VinFast scores fleet deal with Autonomy for 2,500 EVs

U.S. car subscription startup Autonomy is giving a vote of confidence to Vietnamese automaker VinFast with an order for 2,500 of its electric crossovers.

VinFast, which has yet to deliver its first vehicle in the U.S., has reached an agreement with Autonomy of Santa Monica, Calif., for two models: the two-row midsize VF 8 and the three-row VF 9, the companies said Thursday.

VinFast delivered its first VF 8 vehicles to customers in Vietnam in September.

The Autonomy deal is significant for VinFast as it builds out its U.S. infrastructure. VinFast said the deal is its biggest corporate order yet.

The automaker has not said how many reservations it has from the U.S., which is an untested market for the brand. Globally, VinFast has said it has 65,000 preorders.

The deal is also helpful for Autonomy, which has said it will expand its EV-only subscription service nationally after launching in January with subscriptions for Tesla vehicles in California.

"We happen to be at the right place at the right time," Scott Painter, Autonomy's founder and CEO, told Automotive News. "VinFast entered the market at a time when customers like us, as a fleet buyer, are ready."

"We represent a way for them to sort of sidestep the traditional auto lending and auto leasing side of the business" as VinFast scales up its U.S. operations, Painter said.

VinFast sells directly to customers and has six retail locations in California. It is expanding into Canada and Europe.

Previously, Autonomy had placed an order for 400 VinFast vehicles as part of an August announcement that it would buy 23,000 EVs from 17 automakers worth $1.2 billion. Tesla topped the list, with General Motors in second place and Volkswagen in third. The new deal now puts VinFast in third place.

VinFast said in a press release that it will begin delivering vehicles to Autonomy over the next 12 months as it starts exporting vehicles from Vietnam to international markets.

"The order from Autonomy is a testament to the trust we have built in the market," said VinFast Chairwoman Le Thi Thu Thuy. "Bringing the VF 8 and VF 9 to Autonomy's EV subscription fleet will give consumers yet another way to experience our brand."

VinFast, which began selling gasoline engine vehicles in Vietnam in 2019, is transitioning to become an all-EV maker by the end of this year and launching an aggressive global expansion. It delivered its first EV in Vietnam last year — a model smaller than the VF 8 and VF 9.

Painter said Autonomy has confidence in the quality and resale value of the VinFast vehicles it's purchasing.

"Our due diligence really started with, 'Are they making good cars?' And they're making great cars," Painter said. "They are ready from a manufacturing point of view when other [EV makers] are still struggling."

The deal with VinFast, Painter said, is worth about $100 million. Autonomy's order is relatively small in the big picture, he said, but it gives the young automaker a boost as it ramps EV production.

"It certainly gives them a lot of comfort around being able to turn on the factory and produce cars at scale," Painter said. "But in the big, big picture, 2,500 cars doesn't really change anybody's world in the long term. It's just really helpful when they are getting started."

Autonomy is mostly focused on Tesla subscriptions because that automaker is the EV market leader by far, Painter said. But his company plans to buy from startups Rivian, Lucid and Polestar as well as from legacy brands including Toyota, BMW and Mercedes-Benz.

As Autonomy expands to EV-friendly markets such as Texas, Florida, Arizona and beyond, it needs more volume and a greater variety of vehicles.

"We're looking to create variety in our lineup," Painter said, "and we think that the VinFast product is a perfect fit."