2022 Has Been a Blistering Year for the Automotive Industry

2022 has already been an abanger of an automotive year, and with a summer that will include the new Z, Ford Lightning, and a manual Supra, consumers and Wall Street alike are riding high on a wave of exciting new cars. However, if you're a fan of EVs, or even just live in the great state of North Carolina, there's another reason to be pumped.

Construction is set to begin on a massive stateside manufacturing plant, and an upcoming IPO, Vietnam-based car company VinFast, is poised to make an impact on the automotive market. How much of an impact do you ask? Well, not entirely sure. Which is why today, we're going to take a deep dive into this intriguing import.

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Since production began in 2017, VinFast has grown at an impressive rate, to say the least. Initially operating out of a former GM assembly plant in Illinois, then constructing an additional state-of-the-art facility in Hai Phong, the white-hot manufacturer makes scooters, motorcycles, and of course, cars. A major reason for their rapid rise is the fact that VinFast belongs to the conglomerate, Vin Group, which is Vietnam's largest privately held business owned by billionaire Pham Nhat Vuong, also known as The Chairman.

The Chairman, I like that. Now right off the bat, I gotta say that VinFast's manufacturing is staggeringly efficient. They developed their first three car models in just 21 months with a claimed 90% automated production with the ability to crank out 250,000 cars and 500,000 e-scooters per year. Last year, VinFast reported a domestic gain of 54%, and had the highest-selling vehicle in Vietnam with their VinFast Fadil hatchback.

Along with the company's rapid financial success, their patience has also been commendable as they've waited to get a solid footing in their own home country before going abroad. Well, the wait is finally over. VinFast is throwing their hat into the European and North American markets this very year. Additionally, they've announced plans for our North Carolina plant. They're also gearing out for US stock market listing.

Let's make some money, baby. To give you an idea of VinFast's vision of the future, I'll quote from their top brass. Their global CEO has stated that

WEBVTTKind: captionsLanguage: en(car revving)- 2022 has already been abanger of an automotive year.And with a summer thatwill include the new Z,Ford Lightning, and a manual Supra,consumers and Wall Streetalike are riding highon a wave of exciting new cars.But if you're a fan of EVs,or even just live in thegreat state of North Carolina,there's another reason to be pumped.With construction set to beginon a massive stateside manufacturing plantand an upcoming IPO, Vietnambased car company, VinFast,is poised to make an impacton the automotive market.How much of an impact do you ask?Well, not entirely sure.Which is why today, we'regonna take a deep diveinto this intriguing import.- Thank you to Keepsfor sponsoring today's video.Hair loss has been eradicated on earth,but in a universe wheretwo out of three guysexperience some form ofmale pattern baldnessby the time they're 35, we're on a missionto tackle universal hair loss.For we are Astro Keeps.- Give us your hair or meet your doom.- Never, we grew this hair naturally.It's not our fault that you are balding.- You know that wordmakes me feel insecure.Prepare to die.- Fellas, fellas, let's not start a warover some insecurities about hair loss.Try using the power of Keeps.Keeps offers clinically proven,research backed treatmentsto stop hair loss.Whether you're lookingto prevent hair loss,stimulate hair growth,or just take better careof the hair you have,Keeps has you covered.So maybe we can turnthose proceeding armiesinto some proceeding hairlines.- The armies are retreating.You did it, captain.- Please, accept our gold as thanks.- No, no, that's okay.We do it outta the goodness of our...Hold on, what'd you say, gold?Yes, gold please.Yes, we'll take that.- Here it is, GOLD.Your very own geriatricold laminating droid.- Will you hurry up?My game shows are about to start.- Oh, okay. Thanks, yeah.- Give me something to laminate already.Dell or no Dell is on.- Start yourhair loss prevention todayby going to keeps.com/b2b,or by clicking the link in the descriptionto receive 50% off your first order.And check back for anotheradventure of Astro Keeps.- Give mesomething to laminate already.- Since production began in 2017,VinFast has grown at animpressive rate, to say the least.Initially operating outof a former GM assembly plant in Illinois,then constructing an additionalstate-of-the-art facility in Hai Phong,the white hot manufacturer makes scooters,motorcycles, and of course cars.A major reason for their rapid riseis the fact that VinFastbelongs to the conglomerate, Vin Group,which is Vietnam's largestprivately held businessowned by billionaire Pham Nhat Vuong,also known as The Chairman.The Chairman, I like that.Now right off the bat,I gotta say that VinFast's manufacturingis staggeringly efficient.They developed theirfirst three car modelsin just 21 months with a claimed90% automated productionwith the ability to crank out 250,000 carsand 500,000 e-scooters per year.Last year, VinFast reporteda domestic gain of 54%,and had the highestselling vehicle in Vietnamwith their VinFast Fadil hatchback.Along with the company'srapid financial success,their patience has also been commendableas they've waited to get a solid footingin their own home countrybefore going abroad.Well, the wait is finally over.VinFast is throwing their hatinto the European and NorthAmerican markets this very year.Additionally, they've announced plansfor our North Carolina plant.They're also gearing outfor US stock market listing.Let's make some money, baby.To give you an idea ofVinFast's vision of the future,I'll quote from their top brass.Their global CEO has stated that"We aspire to be one of the leadingelectric vehiclemanufacturers in the world,while inspiring our customersto be boundless togetherand join hands in theelectric vehicle revolution,creating a sustainable future for all."Nice.Emmanuel Bret, VinFast deputy CEOof global sales and marketing,has recently echoed thesame ambitious statements."There's no secret it's a total commitmentto change the world.Changing the world.Wow, dor a company that's been aroundfor less than five years,I gotta admire that bullish confidence.While their current breadand butter in Vietnamis a combination of electric, hybrid,and gas powered sedans and crossovers,VinFast says they'll stop making vehicleswith combustion engines by the end of 2022to focus solely on EVs.In fact, they've recruitedsenior executivesfrom Tesla, BMW, Porsche,Toyota, and Nissanto help with theirinternational EV launch.With a wise focus on the most profitableWestern auto sectorsof SUVs and crossovers,VinFast gave us a glimpse oftheir soon to be availablein America models at theLA Auto Show last fall.The VF8 and the VF9.Look, they had different names back thenbut that doesn't reallymatter now, does it?The VF8 is a midsize electric crossoverthat is expected to hitthe streets this summer.Expected to compete with modelslike the Hyundai Ioniq5 NissanAriya, and Volkswagen ID.4,the VF8 starts at 41 grandand delivers a range of roughly 290 miles.Not too bad.About the same size as the Ford Edge,the VF8 has a smooth EV specific grill,and LED accent lightingacross the front fascia.The interior is minimal but stylishwith a 15 inch center touch screen,and push button shiftersnestled in the center console.VinFast says that the VF8will produce 402 horsepowerand 472 foot pounds of torque,and then it can do zero to 60between five and six seconds.Not super fast for an EV, butnot shabby for a crossover.The VF9 is a larger three row SUVthat starts at $56,000.It has a 270ish mile battery rangeand can allegedly pushzero to 60 in 6.3 seconds.VF9 is expected to competewith other five passengerelectric crossoverslike the Tesla modelX, the Mustang Mach E,and future electric SUVslike the Rivian R1S.Although it sounds like with the speedthat this one can do, it'smore of like a budget option.All the luxury SUV EVs out there,they like doing really fast stuffjust for the heck of it.Just so you say you can.This is looking to be more like a,hey, this is 50 something thousand dollarsand you get a three row electric EV.That's a pretty good price.Both models are styledby Italian design house, Pininfarina,and include innovative technologylike a virtual assistantwhich leverages artificial intelligence,big data, and machine learning.I don't really knowwhat that means either,but it sounds cool in the brochure.I'll also mention that VinFastunveiled the VF7 crossoverand the smaller VF5 and VF6at the 2022 Consumer Electronicshow in Vegas in January.But ironically, thesemodels aren't plannedto be available in the US.You know what? Makes sense.Start small.VinFast claims that their carwill come with a 10 year warranty,and there's also a lifetimewarranty for the battery.Let's talk about that battery.One interesting, and I'll saypotentially very confusing elementof VinFast EV's salesapproach at least for now,is that the automakerowns the onboard battery.This means that theylease it to the customerfor a monthly fee.But if there are any issues,VinFast will fix orreplace it at no charge.In the US, customers will choosebetween two differentbattery subscriptions.The flexible plan is$35 a month for the VF8and $44 for the VF9.It gives customers 310monthly miles of range,but they'll get chargedfor every mile they drive beyond that.The second option, the fixed package,offers unlimited mileage butat triple the monthly cost.So why is the company takingthis batteries not included angle?It's actually pretty clever.Batteries are famously themost expensive part of the EV,and by leasing out thebattery VinFast is hopingthe all in cost for the car will be lowerthan including it in the price.They also want buyers to feel more secureabout the longevity of thenew battery technology.Buyers aren't gonna worryabout replacement costsif they won't be the onespaying to replace it.But unfortunately, there'sone very big setbackfor penny pinchers hoping tosave all the money they canwith this battery lease arrangement.And that is, it's kind of confusing.Real quick guys, if youlike this video so far,go ahead and hit that like button.Maybe hit the subscribebutton if you're feeling it.If not, no pressure, butwe really appreciate it.You can have unlimited miles in your VF8for a flat fee of 110 bucks.That's easy.However, if you wanna spend less,you really gotta keepan eye on your odometer.With the flexible plan,you can pay a base rateof $35 for 310 miles.But for every mile afterthat, you pay 11 cents.I drive about 800 miles a month,which with this plan wouldcost me about 89 bucks a monthto lease the battery.Then you gotta tack on theactual cost of charging,which granted, are farlower than gasoline prices.And I know I said this was confusing,but now that I say it out loudit's really not that confusing.I think I'm just scared of math.A far less exciting batteryrelated element to consideris that the VinFast charging networkcould start out a little wonky.They did just announce a partnershipwith rapidly growing Electrify America,but they're a company who'vebeen routinely knockedfor inconsistent service.I wonder if that has anything to dowith the fact that ElectrifyAmerica is just a fancy namefor Volkswagen's governmentmandated punishmentfor the diesel gate scandal.With a potential valuation of $2 billion,VinFast's IPO would be the biggest everby a Vietnamese company.And if it all worksout, they would also beone of the few Vietnamesecompanies to list in the US.That's pretty exciting.What's more, the 2,000acre VinFast factoryin Chatham County, North Carolinawill begin the first $2billion phase of constructionsometime this year.Starting in 2024, the plant will havean estimated annual capacityof 150,000 vehicles per year,while continuing to expandwith the help of a $4 billiontotal facility investment.This will be North Carolina'sfirst car manufacturing plant,and it is the largest economicdevelopment announcementin the tar heel state's history.VinFast's project is estimatedto bring 7,500 new jobs,and grow the state's economyby at least 70 billionover the next 30 years if it all pans out.Very good for the state.At the announcement in Raleigh in March,North Carolina Governor Roy Cooper said,"VinFast's transformative projectwill bring many good jobs to our state,along with a healthier environmentas more electric vehicles take to the roadto help us reducegreenhouse gas emissions."Our great state's roadsshould be even more beautifulnow that all those squattedtrucks are also illegal.He didn't say that last part.I made that up.The Carolina plant willmake the VF8 and VF9,batteries, as well as electric buses.But until it's actuallyrolling, models will be exportedfrom the VinFast assemblyplant in Hai Phong.By the end of December, 2021,VinFast began delivering its first EVsto customers in Vietnam.The first time EVs have everbeen sold in the country.Meanwhile, executiveshave said they receivedsome 65,000 globalreservations since January,and aim to sell upwards of a million EVswithin five to six years.That's a big goal.I hope they pull it off.This is gonna be a superinteresting story to followsimply because of VinFast's origins.I mean, how many companies fromoutside Japan, Korea, Europeand America are selling cars in the US?Exactly.I'm still a bit skeptical thata somewhat unproven automakercan pull it off, but Imight be totally wrong.The global EV market is projected to reach$803 billion over the next five years,which represents an excitingopportunity for VinFast,not to mention other upstart EV companiesto capture a decent market share.And with the likes of Kia and Hyundaimoving up market towards thepremium and luxury segments,there might be a placefor a smaller manufacturer to step in.I kinda like their interestingapproach to battery leasing,which might also appealto nervous EV buyerswho heard $10,000 horror storiesabout Tesla or Toyotabattery replacements.It's me, I've heard those stories.They've also got the chairman's money,and maybe even a little of yoursif you choose to investwhen they go public.They plan to sell direct in30 stores across California,and their US headquartersare right here in LA.So VinFast, maybe scootone of those cars our wayfor a little test drive.- We just got ournew Buff Horses Club tees,and they're super high qualityand a hundred percent cotton.Jeremiah already pulledan entire motorcycle engine wearing itso you know it's been tested.Go get yours today at donutmedia.com.(upbeat rock music)- Thank you very muchfor watching, Wheelhouse.What do you think?Does VinFast have a realistic shotof making a dent in the US market?Are you pumped to get behind the wheelof one of these things?How much would you pay to lease a battery?I wanna know.Let me know down in the commentsFollow Donut on allsocial media @donut media.Follow me @nolanjsykes.Be kind. See you next time.