VinFast adds 12 U.S. dealerships, including 5 in Florida and 4 in Texas

VinFast Auto is adding 12 franchised dealerships to sell its battery-electric crossovers in the U.S., including five in Florida, four in Texas and its first locations in Kentucky and Connecticut, the Vietnamese automaker said Tuesday.

This brings the automaker's footprint to 18 dealerships across seven states, not including its company-owned locations in California, where it began sales a year ago. VinFast pivoted to a dealer-focused model in late 2023 but kept the California market for direct sales.

Newly signed dealers include DeMontrond Auto Group of Houston, HGreg of Doral, Fla., and Premier Auto Group of Branford, Conn.

VinFast, which made its first gasoline-powered cars in 2017 before shifting to electric vehicles, is off to a slow sales start in the U.S., according to registration data. The automaker had 448 registrations in January and February combined, and 265 in the 2023 calendar year, according to S&P Global Mobility.

VinFast said sales through its franchised dealerships are expected to contribute significantly to the company's deliveries in the second half of this year.

"Leveraging the network of stores, market experience, and capabilities of leading U.S. dealers, VinFast will quickly deliver high-quality, competitively priced electric vehicles," David Duncan, vice president of sales, said in a press release. "This establishes a solid foundation for VinFast's strong growth."

VinFast has one model on sale in the U.S., the VF 8 crossover, but makes other models in Vietnam. The company said Tuesday U.S. dealers will receive the three-row VF 9 crossover and smaller VF 7. VinFast is expected to launch the VF 9 this quarter.

The EV maker said last year that it expects to have more than 100 U.S. dealers by the end of this year. VinFast announced its first dealership, in North Carolina, the last week of 2023 and five more in the first quarter in Texas, New York, Florida and Kansas.

To bring its EV production to North America, VinFast is building a $4 billion factory near Raleigh, N.C. Production is scheduled to begin there by the end of 2025. Its current vehicles are imported from Vietnam.

Once U.S. production is underway, VinFast vehicles could qualify for the $7,500 federal EV incentive, providing the automaker meets requirements for sourcing of battery materials and other content rules.

The VF 8 starts at $47,200 with shipping, according to VinFast's U.S. website. Leases start at $429 per month. Leased vehicles are eligible for the $7,500 federal EV incentive since sourcing rules don't apply to leased vehicles under the 2022 Inflation Reduction Act.

In addition to the key U.S. market for VinFast, the automaker said it's expanding in Canada, Europe, Asia, the Middle East and Africa.

VinFast reported first-quarter financial results April 17. It said global deliveries reached nearly 9,700 vehicles, a more than 400 percent increase compared with the same quarter last year. About half of those were sold to a VinFast-backed taxi operator, Reuters said.

The 12 new U.S. dealerships announced by VinFast are:

• Premier VinFast, Branford, Conn.
• HGreg VinFast, West Palm Beach, Fla.
• Triad VinFast, Greensboro, N.C.
• HGreg VinFast, Doral, Fla.
• Sandy Sansing VinFast, Pensacola, Fla.
• VinFast Austin, Austin, Texas
• VinFast Gainesville, Gainesville, Fla.
• Ewing VinFast of Plano, Texas
• VinFast of Bowling Green, Ky.
• Hanna VinFast of Bradenton, Fla.
• DeMontrond VinFast, Conroe, Texas
• DeMontrond VinFast North, Houston