission targets for 2035
Statistics Canada reports just over 65,000 battery-only and plug-in hybrid electric cars were registered in the first three quarters of 2021 (data for the final quarter isn’t available yet). That’s more in nine months than the number registered in any full year in Canada to date. EVs made up five per cent of new cars registered, up from three per cent in 2020.
Rising consumer interest in more sustainable transportation, as well as government targets, are driving higher adoption of EVs.
Currently, transportation accounts for about one-quarter of Canada’s greenhouse gas emissions, and private cars are a sizeable contributor. The Government of Canada has set a mandatory target for all new light-duty cars and passenger trucks sales to be zero-emission by 2035.
To support the transition, the government has introduced incentives to help with the upfront costs of EVs and has invested in a coast-to-coast zero-emission charging infrastructure. The government has also partnered with auto manufacturers (and offered corporate tax cuts) to help them re-tool and produce zero-emission vehicles in Canada.
A survey last year by EKOS Research for Natural Resources Canada found that Canadians are eager to put more EVs on the road. Half of those surveyed (51 per cent) have considered purchasing or leasing a vehicle that runs on electricity, and 83 per cent would be interested in taking a zero-emission vehicle for a test drive. Twenty-five percent are very interested in an EV and will definitely consider one when purchasing their next vehicle.
Unique battery lease program
VinFast is at the forefront of the EV revolution. The company is now all-in on EVs, making VinFast one of the first automotive companies in the world to switch to 100 per cent purely electric.
Using a unique approach, VinFast will lease the car battery to vehicle purchasers for a monthly subscription.
The battery lease program offers a couple of advantages: the ability to easily swap out an old battery for a new one, and eliminates a major EV expense. Separating the cost of the battery from the vehicle also lowers the purchase price of a VinFast EV. Additionally, VinFast will cover all of the battery expenses and maintenance.
“VinFast ensures that the value of the battery remains unchanged because batteries with a charging capacity lower than 70 per cent will be replaced free of charge,” added Du An.
The VinFast VinFirst reservation program is only available for a limited time.
This story was provided by VinFast for commercial purposes.
Keyword: VinFast aims to shake up the Canadian EV market