Business Daily Media

Unburdened by the Past: VinFast and the Emergence of Pure-Play EVs

The automotive industry is rapidly evolving, and pure-play EV companies are at the forefront of this change, championing a sustainable future. Unlike traditional automakers who may turn to hybrid models, these companies are fully committed to electric vehicles, driving the industry towards a greener tomorrow.

HANOI, VIETNAM - Media OutReach Newswire - 14 August 2024 - The automotive industry is undergoing a transformative shift towards electric vehicles (EVs), disrupting the traditional dominance of internal combustion engines (ICE). While established car manufacturers grapple with the costly transition from ICE to EV, pure-play EV companies are emerging as agile and innovative players in the market.

VinFast EV manufacturing complex in Hai Phong, Vietnam
VinFast EV manufacturing complex in Hai Phong, Vietnam

Unburdened by legacy technologies and ICE supply chains, these companies are laser-focused on EV development, embracing cutting-edge technologies and sustainable practices. This is a global phenomenon, evident in the emergence of EV companies in the Middle East, such as Ceer and NWTN. However, one notable example stands out for its rapid growth and ambition: VinFast.

VinFast, the car-making arm of Vietnam's largest private conglomerate, Vingroup, has made remarkable strides in the EV market in less than five years since its founding. The company transitioned to become a fully electric vehicle manufacturer in 2021, delivering its first self-developed EVs to Vietnamese customers in December of that year. And thanks to Vingroup's expertise and resources, VinFast was able to construct a modern car factory in record time, a feat that usually takes traditional automakers years to accomplish. This rapid progress is a testament to VinFast's agility and ambition, earning it recognition on TIME's list of 100 most influential companies in 2024.

VinFast's ambitions extend beyond its home market. The company has expanded its footprint globally, establishing a presence in the Middle East through partnerships with distributors and previously in other key markets like Southeast Asia, India, and the US. This global expansion demonstrates VinFast's commitment to making electric mobility accessible to a wider audience.

All-In on EVs

In its April report, the International Energy Agency notes that EV companies' stocks have outperformed general stock markets and traditional carmakers since 2019. This highlights the growing potential of this sector and the long-term growth prospects of pure-play EV companies like VinFast.

However, the transition to electric vehicles is not without challenges. Competition in the EV market is intensifying, and pure-play companies need to scale up their production and build strong brand recognition to remain competitive. The EV industry as a whole faces infrastructure limitations, such as the availability of charging stations, and needs to address consumer pain points like charging times and range anxiety.

But it's only in this difficult backdrop that we are able to see one notable advantage of pure-play EV makers: Their unwavering commitment to going green. This obligation to adapt and innovate differentiates them from traditional automakers who might hesitate or hedge their bets by turning to half-measures like hybrids.

In VinFast's case, their desire to go green is baked into its DNA through the unwavering commitment of its founder and also chairman of Vingroup, Pham Nhat Vuong, Vietnam's richest man. Vingroup, its affiliates, and external lenders have provided VinFast with over $12.9 billion to fund operating expenses and capital expenditure between 2017 and March of this year. Vuong himself recently pledged another $1 billion to the company's success.

Dedicated EV manufacturers are all-in on electric vehicles, not backing down from challenges. As the EV market matures and technology advances, pure-play companies are expected to play a crucial role in shaping the future of mobility.

Hashtag: #VinFast #EV

The issuer is solely responsible for the content of this announcement.

News from Asia

"Blessed Xizang, Loving Shannan": The Cultural Tourism & Investment Promotion Event for Shannan City, Xizang Autonomous Region, China Successfully Held In Thailand

BANGKOK, THAILAND - Media OutReach Newswire - 21 November 2024 - On November 18, 2024, "Blessed Xizang, Loving Shannan": The Cultural Tourism & Investment Promotion Event (Thailand) for Shanna...

Aon appoints Magnus Roe as Global Chief Data and Analytics Officer Based in Singapore

SINGAPORE - Media OutReach Newswire - 21 November 2024 - Aon plc (NYSE: AON), a leading global professional services firm, today appointed Magnus Roe as global chief data and analytics officer...

OPPO Launches Find X8 Series Globally, Marking Steady Progress in Globalization

OPPO Find X8 and Find X8 Pro launched in global markets Overseas markets have become the growth engine for OPPO, contributing approximately 60% of its total shipments OP...

Lexus Asia Celebrates Celebrity Chef Alvin Leung's Protégé in The Maverick Academy

SINGAPORE - Media OutReach Newswire - 21 November 2024 – Lexus Asia celebrates Chef Yuda Bustara, the inaugural winner of The Maverick Academy, an innovative culinary competition series hosted by ...

Arrow Electronics Fuels SAVART Motors’ EV Manufacturing Expansion in Indonesia

Boosting engineering and supply chain capabilities to drive sustainable e-mobility JAKARTA, INDONESIA - Media OutReach Newswire - 20 November 2024 - Global technology solutions provider Arrow Ele...

Correcting and Replacing: Cake digital bank launches its fully cloud-based card management system using Visa solutions, the first of such deployment in Vietnam

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 15 November 2024 – Cake by VPBank (Cake), Vietnam's largest digital bank by user base, revenue and product variety, announced the launch of it...

Black Friday Savings: Kling AI Offers 50% Off and Free Feature Upgrades

BEIJING, CHINA - Media OutReach Newswire - 21 November 2024 - On November 11th, Kling AI, a trailblazer in AI-powered image and video generation, has announced sweeping upgrades to its user plans ...

Breaking Learning Barriers: Kumon Launches Kumon Connect, Redefining Educational Experiences

New Students Enrolling in December Courses Enjoy Exclusive Double Rewards HONG KONG SAR - Media OutReach Newswire - 21 November 2024 - The Kumon Method was first established in Japan in 1958 and h...

OPPO Elevates ColorOS 15 with Microsoft’s Advanced AI Productivity Features

SHENZHEN, CHINA - Media OutReach Newswire - 21 November 2024 - OPPO has strengthened its cooperation with Microsoft to deliver advanced AI productivity features to ColorOS 15, OPPO's next-generati...

OPPO Find X8 and Find X8 Pro Launches Globally with Ultra-Grade Hasselblad Cameras, Next-Gen Performance and ColorOS 15

OPPO Find X8 and Find X8 Pro launched in global markets Find X8 Series delivers ultra-grade cameras, performance and battery life ColorOS 15 debuts on Find X8 Series wit...

The top reasons why gyms fail

Steve Grant is a Business Coach and Founder of GymHub.com.au   Every month thousands of new trainers walk out of their 6-month course with the qu...

Business Training

5 Tips for Ensuring You Don’t buy a Dud Property

People purchase properties because of rental payments and the gradual appreciation of the property. However, there are cases where people purchase p...

Property

3DS as a New and Unavoidable Standard When Performing Online Purchases

Strong customer authentication (SCA), which is as an obligation since January 1, 2021, implies that any Cardholder Initiated Transaction (CIT) mus...

Business Training

WHITE LABEL NOBA’s Winter 2016 season: Earth + Country

Taking cues from the warm winter colours of tobacco and caramel, and combining them with the strength of navy and the embracing lightness of whites ...

Business Training

Why Pinterest Should Be Part of Your Marketing Strategy

Pinterest is a growing social media platform that can deliver significant traffic to your website and new followers to your brand. With it’s steady gr...

Business Training

Leap Real Estate wins game-changing REA award

Resimax Group’s Leap Real Estate team has won Game Changer of the Year at the AREAs, the Annual REA Excellence Awards, for its world-first Leap Li...

Property