That's the proposition being offered by the automobile arm of Vietnam's largest conglomerate, Vingroup. It's betting big on the U.S. market with its VinFast line of cars and hoping that electric SUVs and a battery leasing model will be enough to woo consumers away from homegrown market leaders like Tesla and General Motors Co.
Standing behind VinFast is Vingroup, Vietnam's answer to a South Korean chaebol or catch-all conglomerate. Founded as an instant noodle business in post-Soviet Ukraine, the company's trajectory has mirrored that of Vietnam, one of Asia's fastest-growing economies, with interests spanning real estate, resorts, schools, hospitals and smartphones.
"I'm going to give you a better product. I'm giving you an SUV. I'm giving you a more spacious car," said Van Anh, who will relocate next month from Hanoi to Los Angeles to head VinFast's U.S. operations. "Their biggest challenge is convincing consumers that they have a solid product and a compelling value proposition," said Bill Russo, head of Shanghai-based consultancy Automobility Ltd and a former Chrysler executive.
A similar scheme has already been rolled out in China by Tencent-backed electric vehicle maker Nio, whose ES6 SUV has a starting price of around 358,000 yuan . Vingroup's founder, Pham Nhat Vuong, Vietnam's richest man, has pledged to invest $2 billion of his own money into the car division and Vingroup has poured hundreds of millions of dollars into VinFast by issuing international bonds and selling off stakes in other units.