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VinFast announces electric vehicle rental, taxi service fees

by tuoitrenews.vn Leave a Comment

Green-Smart-Mobility Joint Stock Company (GSM), Vietnamese tycoon Pham Nhat Vuong’s newly founded business, has announced the fees for its electric vehicle (EV) rental and taxi services which will use VinFast electric cars and scooters.

GSM was established earlier this month by Vuong, chairman of Vietnamese conglomerate Vingroup, with a charter capital of VND3 trillion (US$126 million).

The new firm is set to launch operations in Hanoi next month using 10,000 electric cars and 100,000 electric scooters produced by Vingroup’s automaking arm VinFast.

According to a price list GSM recently sent to its corporate customers, VinFast models VF e34, VF5, and VF8 Eco will be used for GSM’s rental and taxi services. GSM also noted that there will be a mileage allowance of 2,500km for these services.

The monthly rate to rent a VF e34 is VND11 million ($464), the EV batteries for the vehicle cost VND3.16 million ($133) per month to rent, and drivers will be charged VND1,265 (5 cents) per kilometer over 2,500km.

The VinFast VF5 model will cost renters a monthly fee of VND9.5 million ($401) for the vehicle and VND2.7 million ($113) for the battery. Drivers will be charged VND1,082 (4 cents) for every kilometer over 2,500km.

Those who rent the VinFast VF8 Eco will need to pay VND20 million ($848) per month plus VND4.64 million ($197) for the EV battery. The cost for per kilometer over 2,500km is VND1,850 (7 cents).

The company has yet to announce fees for individual customers.

GSM general director Nguyen Van Thanh said GSM plans to further improve Vietnam’s green and smart transportation system by offering more electric vehicle services to local residents at reasonable prices.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Green-Smart-Mobility Joint Stock Company (GSM), Vietnamese tycoon Pham Nhat Vuong’s newly founded business, has announced the fees for its electric vehicle (EV) rental and taxi services which will use VinFast electric cars and scooters.

GSM was established earlier this month by Vuong, chairman of Vietnamese conglomerate Vingroup, with a charter capital of VND3 trillion (US$126 million).

The new firm is set to launch operations in Hanoi next month using 10,000 electric cars and 100,000 electric scooters produced by Vingroup’s automaking arm VinFast.

According to a price list GSM recently sent to its corporate customers, VinFast models VF e34, VF5, and VF8 Eco will be used for GSM’s rental and taxi services. GSM also noted that there will be a mileage allowance of 2,500km for these services.

The monthly rate to rent a VF e34 is VND11 million ($464), the EV batteries for the vehicle cost VND3.16 million ($133) per month to rent, and drivers will be charged VND1,265 (5 cents) per kilometer over 2,500km.

The VinFast VF5 model will cost renters a monthly fee of VND9.5 million ($401) for the vehicle and VND2.7 million ($113) for the battery. Drivers will be charged VND1,082 (4 cents) for every kilometer over 2,500km.

Those who rent the VinFast VF8 Eco will need to pay VND20 million ($848) per month plus VND4.64 million ($197) for the EV battery. The cost for per kilometer over 2,500km is VND1,850 (7 cents).

The company has yet to announce fees for individual customers.

GSM general director Nguyen Van Thanh said GSM plans to further improve Vietnam’s green and smart transportation system by offering more electric vehicle services to local residents at reasonable prices.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

VinFast says three sales executives have left EV company

by auto.economictimes.indiatimes.com Leave a Comment

VinFast said on Friday three senior sales and customer-service have left the company this week.

The departures are the latest in a string of executive changes for the ambitious Vietnamese automaker . They also come after a delayed and costly rollout of VinFast’s first EVs in California, its debut overseas market.

In a statement to Reuters, VinFast said Gareth Dunsmore, deputy chief executive for global sales and marketing, had left “due to personal reasons and we respect his decision”.

VinFast said two other U.S.-based executives had left because of “changes in the management model and specific business requirements”: Greg Tebbutt, who had been chief marketing officer, and Craig Westbrook, former chief service officer.

Dunsmore, Tebbutt and Westbrook could not be immediately reached for comment.

The company, a subsidiary of conglomerate Vingroup JSC , dispatched a shipment of 999 of its VF8 SUVs to California from Vietnam in November, but needed until earlier this month to prepare them for delivery to customers after disclosing the car would have lower battery range than it had flagged to buyers.

VinFast has been selling the first batch of VF8s, rebranded as the City Edition to account for the lower range, on lease in California. It expects to ship a longer-range version of the VF8 later this year.

The company is looking to break into the U.S. EV market at a time when established competitors, led by Tesla , are driving down prices and preparing to roll out a range of new models.

Rival EV startups, including Lucid , Rivian and electric truck maker Nikola, have faced pressure from lower orders, higher interest rates and increased competition.

In February, VinFast consolidated operations in the U.S. and Canada, cutting some 80 jobs, including former U.S. Chief Financial Officer Rodney Haynes.

In June, VinFast said it had ended its contract with Franck Euvrard, the predecessor as deputy CEO for global sales to just-departed Dunsmore. Three other senior executives also left at that time.

Huy Chieu, a former General Motors engineer who was promoted in June to lead EV product development, resigned in December before the company’s first cars were delivered to U.S. customers.

VinFast has also had three CEOs since its founding in 2017.

The company, which began production in 2019, is planning to build a factory in North Carolina and has filed to list its shares through an initial public offering (IPO) in the United States.

VinFast lost USD 2.1 billion in 2022 on revenue of USD 634 million, it said in a registration statement for an IPO.

Singapore’s CapitaLand in talks to buy Vietnam property assets from Vinhomes – sources

by e.vnexpress.net Leave a Comment

A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years.

Discussions between CapitaLand, majority owned by Singapore state investor Temasek Holdings, and Vinhomes, which has a market value of $8 billion – have taken place for some projects owned by Vinhomes, four sources told Reuters .

Vinhomes, Vietnam’s biggest real estate developer by market capitalization, is part of Vingroup (VIC.HM), the country’s largest conglomerate.

One of the sources said CapitaLand is considering buying part of Vinhomes’ Ocean Park 3 project, a 294-hectare resort city style development near the Vietnamese capital city of Hanoi, or another project in the northern city of Hai Phong.

The value of the deal was still being negotiated, the person said, adding the talks reached advanced stage.

The sources declined to be identified due to the sensitivity of the matter.

When contacted by Reuters , CapitaLand Development did not directly comment on any potential deal with Vinhomes but said: “Vietnam is one of CapitaLand Development’s core markets. We constantly evaluate investment opportunities to grow our presence in the country.”

CapitaLand Development, part of CapitaLand Group – which has a presence in 40 countries – develops retail, office, residential, business parks and data centres among other businesses. It already has a portfolio of residential projects, including luxury condominiums, in four cities in Vietnam.

Vingroup declined to comment on any discussions with CapitaLand, but said that as a listed company it would disclose information if any transactions happen.

Vingroup, which is involved in real estate, automobiles and retail, is investing billions of dollars to develop VinFast (VFS.O), its fledgling electric vehicle car maker.

Vinhomes develops and owns residential and commercial real estate projects in Vietnam, a country which has a population of 100 million and was Asia’s fastest growing economy last year.

The economy expanded by 8% last year, the fastest pace in 25 years, backed by strong retail sales and exports, but is facing headwinds from a global slowdown.

Vinhomes’ net profit dropped 26% to VND29 trillion ($1.23 billion) in 2022 from a year earlier, while total revenue declined 27% to VND62 trillion.

UAW presidential challenger claims lead as rival campaign files protest

by auto.economictimes.indiatimes.com Leave a Comment

Union challenger Shawn Fain is narrowly leading United Auto Workers ( UAW ) President Ray Curry in a runoff election as Curry’s campaign said it had filed a protest .

Earlier this month, a court-appointed monitor said Fain received 69,118 votes and Curry has 68,473 votes – a difference of 645 votes – but with 1,608 unresolved challenged ballots. The court monitor oversaw counting on Thursday but has not released results.

A group backing Fain said on Friday he has a lead of 505 votes with 600 challenged ballots left to be counted, “making Fain’s victory all but assured.” The monitor did not immediately comment on Friday.

The protest filed by Curry’s campaign raised numerous issues including the fact that tens of thousands of ballots were returned as undeliverable and urged the monitor to “immediately delay the announcement of a final result and immediately investigate these questions in a transparent process.”

The election comes at a critical time for the union.

Labor contracts with Detroit ‘s Big Three automakers expire in September. The UAW is working to organize new battery plants and members worry that shifting to electric vehicles will cost jobs.

Curry has been president of the UAW since June 2021, and a UAW member since 1992. Fain has been a UAW member for more than two decades, serving as an officer at a local in Indiana representing workers at a Stellantis NV casting plant.

The UAW won a victory in December, when workers at an Ohio General Motors-LG Energy battery cell factory voted to join the union.

UAW officers previously were elected through a delegate system. Members approved direct elections in a 2021 referendum required as part of a 2020 Justice Department settlement to resolve a corruption probe which resulted in the incarceration of two former UAW presidents.

The UAW has about 375,000 U.S. members, down from 1.5 million in 1979.

CapitaLand in talks to buy Vietnam property assets from Vinhomes

by www.asiaone.com Leave a Comment

SINGAPORE/HANOI — Asian real estate giant CapitaLand Group is in talks to acquire assets worth roughly US$1.5 billion (S$2 billion) from Vietnam’s biggest listed property firm Vinhomes JSC, two sources familiar with the matter told Reuters.

A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years.

The talks come as Vietnam’s property sector is struggling with a cash crunch following an anti-graft campaign launched by the government last year.

Discussions between CapitaLand, majority owned by Singapore state investor Temasek Holdings, and Vinhomes, which has a market value of US$8 billion — have taken place for some projects owned by Vinhomes, four sources told Reuters.

Vinhomes, Vietnam’s biggest real estate developer by market capitalisation, is part of Vingroup, the country’s largest conglomerate.

One of the sources said CapitaLand is considering buying part of Vinhomes’ Ocean Park 3 project, a 294-hectare resort city style development near the Vietnamese capital city of Hanoi, or another project in the northern city of Haiphong.

The value of the deal was still being negotiated, the person said, adding the talks reached advanced stage.

The sources declined to be identified due to the sensitivity of the matter.

When contacted by Reuters, CapitaLand Development did not directly comment on any potential deal with Vinhomes but said: “Vietnam is one of CapitaLand Development’s core markets. We constantly evaluate investment opportunities to grow our presence in the country.”

CapitaLand Development, part of CapitaLand Group — which has a presence in 40 countries — develops retail, office, residential, business parks and data centres among other businesses. It already has a portfolio of residential projects, including luxury condominiums, in four cities in Vietnam.

Vingroup declined to comment on any discussions with CapitaLand, but said that as a listed company it would disclose information if any transactions happen.

Vingroup, which is involved in real estate, automobiles and retail, is investing billions of dollars to develop VinFast, its fledgling electric vehicle car maker.

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Vinhomes develops and owns residential and commercial real estate projects in Vietnam, a country which has a population of 100 million and was Asia’s fastest growing economy last year.

The economy expanded by eight per cent last year, the fastest pace in 25 years, backed by strong retail sales and exports, but is facing headwinds from a global slowdown.

A property crisis that started last year, sparked by problems at one of the country’s largest property groups No Va Land, has battered investor confidence as authorities arrested high-level individuals and overhauled the country’s bond sector.

Vinhomes was spun off and listed on the local stock exchange in 2018.

Vinhomes’ net profit dropped 26 per cent to 29 trillion dong (S$1.64 billion) in 2022 from a year earlier, while total revenue declined 27 per cent to 62 trillion dong.

Shares of Vinhomes have lost 10 per cent so far this year, after tumbling 40 per cent in 2022 as the property crisis deepened.

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