VinFast launches its cheapest VF3 EV overseas to take on low-cost Chinese EV makers

A new low-cost electric car is rolling out to global markets, and it’s not from China. Vietnam’s VinFast officially launched its most affordable EV, the VF 3, overseas as it expands its presence in the Philippines.

After unveiling the VF 3 in January, VinFast’s mini electric SUV instantly became a hit in its home market and across the internet.

With a compact but still rugged (almost mini Ford Bronco-like) design, the VF 3 is aimed at “young drivers who value practicality alongside personality,” according to Ms. Tran Mai Hoa, VinFast’s Deputy CEO of Sales and Marketing.

In May, VinFast opened VF 3 pre-orders in its home market with a special introductory price of 235 million VND, or around $9,248.

The promo price was for the battery subscription model. For the battery included, VinFast’s VF 3 was available for 315 million VND, or around $12,390, for those who placed deposits between May 13 and May 15.

Within 66 hours, VinFast secured 27,649 pre-orders, a new record in Vietnam. The company said its mini electric SUV became a “social media phenomenon” in Vietnam, topping trend rankings with the most online discussions.

VinFast began VF 3 shipments last month, with prices starting at 322 million VND ($12,800). The company said it aimed to deliver at least 20,000 models this year.

VinFast VF launches overseas in the Philippines

On Tuesday, VinFast officially launched the VF 3 in the Philippines. Those who reserve the VF 3 from September 19 through September 30 will get special pricing and other incentives.

The special promo price is 605,000 pesos ($32,000) for the battery subscription model and 705,000 pesos ($36,900) for the battery included.

After this month, prices will go up to 645,000 pesos ($33,800) for the subscription and 745,000 pesos ($39,000) with the battery included.

Those who opt for the battery subscription can choose from various monthly plans based on how much they travel.

VinFast also offers early VF 3 buyers the ability to choose from nine exterior paint colors free of charge. Premium paint colors will cost 20,000 pesos ($1,000) following the promo.

During the promo, VinFast said VF 3 buyers can customize the exterior paint design beyond the nine colors. VinFast is now accepting deposits of 5,000 pesos ($260) on its website or at authorized dealers.

Taking aim at low-cost Chinese EV makers

At 3,190 mm long, 1,679 mm wide, and 1,622 mm tall with a wheelbase of 2,075 mm, VinFast’s VF 3 is even smaller than the Chevy Bolt EV (4,145 mm long x 1,765 mm wide x 1,611 mm tall).

With an 18.64 kWh battery, the VF 3 can travel up to 130 miles (210 km) on a full charge. It can also fast charge from 10% to 70% in around 36 minutes.

VinFast’s mini electric SUV will challenge low-cost EVs from China in the Philippines. China’s BYD currently dominates the market, with a 66% share of EV sales YTD in 2024.

BYD’s Atto 3 electric SUV starts at around $28,600 (P 1,598,000) and accounts for 44% of EV sales in the Philippines so far this year. It is available with 49.9 kWh or 60.48 kWh battery options and has a driving range of up to 255 mi (410 km) or 298 mi (480 km), respectively.

Can VinFast’s VF 3 compete overseas with BYD and other Chinese EV makers? Let us know what you think of the mini electric SUV in the comments.