Seeking to seduce consumers with “good products at affordable prices,” the Vietnamese electric car brand VinFast made its entry into the Puerto Rican market.

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The manufacturer’s vehicles, which began operations in 2017 in Hai Phong, Vietnam, will be distributed in Puerto Rico by the owners of the Auto1pr.com dealership in Ponce. The establishment will be the first to welcome the model with which VinFast will debut on Puerto Rican soil: the VF8.

“The product, when customers see it, they will notice that it is a robust, good quality and well-designed product,” said Jorge González, president and chief executive officer of Auto1pr.com, in an interview with El Nuevo Día.

The businessman, with more than three decades of experience in the automotive industry, said that he started negotiating the distribution of VinFast only three years after the start of operations of his dealership.

González did not specify the amount of the investment to obtain the rights to distribute the brand in Puerto Rico, but assured that it came from private capital and local banks.

“We are a new business, but we are not new to the business,” he said. “Initially, we approached the manufacturer, we traveled, we met at a convention and a representative of the factory came to Puerto Rico to see our facilities. We talked and we stayed that way for a while until we reached some agreements”.

For González, VinFast is a young brand that is willing to “compete on equal footing with the different brands” and that complies with all the requirements of the regulatory agencies in the United States.

VinFast is a subsidiary of VinGroup LLC. Before starting operations in Vietnam in 2000, the company was called Technocom Corporation and operated in Ukraine. The group has diverse businesses in real estate, hotels, entertainment, finance and healthcare, in addition to its mobility and transportation operation. As of last June, its stock market valuation was estimated at about $6.573 billion.

“It’s not that we’re going to compete with volume brands, but it’s a niche that we’re going to be exploring. We understand that we have every opportunity in the market,” he stressed.

Currently, the sale of electric cars in Puerto Rico is dominated by Tesla, the company founded by U.S. tycoon Elon Musk.

Other brands such as Hyundai, Kia and Nissan have an important participation in the EV segment, as well as some luxury manufacturers, including BMW and Mercedes Benz.

Demand for electric vehicles is still in its infancy in Puerto Rico. Last year, plug-in hybrid and electric cars in Puerto Rico accounted for just 3% of total new car demand.

However, González sees a significant growth opportunity.

“The issue of electric cars is here to stay, not only in the U.S., but globally. There are areas where they have practically said no more to combustion cars”, said the businessman.

In the case of VinFast, González indicated that the brand is betting on the North American market. After starting operations in California and then moving to Canada, the brand is developing 12 dealerships in the state of Florida.

Through the first quarter of 2024, the manufacturer delivered 12,058 vehicles, representing a year-over-year increase of 26%, according to a recent company report.

The automaker also plans to build a manufacturing plant in North Carolina. The project, which involves an investment of $2 billion in its first phase, was scheduled to begin in mid-2024, but specialized media in the United States reported that the manufacturer has delayed construction until 2028.

In Puerto Rico, VinFast will start operations in Ponce, but its plans go beyond that. By mid-2025, González expects to open a point of sale in the metropolitan area and, later, in the west and north.

“Our goal, at the end of the day, is to have an electric car accessible to all types of consumers,” he stated.

The dealership located in the Ciudad Señorial will have a Service Department, while it will also have a mobile service program, where the technician could come to the customer’s home to service the vehicle or attend to any malfunction.

“In terms of warranty, parts and service, the customer can rest assured that this part is covered,” he affirmed.

González said the brand will debut on the island with an attractive vehicle. The VF8, one of the four models that make up the VinFast portfolio for the U.S. market, has a sophisticated design and two rows of seats.

The compact SUV will be available in two versions, Eco and Plus, González explained. The main difference between the two vehicles is their range.

While the Plus version offers up to 262 miles on a single charge, the Eco version offers 246 miles. The Plus version is equipped with an engine capable of producing up to 402 horsepower.

González indicated that the initial selling price of the VF8 is $55,995. The price not only includes the vehicle, but also the installation of a level two charger by a qualified electrician. The dealership will also offer a credit for recharging the vehicle at charging stations around the island.

“Also, we are including roadside assistance so that, in case the customer or consumer runs out of charge, the roadside assistance service arrives and gives you a recharge of up to 30 miles or takes you to the nearest recharging station,” González added.

VinFast will bring the VF9, an SUV with seating for up to seven passengers, by the end of the year, while the VF7 will arrive in mid-2025.

The dealership has already obtained product approval from major dealers and insurance companies on the island, González said.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.