VinFast Announces VF 5 Official Pricing & Opens Reservations in the Philippines
Last Updated on: 20th October 2024, 01:15 am
Almost a month after the launch of its compact electric SUV, the VF 3, VinFast Philippines recently announced the final pricing for the VF 5, which is the brand’s debut model in the country.
The VF 5 was the show model vehicle for VinFast when it launched in the Philippines last June 1, 2024. But it wasn’t yet available for delivery while the local sales team collected inquiries and sales orders. VF Philippines, already introduced a diverse range of electric vehicles to the Filipino market, including its VF e34, VF 5, VF 7, and VF 9 models. The VF 8 and VF 9 are expected to be available for ordering and delivery later this year and early next year.
The VF 5 is available in two options. First, is the P992,000 (approximately $17,170) variant with that comes with VinFast’s unique battery subscription plan, and the straight-purchase P1,191,000 ($20,620) version that includes the battery.
The battery subscription plan offers flexible monthly fees based on driving distance, with customers paying P5,800 (approximately $105) for up to 1,500 kilometers per month.
Considering that the average driver in Manila covers a little over than 800–1000 kilometers per month, the subscription fee, which is roughly equivalent to one and one-fourth tanks full of unleaded gasoline in the Philippines, seems like a really good deal, according to local automotive pundits.
An average driver may yield between 10 to 15 kilometers to a liter, in an internal combustion engine SUV when traversing Manila roads and traffic. And a full tank may yield between 970 to 1000 kilometers only. This means the VF battery subscription plan, if based on current fuel prices in Manila of about P58 to P65 per liter ($1 to $1.18 or $2.19 to $4.81 per US gallon), turns out to be cheaper—even with the expensive price per kilowatt hour in the Philippines.
Nguyen Thi Minh Ngoc, CEO of VinFast Philippines, expressed excitement about entering the Philippine market and emphasized the company’s commitment to providing affordable, high-quality electric vehicles with excellent after-sales services. VinFast aims to contribute to the country’s green transportation movement by making electric cars accessible to a wider audience.
“We are delighted to officially enter the Philippines, one of Southeast Asias most promising electric vehicle markets. By launching the VF 5 and introducing our unique battery subscription program to local consumers, we reaffirm our commitment to providing high-quality, affordable products with excellent after-sales services,” Nguyen said in a press statement.
The VF 5 is a compact SUV equipped with a 100 kW motor, 135 Nm of torque, and a 37.23 kWh lithium-ion battery. It offers a range of 326 kilometers per full charge (NEDC standard) and can charge from 10% to 70% in just 33 minutes. The SUV features a youthful design, advanced technologies like automatic vehicle fault diagnosis and blind-spot warning, and various interior/exterior color options.
VinFast’s battery subscription program is a unique selling point in the Philippine market, as it reduces the initial purchase cost and makes electric vehicles more accessible to consumers. The company also offers a comprehensive after-sales service package, including a 7-year/160,000 km warranty and free maintenance for battery subscription customers.
With the launch of the VF 5 and the opening of its first three dealerships, VinFast is positioning itself in the now crowded Philippine EV market dominated by Chinese brands. The company plans to start delivering vehicles to Filipino customers later in 2024.
“We hope that VinFast electric cars will soon become the daily mode of transportation for everyone, contributing to the green transportation movement in the Philippines,” Nguyen concluded.
However, in the U.S. things don’t look too rosy for the Vietnamese electric car maker.
It has sold fewer than a thousand cars and has delayed the construction of its EV plant in North Carolina from 2025 to 2028 due to “challenging” market conditions. It plans to increase its current 25 dealerships and store displays to 125 dealers in 2025.
Globally, the brand has delivered 13,172 EVs in the second quarter of the year by 44% QoQ and 43% year-on-year. This brings a total of 22,348 vehicles delivered, mostly in the Vietnam market, but is nevertheless a 101% increase compared to the same period last year.
And despite significant losses in the North American market, investments in Southeast Asia, particularly Indonesia, Malaysia, Thailand, and the Philippines, recorded $357 million in revenue for the second quarter, up by 33% quarter-over-quarter or a 9% increase year-on-year, according to official but unaudited reports from parent company VinGroup.
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