VinFast launches its cheapest VF3 EV overseas to take on low-cost Chinese EV makers
A new low-cost electric car is rolling out to global markets, and it’s not from China. Vietnam’s VinFast officially launched its most affordable EV, the VF 3, overseas as it expands its presence in the Philippines.
After unveiling the VF 3 in January, VinFast’s mini electric SUV instantly became a hit in its home market and across the internet.
With a compact but still rugged (almost mini Ford Bronco-like) design, the VF 3 is aimed at “young drivers who value practicality alongside personality,” according to Ms. Tran Mai Hoa, VinFast’s Deputy CEO of Sales and Marketing.
In May, VinFast opened VF 3 pre-orders in its home market with a special introductory price of 235 million VND, or around $9,248.
The promo price was for the battery subscription model. For the battery included, VinFast’s VF 3 was available for 315 million VND, or around $12,390, for those who placed deposits between May 13 and May 15.
Within 66 hours, VinFast secured 27,649 pre-orders, a new record in Vietnam. The company said its mini electric SUV became a “social media phenomenon” in Vietnam, topping trend rankings with the most online discussions.
VinFast began VF 3 shipments last month, with prices starting at 322 million VND ($12,800). The company said it aimed to deliver at least 20,000 models this year.
VinFast VF launches overseas in the Philippines
On Tuesday, VinFast officially launched the VF 3 in the Philippines. Those who reserve the VF 3 from September 19 through September 30 will get special pricing and other incentives.
The special promo price is 605,000 pesos ($32,000) for the battery subscription model and 705,000 pesos ($36,900) for the battery included.
After this month, prices will go up to 645,000 pesos ($33,800) for the subscription and 745,000 pesos ($39,000) with the battery included.
Those who opt for the battery subscription can choose from various monthly plans based on how much they travel.
| Monthly Travel Distance | Monthly Battery Subscription Fee |
| < 1,500 km | 2,800 pesos ($146) |
| 1,500–2,500 km | 3,800 pesos ($200) |
| 2,500 km | 6,300 pesos ($330) |
VinFast also offers early VF 3 buyers the ability to choose from nine exterior paint colors free of charge. Premium paint colors will cost 20,000 pesos ($1,000) following the promo.
During the promo, VinFast said VF 3 buyers can customize the exterior paint design beyond the nine colors. VinFast is now accepting deposits of 5,000 pesos ($260) on its website or at authorized dealers.
Taking aim at low-cost Chinese EV makers
At 3,190 mm long, 1,679 mm wide, and 1,622 mm tall with a wheelbase of 2,075 mm, VinFast’s VF 3 is even smaller than the Chevy Bolt EV (4,145 mm long x 1,765 mm wide x 1,611 mm tall).
With an 18.64 kWh battery, the VF 3 can travel up to 130 miles (210 km) on a full charge. It can also fast charge from 10% to 70% in around 36 minutes.
VinFast’s mini electric SUV will challenge low-cost EVs from China in the Philippines. China’s BYD currently dominates the market, with a 66% share of EV sales YTD in 2024.
BYD’s Atto 3 electric SUV starts at around $28,600 (P 1,598,000) and accounts for 44% of EV sales in the Philippines so far this year. It is available with 49.9 kWh or 60.48 kWh battery options and has a driving range of up to 255 mi (410 km) or 298 mi (480 km), respectively.
Can VinFast’s VF 3 compete overseas with BYD and other Chinese EV makers? Let us know what you think of the mini electric SUV in the comments.
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Tesla average transaction prices (ATPs) in March are estimated at $54,582, higher year-over-year by 3.5% and higher than in February, according to the latest monthly new-vehicle ATP report from Cox Automotive’s Kelley Blue Book.
Average transaction prices for the Tesla Model 3 and Model Y were higher month-over-month and year-over-year in March. Tesla’s sales in Q1 continued their long-term decline after peaking in Q1 2023. Estimates from Kelley Blue Book suggest Tesla’s sales in Q1 2025 were lower year-over-year by more than 8%. Its deliveries were also worse than expected.
New EV prices in March overall are initially estimated by Kelley Blue Book to be $59,205, higher year-over-year by 7.0%. New EV prices increased from the revised higher February ATP of $57,015.
The ATP for an EV last month was nearly 25% higher than the industry average of $47,462, widening the price gap between new EVs and gas-powered cars even more.
But EVs are still seeing heftier incentives than the industry average. In March, the average EV incentive came in at 13.3% of the transaction price – down 1% from February’s revised 14.3% but still well above what gas cars are getting.
So, where are we heading? Higher prices, thanks to Trump’s tariffs. But what that will look like remains to be seen. Erin Keating, executive analyst at Cox Automotive, said, “All signs point to higher prices this summer, as existing ‘pre-tariff’ inventory is sold down to be eventually replaced with ‘tariffed’ inventory. How high prices rise for consumers is still very much to be determined, as each automaker will handle the price puzzle differently.”
Read more: EV incentives surged to 14.8% of ATP in Feb – highest in 5+ years
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BYD just launched the first EVs based on its new Super e-platform with ultra-fast charging. The new Han L sedan and Tang L SUV can gain nearly 250 miles range in 5 minutes, and prices start at just $30,000.
Meet BYD’s new EVs with ultra-fast charging
During a launch event on April 9, BYD introduced the new EV models, claiming its engineers have “achieved the master realm of Chinese technology.”
The Han L and Tang L are the first EVs based on BYD’s 1000V Super e-platform. After unveiling the ultra-fast EV charging platform last month, BYD’s CEO, Wang Chuanfu, said to ease charging anxiety, “The ultimate solution is to make charging as quick as refueling a gasoline car.”
That solution is now here. BYD’s new Han L is available in three trims, starting at just 219,800 yuan ($30,000), lower than the pre-sale price of 270,000 yuan ($36,800).
BYD’s new electric sedan is 5,050 mm long, 1,960 mm wide, and 1,505 mm tall, or about the size of a Tesla Model S (5,021 mm long, 1,987 mm wide, and 1,431 mm tall).
All variants are powered by an 83.2 kWh BYD Blade battery, providing up to 435 miles (701 km) of CLTC driving range. Based on BYD’s 1,000V architecture, the Han L comes with two charge guns with an up to 10C charge rate.
Nearly 250 miles in just 5 minutes?
With ultra-fast charging, the electric sedan can gain 400 km (248 miles) in just five minutes. In six minutes, it can recharge from 10% to 70%, and in just 20 minutes, it can fully recharge (0% to 100%) the battery.
Like all its new EV models, the Han L is equipped with BYD’s God’s Eye smart driving assist system. It features the mid-tier “B” version and DiPilot 300.
BYD’s new electric SUV, the Tang L, is also offered in three trims. It starts at 239,800 yuan ($32,700), also below the pre-sale price of 280,000 yuan ($38,200).
The Tang L is also based on BYD’s 1,000V architecture and ultra-fast charging platform. Powered by a 100.5 kWh battery, it has a CLTC range of up to 435 miles (701 km) and can gain 230 miles (370 km) in 5 minutes. It will take about 30 minutes to go from 0% to 100%.
BYD’s electric SUV is 5,040 mm long, 1996 mm wide, and 1,760 mm tall, or slightly bigger than the new Tesla Model Y Juniper in China (4,797 mm long, 1,920 mm wide, and 1,624 mm tall).
Like the Han L EV, the electric SUV has BYD’s God’s Eye B ADAS system with DiPilot 300. Both the Han L and Tang are available as PHEVs, starting at 209,800 yuan ($28,500) and 229,800 yuan ($31,300).
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The fintech sector is rallying Wednesday following the Trump administration’s announcement of a 90-day pause on planned tariffs.
Affirm was up 20%, Toast and Block rose 13% and PayPal increased 10%.
The 90-day pause doesn’t eliminate the threat of tariffs — it just delays it. Investors are still pricing in risk, including inflation, discretionary pullbacks, hardware import costs and credit exposure.
Legacy payment networks such as Visa and Mastercard, both up 6%, continue to benefit from inflation and their structural ties to nominal GDP. These companies take a percentage of every transaction. That makes rising prices a tailwind.
“If prices are moving up for certain goods and you’re paying with a credit card, it’s actually good for the credit card companies,” said Dan Dolev, a fintech analyst at Mizuho.
Their pricing structure has historically made them resilient during inflationary periods, including recessions. The situation is less rosy for the new wave of consumer lending fintechs.
Affirm, which specializes in allowing consumers to buy now and pay later, could suffer if consumers pull back spending when the pause is lifted as a result of tariffs causing prices to rise. The San Francisco-based company could see its revenue less transaction costs margins — essentially what the company pockets after paying processing fees and customer incentives — drop more than 22% in that scenario, according to a Goldman Sachs estimate on Tuesday.
The adoption of buy now, pay later may rise as consumers hit credit limits, said SIG analyst James Friedman, but he added that the model remains untested in a downturn.
Toast, Block and Fiserv, which was up 6%, develop software used by restaurants and small businesses. Those companies could face rising hardware costs and softening demand from customers if the tariffs go through.
Meanwhile, cross-border payments — one of the most profitable segments for Visa, Mastercard and PayPal — remain under pressure as global travel slows and e-commerce flows adjust to the uncertainties of Trump’s tariffs.
Even remittance players such as Remitly and Western Union, both up 8%, could face longer-term pain if immigration pipelines slow or remittance corridors tighten under regulatory scrutiny. Similar to cross-border commerce, remittances depend on a steady flow of people and transactions, both of which remain fragile.
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