VinFast forges partnership with Leith Automotive Group for first US dealership launch

Vietnamese electric vehicle (EV) manufacturer VinFast has initiated its inaugural collaboration with a US-based dealer, entering into a partnership with North Carolina's Leith Automotive Group. This move signifies VinFast's strategic approach to boost sales in the competitive United States market.

VinFast, established in 2017 and supported by Vietnam's largest conglomerate Vingroup, has been actively expanding its presence in the EV sector. In August, the company's global CEO disclosed a shift in its distribution model from a direct-to-consumer approach, inspired by Tesla, to a "hybrid" model that incorporates dealerships.

North Carolina is a key location for VinFast, housing a $4 billion manufacturing plant expected to commence operations in 2026.

Leith Automotive Group, based in North Carolina, will not only serve as a sales point for VinFast vehicles but will also assume responsibilities for repairs, maintenance, and the supply of parts.

VinFast commenced electric car deliveries in California in March and made its Nasdaq debut in August. In November, the company reported receiving 70 dealer applications across the United States, pending approval, enabling VinFast to establish its presence through 125 points of sales nationwide.

The entry of VinFast into the US market aligns with a period of intensified competition and pricing pressures in the EV sector, largely influenced by market leader Tesla and various Chinese companies.

Despite challenges in the market, VinFast managed to sell approximately 13,000 units globally in the second and third quarters of the year, with over half of them directed to an affiliate company owned by its founder.
 

(With Reuters inputs.)