Following recent Q4 2023 results that relayed a miss on annual delivery targets, Vietnamese EV automaker VinFast continues to bolster its global presence with the help of distribution specialists. Today, VinFast and a local dealer network in the Middle East signed an agreement to bring the former’s EVs to the region.
2023 was a big year for young EV automaker VinFast ($VFS), which saw revenues rise, but deliveries slip due to several issues. Since parent company VinGroup opened up its automotive arm in Vietnam, we’ve witnessed VinFast continue to expand to new markets, including Indonesia, the US, Canada, Europe, and most recently, India – all while unveiling more all-electric models like the VF 3 compact SUV and an electric pickup concept called the Wild.
VinFast it taking a unique approach to its business in that it is simultaneously working to balance revenue growth through cost optimization while trying to manufacture and deliver 100,000 EVs. Not to mention also trying to expand at a blazing rate.
To do so, the Vietnamese automaker has begun relying on dealership partners in certain markets, like the US, for instance. As VinFast hones in on new markets in the Middle East, it has announced a new distribution partner to aid in the process.
VinFast signs with BAT to sell EVs in the Middle East
Per a release from VinFast today, it has signed an agreement with Bahwan Automobiles Trading LLC (BAT), which has become the automaker’s official dealer and will aid in distributing its EVs in the Oman market.
As part of the agreement, BAT will establish and operate 13 VinFast stores and service centers over the next three years, with initial sales in the Middle East commencing in mid-2024. To begin, BAT will sell four VinFast SUV models: the VF 6, VF 7, VF 8, and VF 9.
The deal follows an initial Memorandum of Understanding for Cooperation signed by VinFast and BAT at the United Nations Climate Change Conference 2023 (COP 28), held in the United Arab Emirates (UAE) last year. VinFast Middle East CEO Ta Xuan Hien spoke:
Oman presents a promising market for electric vehicles, as consumers in the nation demonstrate a growing interest in sustainable and environmentally friendly transportation solutions. We are confident that this dealer sales agreement with BAT, a leading and highly reputable dealer in Oman, will empower VinFast to swiftly establish a presence in the market and provide customers in the country with the most diverse and high-quality selection of electric vehicles available.
VinFast pointed out that the Omani government has already implemented several initiatives to encourage EV adoption and reduce carbon emissions in the Middle East. The Vietnamese automaker sees Oman as a new market that promises plenty of projected growth.
With EVs now coming to Oman, VinFast shared intentions to eventually expand to more regions of the Middle East to ensure more consumers gain access to its sustainable technology.
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On today’s episode of Quick Charge, Hyundai doesn’t care if incoming President Trump kills the $7,500 Federal EV tax credit, California’s planning to offer an EV tax credit of their own, and there’s a massive new solar project in Texas prairie land.
We’ve also got Tesla hoping to meet its Q4 sales goals by throwing all the EV demand levers in China while, at the same time, looking to hire remote drivers for its so-called “autonomous” robotaxis.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!
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World Liberty Financial, the Trump-branded crypto platform, aspires to be a sort of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital coins.
Trump has licensed his name and promotional considerations to the venture through an LLC, with no assumption of liability. In exchange, Trump’s LLC received billions of tokens and the right to 75% of revenues above a $30 million threshold.
The platform launched a WLFI token last month, and said in a roadmap that it was looking to raise $300 million at a $1.5 billion valuation in its initial sale.
Before Sun’s investment, $21.2 million worth of the token had been sold. As of Monday afternoon, $51.2 million worth of the token had been sold, according to its website. Sales now appear to have crossed the $30 million threshold to trigger revenue distribution to Trump’s LLC.
“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump ! TRON is committed to making America great again and leading innovation. Let’s go!” added Sun.
WLFI co-founder Zachary Folkman has said “well over 100,000 people” are on the whitelist to invest in the token. But as of Monday afternoon, only about 20,400 unique wallet addresses hold the token, according to blockchain data tracked by Etherscan, representing roughly 20% of the total number of people who registered.
“There have been a number of similarly significant purchases in recent weeks, and we are confident about future success and building out something that helps to make finance freer and fairer,” Folkman said in a statement. “We expect more such developments to happen in the coming weeks and months.”
While Trump does not take office until January, Sun’s investment in WLFI, and the revenue it appears to direct to Trump’s LLC under the terms disclosed, highlights the way Trump’s newer business ventures, like his social media company Trump Media Technology Group and this crypto venture, could offer more direct opportunities for individuals to enrich the president-elect than Trump’s hotels and office buildings did.
During Trump’s first term in office, there were near constant questions about whether foreign governments’ lavish spending on rooms and banquets at Trump’s Washington, D.C. hotel amounted to violations of the Constitution’s “emoluments clause.”
The clause bars federal office holders from accepting payments or things of value from foreign governments and their representatives.
But Trump’s hotel rooms and office space have relatively fixed prices, and costs that cut into total profits.
By contrast, the investors in Trump’s newer ventures — as demonstrated by Sun’s token purchase — can inject tens of millions of dollars, instantly, with little to no cost to Trump.
Spokespeople for the Trump presidential transition, World Liberty Financial and Sun’s Tron did not immediately reply to requests for comment.
Sun’s purchase comes as Trump actively works to assemble his list of appointees. The president-elect wrapped up cabinet appointments over the weekend and has since moved on to other agency and department leaders.
By the end of the week, longtime crypto foe and SEC chairman Gary Gensler, whose term doesn’t expire until June 2026, announced he would be retiring on Inauguration Day.
Trump has yet to select a nominee to lead the SEC in Gensler’s place. Under new leadership, the securities regulator could choose to drop some of its enforcement actions against major crypto ventures. It’s unclear how Tron’s case could be impacted.
In March 2023, the commission unveiled fraud and unregistered securities charges against Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy.
The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges, including Genesis, Gemini, Coinbase, Binance, and Kraken.
The crypto industry showed up in force this election cycle. Several notable sector leaders including Gemini co-founders Tyler and Cameron Winklevoss, as well as multiple C-suite executives from crypto firms battling the SEC, donated to PACs supporting the Trump campaign.
Veteran bicycle brand and e-mobility innovator Huffy is joining the Black Friday sales festivities with an exclusive deal for Electrek readers on its 36-volt Electric Green Machine drift trike. Use the promo code below for 30% off your purchase.
Huffy puts over 130 years of experience into its products
Huffy is easily a household name in bicycles. The company is celebrating over 130 years in the segment and has shown no signs of slowing down. The brand is sold across thousands of retail locations and ships millions of bikes to customers throughout the US and 40 additional international markets each year.
The Huffy name is known for products that deliver riders comfort, style, and durability. Whether on a bike, trike, scooter, or ride-on, there’s something for every member of the family to enjoy. Since 2019, Huffy has been calling riders together with its rally cry, “Live the Ride,” which encourages families to celebrate togetherness by exploring the outdoors atop its products.
Whether that means leisurely rides through local parks with friends, family outings, traversing local trails, or exploring new cities during a summer getaway, Huffy strives to remind riders of the simple youthful joy that riding can bring.
Since Huffy launched the 20” Green Machine in 2023, teens and adults have been asking for a version that would allow them to experience the same adventure, fun, and thrill of each spin and drift. Huffy answered the call with their new Electric Green Machine, a nostalgic and electrified version of the classic drift trike Huffy fans know and love. This powerhouse drift-trike is packed with 36 volts of electric power and a 250-watt front hub motor that lets riders reach exhilarating speeds of up to 15 miles per hour. Perfect for thrill-seekers ages 14 and up, the Electric Green Machine reignites the fun and excitement of childhood rides.
All of Huffy’s products, including the Electric Green Machine seen below, are thoughtfully crafted for the moments that happen when you pop up your kickstand and see where the path takes you. In the case of the E-Green Machine, Huffy wants riders to unleash a whirlwind of thrilling drifts and slides right when they climb into the cockpit.
To help even more riders experience holiday thrills this season, Huffy is offering an exclusive discount on the Electric Green Machine for Electrek readers. Whether buying it for yourself or friends and family, the Electric Green Machine is the perfect gift to put under the tree this holiday season. If you’re ready to start drifting, use the promo code below to save some “green” on your purchase⎯but only for a limited time!
Don’t miss Huffy’s Black Friday deal on the Electric Green Machine
The new Electric Green Machine is available on Huffy.com for $599.99. However, you can use promo code “ELECTREKGM” at checkout for 30% off your purchase (valid on the Electric Green Machine only).
Huffy’s Black Friday deals are available now, but only until 11:59 PM on December 8, 2024, so act quickly while supplies last. This year, holiday thrills start with red and green at Huffy. Be sure to take advantage of this limited-time offer and check out the other limited-time deals on Huffy’s site this week (offering up to 55% across a range of products).
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