Magnets, motors and power electronics for e-mobility are increasingly finding their way to Vietnam these days as VinFast rises rapidly to become a global player, leading the way toward establishing a new automotive industry design and production center in Hanoi. One of the hallmarks of the company’s vehicles is powerful all-electric high-torque motor and control using interior permanent-magnet motor design.
A subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, VinFast has become a diversified pure-play electric vehicle manufacturer. The product lineup today includes a wide range of electric SUVs, ebikes, e-scooters, and e-buses.
In November, the company announced it delivered more than 11,000 electric vehicles to domestic customers in October, bringing its total sales since the beginning of the year to over 51,000 EVs. This positions VinFast as the best-selling automotive brand in the Vietnamese market for October and the first ten months of 2024. The month’s sales registered a 21% increase over the previous month. The VF 3 and VF 5 were the top-selling models, with nearly 5,000 EVs and over 2,600 EVs sold, respectively.
VinFast becoming the best-selling car brand in its domestic market marks a significant breakthrough for Vietnam automotive industry. In just over five years since market entry, VinFast managed to not only establish a firm foothold but also overtake foreign competitors to secure the largest market share. Notably, it is also the first electric vehicle brand to surpass gasoline-powered competitor to become the market-leading brand, just two years after its transition to a pure-play brand.
Currently, VinFast offers seven electric vehicle models across all segments in the Vietnamese market, from mini-SUVs to E-SUVs, with competitive pricing options that cater to diverse customer needs and remain attractive compared to gasoline vehicles in the same segment. VinFast is also actively expanding internationally, strengthening its presence in multiple countries and regions worldwide as diverse as Indonesia and North America.
In concert with headwinds currently buffeting the EV market, however, VinFast has made the strategic decision to adjust the timeline for the launch of a manufacturing facility in North America, which is now expected to begin production in 2028. Plans for the $4 billion plant in North Carolina were announced in 2022.
VinFast has relied on interior permanent magnet motors for its EVs from the start. Synchronous motors that use magnets as the rotor, they are its go-to power source beginning with its first, smart electric car model, the VinFast VF e34. Introduced in 2021, it boasts a 110 kW maximum capacity and 242 Nm of torque. See www.vinfast.com.
