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SAN DIEGO - Vietnamese electric vehicle maker VinFast (NASDAQ:VFS), currently valued at $8.35 billion, opened its first authorized dealership in California on Tuesday, partnering with Sunroad Automotive Group to establish VinFast San Diego. According to InvestingPro data, the company shows strong revenue growth potential despite facing profitability challenges.
The grand opening event featured test drives of the company’s two U.S. electric SUV models: the mid-size VF 8 and the full-size, three-row VF 9.
This opening represents part of VinFast’s strategic shift to a franchise dealership model across all 50 states, moving away from its previous direct sales approach. The company has established nearly 30 authorized dealerships across 14 states to date.
"The successful grand opening of our San Diego dealership was met with a positive response from local consumers," said Mike Nolte, Vice President of Sales and Marketing for VinFast US, according to the press release.
The VF 8 SUV is priced starting at $39,900 for the Eco trim, with lease options beginning at $279 per month. The larger VF 9 starts at $62,900 with leasing from $449 monthly. Both vehicles come with a 10-year or 125,000-mile vehicle warranty and a 10-year unlimited mileage battery warranty for non-commercial use. With VinFast’s stock trading at $3.46, InvestingPro analysis suggests the company is currently undervalued, though investors should note its negative gross profit margins of -50.53%.
California was identified as a priority state for VinFast’s expansion due to its electric vehicle market growth potential. The San Diego location will provide sales, warranty support, maintenance, repairs, and parts service.
VinFast, which became publicly traded on NASDAQ, has been expanding globally beyond North America and Europe into markets including Indonesia, the Philippines, India, and the Middle East.
The information in this article is based on a company press release.
In other recent news, VinFast Auto Ltd. has announced plans to spin off part of its research and development unit into a new company, Novatech Research and Development SJC, in a deal valued at approximately $1.5 billion. The company will initially retain about a 38% stake in Novatech. VinFast reported preliminary domestic deliveries of 11,479 electric vehicles in Vietnam for July, bringing the total for the first seven months of 2025 to 79,048 vehicles. Earlier, the company reported delivering 11,382 electric vehicles in June, with the VF 3 model being the best-selling vehicle for that month.
VinFast VF 8 owners have successfully completed long-distance road trips across North America, showcasing the vehicle’s capability for extended journeys. In analyst news, Cantor Fitzgerald maintained its Overweight rating on VinFast stock, with a price target of $6.00. This rating follows the company’s stable monthly deliveries for June, which included sales of the VF3, VF5, VF6, and VF7 models. The company’s Green series also contributed significantly to the monthly sales figures. These developments highlight VinFast’s ongoing activities and performance in the electric vehicle market.
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