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SAN DIEGO - Vietnamese electric vehicle maker VinFast (NASDAQ:VFS) announced Wednesday the opening of its first authorized dealership in California, marking a significant step in the company’s U.S. expansion strategy. The company, currently valued at $8.07 billion, has shown strong revenue growth of 65.7% over the last twelve months, though InvestingPro data indicates it’s currently burning through cash rapidly.
The San Diego location, operated by Sunroad Automotive Group, will begin operations this month, offering customers the opportunity to explore, test drive, and purchase VinFast’s electric SUV models, including the VF 8 mid-size SUV and VF 9 full-size SUV.
The dealership will provide comprehensive after-sales services, including warranty support, maintenance, repairs, and genuine parts. VinFast will conduct training programs for the dealership staff to ensure expertise in the company’s products and service procedures.
This opening represents part of VinFast’s broader transition to a franchise dealership model across all 50 states, a strategy the company implemented in late 2023. To date, VinFast has established more than 30 authorized dealerships across 15 states, including Texas, Connecticut, Florida, Illinois, and New York.
"Adding our first dealership in California signifies VinFast’s next strategic step in our business model transition and the development of our global dealership network," said Mike Nolte, Vice President of Sales for VinFast US, according to the press release.
The company is offering the VF 8 at a starting price of $39,900 for the Eco trim and $44,900 for the Plus trim, with lease options beginning at $269 per month. The VF 9 starts at $62,900 with leasing from $449 per month. Both models come with a 10-year or 125,000-mile vehicle warranty and a 10-year unlimited mileage battery warranty for non-commercial use.
VinFast, which became Vietnam’s best-selling automotive brand, continues its global expansion with recent entries into Indonesia, the Philippines, India, and the Middle East markets. While analysts maintain a positive outlook with price targets ranging from $5.50 to $6.00, InvestingPro research reveals additional insights about the company’s financial health and growth prospects through its comprehensive Pro Research Report, available with a subscription.
In other recent news, VinFast Auto Ltd. reported significant financial and operational developments. The company disclosed robust revenue growth for the first quarter of 2025, reaching approximately $656.5 million, surpassing estimates from both Cantor Fitzgerald and Visible Alpha Consensus. Vehicle deliveries for the quarter stood at 36,330, marking a 296% year-over-year increase and exceeding the Visible Alpha Consensus forecast. Despite these strong figures, VinFast reported an adjusted EBITDA loss of approximately $396 million, which was higher than expected, and a net loss of about $712.4 million.
Cantor Fitzgerald maintained its Overweight rating for VinFast, with a target price of $6.00, reflecting confidence in the company despite its current financial challenges. In terms of product offerings, VinFast delivered 44,904 e-scooters in the first quarter, showing a 473% year-over-year increase. The company also introduced new products, including the EC Van and plans for the EB 6 electric bus platform, with market availability expected later in 2025.
Additionally, VinFast is expanding its international presence with strategic moves in regions like Indonesia, the Philippines, and India, while optimizing operations in North America and Europe. The company aims to double its global vehicle deliveries in 2025 and is actively exploring new market opportunities. Financial backing from its parent company Vingroup and founder Pham Nhat Vuong continues to support VinFast’s growth and operational strategies.
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