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VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, March 1, 2023.

Lisa Baertlein | Reuters

Vietnamese electric vehicle maker VinFast‘s ambitious plan to deliver as many as 50,000 vehicles this year is “unrealistic,” according to one analyst.

VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. That’s almost seven times the 7,400 EVs it sold last year, all in Vietnam.

The company delivered only 11,315 vehicles in the first half of this year, of which 7,100 were sold to Green and Smart Mobility, a Vietnamese taxi company controlled by parent Vingroup, the firm said during its second-quarter earnings call on Sept. 21. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models.

Shares of Vingroup, one of the largest conglomerates in Vietnam, closed at 45,200 Vietnamese dong ($1.85) on Wednesday, its lowest level since November 2017, according to Refinitiv data.

“More than 50% of EV volume during 1H2023 were to a related company while U.S. volume was less than 200 units raising serious concerns over demand for VinFast’s EVs,” Shifara Samsudeen, equity analyst at LightStream Research, said in a report published on SmartKarma.

Through June, only 137 VinFast EVs — all VF8 SUVs— were registered in the U.S., according to automotive data provider S&P Global Mobility which CNBC confirmed.

U.S. sales aren’t expected to improve any time soon. The reputational issues caused by the launch of the VF8 will not be solved by the VF9.

David Byrne

Analyst, Third Bridge

Meanwhile, U.S. rival Tesla and China’s XPeng delivered 889,015 and 300,145 electric cars, respectively, during the first half of the year.

“VinFast’s ambitious EV plan seems unrealistic. It seems unlikely for VinFast to meet its 50,000 EV target for 2023 and our revised forecast suggests there is further downside despite shares dropping more than 50% vs IPO,” said Samsudeen.

In response to CNBC’s request for comment, VinFast said it is “ramping up production to ensure delivery targets in international markets.”

“Besides, VinFast will soon expand to Southeast Asian and Middle Eastern markets soon, which will also boost our production,” the company told CNBC.

Better and VinFast go volatile after debut with SPAC-mergers

VinFast, which has yet to make a profit, began trading on the Nasdaq on Aug. 15. Its share price soared more than 250% on the first day of trading, but has since dropped more than 60%.

Ambitious plans

VinFast has been ramping up its expansion outside of Vietnam this year, in a bid to compete with automakers globally.

“We have established our operational facilities, including sales network in Vietnam, North America and Europe, and moving forward, we plan to expand our coverage to Asia-Pacific, Middle East and other potential markets globally,” VinFast CEO Lê Thị Thu Thủy said during the firm’s second quarter earnings call.

“We have ambitious plans to deliver seven models in Vietnam, North America, Europe and Asia over 2023 and 2024, such as delivering the VF9 in North America by the end of the year, as well as targeting first delivery of the – the VX6 later this year and the – the VX7 and VF3 in 2024,” said Lê.

Our U.S. sales are improving at our stores. And with the upcoming addition of dealers, we will likely exceed our plan for the year.

Higher prices

Analysts also noted that VinFast’s models are not competitively priced. For example, VinFast’s VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Additionally, Tesla passenger vehicles qualify for a $7,500 federal tax credit in the U.S., while VinFast vehicles are currently not eligible as they are not built in the U.S.

“[This suggests] that it may not as easy as said to increase the sales volume in the U.S. and other foreign markets given more established EV models are selling for a lower price,” said Samsudeen.

“Our experts questioned the pricing decision of VF9 in the US market. It is more expensive than key, more established competitors such as the Kia EV9 and the Tesla Model X, despite the platform being internal combustion engine-derived, compromising its performance and range,” said Bryne.

VinFast told CNBC that “experts have carefully researched and priced our vehicles properly.” It also said it does not consider some of these mentioned vehicles as their competitors, without specifying models.

During the second quarter, VinFast posted a net loss of $526.7 million, improving 8.2% from the same period a year ago.

VinFast expects to break even by the end of 2024, its founder Pham Nhat Vuong reportedly told investors at the company’s annual general meeting in May.

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Volvo sees MASSIVE growth in electric semi truck dealer network

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Volvo sees MASSIVE growth in electric semi truck dealer network

While other semi truck brands hide delays and missed deadlines behind press releases and fake updates, Volvo Trucks is busy cementing its position as the heavy-duty EV leader, thanks to great market share and a certified dealer network that’s seen 8,200% growth this decade.

Beginning with TEC Equipment in Fontana as the company’s only certified EV dealer in July 2021, Volvo Trucks’ BEV sales network has expanded quickly to 83 certified locations across 33 US states and four Canadian provinces, with four new dealer groups recently joining the program and another 13 rooftops currently in the certification pipeline. Those dealers have helped Volvo Trucks gain a leading position globally and maintain more than 30% market share in the North American electric truck segment over the past five years.

“Reaching this milestone is a testament to our customers’ commitment to sustainable transportation and our dealer network’s dedication to supporting them every step of the way,” explains Peter Voorhoeve, president, Volvo Trucks North America. “The path to zero emissions is shaped by market conditions, which are moving slowly. We remain committed to our vision to create a world we want to live in by using zero emissions solutions in combination with fuel efficient combustion engines with reduced climate impact. Solutions that will work for our clients where sustainability meets affordability.”

So far, those dealers have deployed over 700 battery electric semi trucks (out of 5,700 globally) that have logged more than 20 million zero-emission miles and eliminated an estimated 34,000 metric tons of CO2 – the equivalent of over 7,000 passenger cars.

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Electrek’s Take


Via Volvo Trucks.

I’m struggling to reconcile Volvo’s true net zero rhetoric and seemingly dedicated push towards progressive and sustainable business practices with the US branch’s recent attempts to weasel out of their deal with California and, more specifically, CARB. Volvo is a leader in this space, and they should also lead by example where it matters.

SOURCE | IMAGES: Volvo Trucks.


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Rivian’s ALSO announces lower $3,500 price for it’s fancy new e-bike

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Rivian's ALSO announces lower ,500 price for it's fancy new e-bike

ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.

While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.

The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.

The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.

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Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.

ALSO hasn’t committed to an exact delivery date, but reservations are now open.

Electrek’s Take

A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.

It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.

Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.

Also, the timing here is… odd.

Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.

Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.

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After 300 years of innovation, Husqvarna definitely dreams of electric sheep

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After 300 years of innovation, Husqvarna definitely dreams of electric sheep

Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.

Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.

“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”

The robots themselves operate a bit differently than Husqvarna’s traditional line of big, bad, zero-turn riding mowers that whip through thick grass once or twice a month with heavy, whirling blades. Instead, they employ a series of tiny razor blades that gently nibble at the grass daily – just like little electric sheep grazing on the turf.

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“That cutting system, developed by Husqvarna engineers, has then become the basis for the entire robot mower industry, of which we’re the market leader,” Nick Rawson, VP of Strategy and Business Development at Husqvarna told Forbes.

Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.

You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.

“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”

A solution, frankly, that looks a lot like a little robot mower.

The things, themselves


Autonomous mowers at Women’s Open; via Husqvarna.

Husqvarna offers three types of autonomous electric mowers aimed at commercial golf courses, but the Husqvarna CEORA for large-area mowing, and Husqvarna Automower, for smaller, steeper and more complex areas, are the models relevant to this story.

The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.

Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.

Electrek’s Take


As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)

Let us know what you think in the comments.

SOURCES: Forbes, Golf Monthly; images by Husqvarna.


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