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What Brought The VinFast (VFS) Stock 11% Higher

VinFast Auto Ltd. (NASDAQ: VFS) shares experienced a notable uptick of 11.75%, concluding the preceding trading session at $5.99. Absent any overtly conspicuous catalyst, this surge in VinFast’s stock price appears to be aligned with recent strategic advancements.

During the Electrify Expo 2023, VinFast (VFS) disclosed its assertive blueprint for U.S. expansion, boasting more than 70 dealer applications in hand. Anticipated updates on dealer agreements, slated for announcement in the forthcoming months, are poised to enable VFS to commence the distribution of its Electric Vehicles (EVs) through an extensive network of 125 sales points nationwide.

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This marks a decisive stride in affirming VinFast’s unwavering commitment to broadening its business network and expeditiously facilitating accessibility to electric vehicles for a wider consumer base. The corporate agenda outlines the distribution of electric vehicle models at numerous sales points by the culmination of 2024, encompassing existing showrooms.

In 2023, VFS envisions the deployment of VF 8 models through its distribution network, followed by successive introductions of the VF 9, VF 6, and VF 7 upon their market launch. All patrons acquiring or leasing VinFast electric vehicles are entitled to benefit from VinFast’s post-purchase policies, inclusive of a 10-year/125,000-mile warranty for the vehicle and a 10-year unlimited mileage warranty for the battery under non-commercial use.

In a strategic move until the year’s end, VinFast will conduct Pop-up Mobile Test drives across Austin, Texas, and select cities and states, providing local customers convenient opportunities for hands-on trials with VinFast EVs. Detailed information will be disseminated through VinFast’s official communication channels.

As previously disclosed in the last quarter, VinFast is resolute in establishing extensive distribution channels, leveraging local networks, third-party dealerships, and distribution expertise to augment coverage in its expanding roster of target markets. The company aspires to establish a robust presence in up to 50 global markets and countries by the culmination of 2024.