VinFast to produce mini electric car

The richest man of Vietnam told the company’s annual meeting on Wednesday that VinFast aims to be the market leader in electric vehicle coverage in all segments.

The battery-powered city or mini category is the only segment VinFast has yet to produce an offering in.

The new model will fill this gap, according to the chairman.

With the exception of stating that the new car "is super compact, and has a very low price," Vuong provided no information on the model, nor did he discuss its release date.

It is expected that the "super compact" model will be equivalent to the sub-compact category in foreign markets, a segment with offerings smaller than A-size cars like the Kia Morning or Hyundai i10.

VinFast only sells electric cars.

The VF 5 is the company’s smallest model to date, costing VND458 million ($19,527) excluding battery, or VND538 million with battery. The VF 5 is the cheapest and smallest genuine electric car on the market now.

By the end of this year, TMT Motors will begin distributing the Wuling Hongguang Mini EV in Vietnam.

The Chinese vehicle was the best-selling mini electric car on the planet last year, thanks to being the best-selling model within the massive domestic Chinese market. It’s expected to cost VND200-300 million in Vietnam.

VinFast’s new model will be its only competitor in the segment on the Vietnamese market.