VinFast (VFS) secures nearly 30K pre-orders for new $10,000 VF 3

In under 66 hours after launching its new low-cost electric SUV, VinFast’s VF 3 racked up nearly 30,000 pre-orders. Starting under $10,000 (235 million VND), the VinFast VF 3 is already creating a buzz. Following the special price promo, the VF 3 will cost around $20,000.

Meet the new low-cost mini electric SUV

VinFast revealed the affordable VF 3 at CES 2024 in January, announcing plans to launch the mini electric SUV globally, including in the US.

The VF 3 aims to “unbound the imagination of urban mobility that is not only sustainable but also accessible for everyone,” according to Ms. Tran Mai Hoa, VinFast’s deputy CEO of sales and marketing.

In other words, VinFast looks to meet the growing demand for low-cost EVs globally. VinFast designed the compact electric SUV for cruising through the city.

At 125.6″ long, 66.1″ wide, and 63.8″ tall, the VF 3 is even smaller than Volvo’s new EX30 (167″ long X 72″ wide X 61″ tall).

The electric SUV is equipped with a 10″ infotainment with Android Auto and Apple CarPlay compatibility. With the second-row seats fully folded, the VF 3 offers up to 550 liters of cargo space.

VinFast VF 3 (Source: VinFast)

VinFast VF 3 racks up close to 30,000 pre-orders in 66 hrs

After announcing it was accepting early deposits for the VF 3 last week, VinFast says the electric SUV is already creating hype.

VinFast revealed the VF 3 received 27,649 pre-orders within 66 hours of launching, a new record for a Vietnamese automaker.

The VF 3 is already a “social media phenomenon in Vietnam,” topping trend rankings ahead of its global debut. With the low-cost special introductory price of $9,248 (235 million VND), the mini electric SUV is already making a big impact.

VinFast VF 3 interior (Source: VinFast)

The special price (235 million VND) is for the battery subscription model. With the battery included, the VF 3 can be ordered for 315 million VND ($12,390). The promotion ran from May 13 to May 15.

VinFast says paying for the VF 3 upfront costs only half the price of the cheapest gas car currently available in Vietnam.

VinFast VF 3 (Source: VinFast)

Otherwise, buyers need only 50 to 70 million VND ($1,965 to $2,750) for a down payment. The rest can be financed with monthly payments of just over 2 million VND ($78.5) over eight years.

For the first time in Vietnam, VinFast sold the VF 3 on e-commerce platforms like Shopee, resulting in over 50% online orders.

VinFast (VFS) stock chart (Source: TradingView)

VinFast (VFS) stock is up 8% on Thursday and 44% over the past month. However, VFS shares are still down 34% this year and over 90% from their ATH last August, shortly after going public.

Electrek’s Take

VinFast has already announced plans to sell the VF 3 globally, including in the US. However, the $10,000 (235 million VND) promo price was a special offer. The VF 3 will cost around $20,000 in Vietnam.

Although these are pre-orders, it’s still a sign of demand for low-cost EVs. If the demand is high in Vietnam, it should be interesting to see how many pre-orders the VF 3 racks up in other global markets like Europe, North America, and Asia.

Would you buy the VF 3 for $20,000? Let us know your thoughts in the comments below.

FTC: We use income earning auto affiliate links. More.