Vietnamese electric vehicle manufacturer VinFast Auto Ltd (NASDAQ:VFS) reportedly plans to ship its first batch of EVs to Europe this year after regulatory approval.
The company intends to ship about 3,000 of its VF8 crossovers to France, Germany and the Netherlands in the fourth-quarter, according to a report from Reuters.
The vehicles will be shipped from VinFast’s factory in northern Vietnam. The move is amidst the European Union’s probe of Chinese EV makers that has created a potential gap, which VinFast is hoping to fill.
If the shipments are successful, Europe will be VinFast’s biggest overseas market in 2023. It had shipped about 2,100 EVs to the U.S. earlier in 2023.
“We expect to deliver the first VF8 models to French, German and Dutch customers in the fourth quarter of this year,” the report quoted CEO Le Thi Thu Thuy.
The report added the company is also completing the procedures to obtain the voluntary Euro NCAP safety rating. Chinese automakers shipped about 70,000 EVs to Europe in the first seven months of 2023, making it one of the biggest markets.
If the EU probe confirms punitive duties on Chinese EVs, VinFast could gain from competitive pricing, the report further noted.
Also Read: VinFast Gears Up For 2024 Expansion Into 7 Global Clusters, Including Indonesia
Price Action: VFS shares are trading lower by 0.70% at $17.07 in premarket on the last check Thursday.
