Tesla

Vietnam’s answer to Tesla has U.S. in its electric sights By Reuters


© Reuters. A labourer works in VinFast’s factory in Hai Phong City

By James Pearson and Phuong Nguyen

HAIPHONG, Vietnam (Reuters) – Move over Tesla, how about a VinFast?

That’s the proposition being offered by the automobile arm of Vietnam’s largest conglomerate, Vingroup. It’s betting big on the U.S. market with its VinFast line of cars and hoping that electric SUVs and a battery leasing model will be enough to woo consumers away from homegrown market leaders like Tesla and General Motors Co (NYSE:).

A recent arrival on the automotive scene and the No. 5 car brand in Vietnam, VinFast is not short on ambition, with its sights set on a U.S. listing and a valuation of as much as $60 billion, according to two sources familiar with its plans.

(GRAPHIC: VinFast fifth in terms of Vietnam sales in 2020 – https://graphics.reuters.com/VIETNAM-VINFAST/rlgvdzyjgvo/chart.png)

It will launch in North America and Europe

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Tesla reports higher profits, says expansion on track

Tesla reported a jump in first-quarter profits Monday on surging electric vehicle sales, and the manufacturer said it was on track to boost automotive capacity at factories in three countries.

The electric car maker set production and delivery records in the quarter, with the auto industry upstart’s Model 3 becoming the best-selling premier sedan in the world, according to chief executive Elon Musk.

“We’ve seen a real shift in customer perception of electric vehicles and our demand is the best we’ve ever seen,” Musk said on an earnings call.

“Only three and a half years into production and with just two factories, for Model 3 to be out-selling its combustion engine competitors is quite remarkable.”

Musk’s electric car company has faced questions in recent days following a fatal car crash in Texas and sharp criticism of the company on social media in China.

But Monday’s results were strong as Tesla

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CT car dealers push back on ‘Tesla bill’

Figures in the state’s car dealership industry are once again taking aim at a bill that would permit electric vehicle manufacturers to sell their cars directly to consumers, arguing the proposal will result in fewer protections for buyers and undercut local businesses.

The bill, known as SB 127, is the latest in a series of attempts to at least partially roll back some aspects of the state’s dealer franchise law, which requires car companies to sell through franchised dealers. Lawmakers put forward a direct sales proposal every year between 2015 and 2019, but each time it stalled in the General Assembly.

Within Connecticut’s car dealership sector, the reappearing legislation has come to be known as the “Tesla bill,” after California-based electric vehicle maker Tesla Inc. Tesla has backed similar legislation in states throughout the country in an effort to expand its direct sales model and, as the world’s largest electric

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Tesla caught in the crossfire of a brewing tech Cold War with China

Musk has rebuffed those fears, insisting that if the electric car company was used to spy by any nation it could be shut down. “There’s a very strong incentive for us to be very confidential with any information,” he told a prominent Chinese forum.

Dan Ives, an analyst at investment firm Wedbush, says: “With a brewing Cold Tech War between the US and China, Tesla remains caught in the crossfire.”

Experts and veterans of the Chinese auto industry say Musk will need to work hard to ensure his automotive behemoth does not become an inverse case of Huawei, the Chinese tech giant that has had its ambitions battered by similar security concerns from the US government.

“If I’m Tesla, I would find it disconcerting,” says Michael Dunne, head of the Chinese-focused automotive consultancy ZoZo Go, who lived and worked in China from 1990 to 2016. He describes the move

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