Winfast became Vietnam’s first fully domestic car manufacturer when its first gasoline-powered model manufactured under its badge hit the roads in 2019.
see photosWinfast will initially rely on direct delivery models in Germany, France and the Netherlands
Vietnamese carmaker Winfast may expand its European strategy to Germany, France and the Netherlands next year to add other markets in 2023.
The company, a unit of Winggroup JSC Vietnam’s largest conglomerate, which some have called “Vietnam’s answer to Tesla”, will launch in Europe next year with two battery electric SUV models, the mid-size VF e35 and the seven-seater VF e36. Will be designed by both. Pininfarina of Italy.
The two models launch in Vietnam, North America and Europe in mid-2022, following plans for unveiling later this year.
Winfast became Vietnam’s first fully domestic car manufacturer when its first gasoline-powered model manufactured under its badge hit the roads in 2019.
Winfast’s vice president of B2B sales, Emil Hendriksen, said on Thursday that it is also looking at Italy, Scandinavia, Switzerland and Austria for the second phase of its European strategy.
The company sold around 30,000 vehicles domestically last year and had targeted to sell 15,000 electric vehicles in 2022
“We are looking at those countries for 2023,” he said during a presentation at the Pininfarina headquarters in Turin.
Hendriksen said Winfast would initially rely on a direct distribution model based on property showrooms in Germany, France and the Netherlands, but may later consider an agency-model for sales in other countries.
The company sold around 30,000 vehicles domestically last year and was aiming to sell 15,000 electric vehicles in 2022, though its representatives did not give a detailed forecast for the European market on Thursday.
Earlier this year sources said parent Winggroup JSC was considering a US initial public offering (IPO) of its Cars unit, which could value Winfast at around $60 billion, although one of the sources said The initial second quarter deadline for the mentioned deal was delayed.
Winfast Europe CEO Bitch Tran said any IPO decision was up to the company’s headquarters in Vietnam.
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“Our European plans are independent of any IPO. We are moving forward with our plans, in Europe everything is proceeding as planned,” she said.
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