In under 66 hours after launching its new low-cost electric SUV, VinFast’s VF 3 racked up nearly 30,000 pre-orders. Starting under $10,000 (235 million VND), the VinFast VF 3 is already creating a buzz. Following the special price promo, the VF 3 will cost around $20,000.

Meet the new low-cost mini electric SUV

VinFast revealed the affordable VF 3 at CES 2024 in January, announcing plans to launch the mini electric SUV globally, including in the US.

The VF 3 aims to “unbound the imagination of urban mobility that is not only sustainable but also accessible for everyone,” according to Ms. Tran Mai Hoa, VinFast’s deputy CEO of sales and marketing.

In other words, VinFast looks to meet the growing demand for low-cost EVs globally. VinFast designed the compact electric SUV for cruising through the city.

At 125.6″ long, 66.1″ wide, and 63.8″ tall, the VF 3 is even smaller than Volvo’s new EX30 (167″ long X 72″ wide X 61″ tall).

The electric SUV is equipped with a 10″ infotainment with Android Auto and Apple CarPlay compatibility. With the second-row seats fully folded, the VF 3 offers up to 550 liters of cargo space.

VinFast VF 3 racks up close to 30,000 pre-orders in 66 hrs

After announcing it was accepting early deposits for the VF 3 last week, VinFast says the electric SUV is already creating hype.

VinFast revealed the VF 3 received 27,649 pre-orders within 66 hours of launching, a new record for a Vietnamese automaker.

The VF 3 is already a “social media phenomenon in Vietnam,” topping trend rankings ahead of its global debut. With the low-cost special introductory price of $9,248 (235 million VND), the mini electric SUV is already making a big impact.

The special price (235 million VND) is for the battery subscription model. With the battery included, the VF 3 can be ordered for 315 million VND ($12,390). The promotion ran from May 13 to May 15.

VinFast says paying for the VF 3 upfront costs only half the price of the cheapest gas car currently available in Vietnam.

Otherwise, buyers need only 50 to 70 million VND ($1,965 to $2,750) for a down payment. The rest can be financed with monthly payments of just over 2 million VND ($78.5) over eight years.

For the first time in Vietnam, VinFast sold the VF 3 on e-commerce platforms like Shopee, resulting in over 50% online orders.

VinFast (VFS) stock is up 8% on Thursday and 44% over the past month. However, VFS shares are still down 34% this year and over 90% from their ATH last August, shortly after going public.

Electrek’s Take

VinFast has already announced plans to sell the VF 3 globally, including in the US. However, the $10,000 (235 million VND) promo price was a special offer. The VF 3 will cost around $20,000 in Vietnam.

Although these are pre-orders, it’s still a sign of demand for low-cost EVs. If the demand is high in Vietnam, it should be interesting to see how many pre-orders the VF 3 racks up in other global markets like Europe, North America, and Asia.

Would you buy the VF 3 for $20,000? Let us know your thoughts in the comments below.

Solar EV startup Aptera Motors announced it is leaving its “crowdfunding nest” of sorts, putting a bookend on three years of its Regulation A offering to pursue private funding. The startup shared a deadline for public investors while it engages in discussions with private financial group US Capital to help (finally) get its solar EVs into scaled production.

Scaling is hard.

We’ve seen dozens of startups aim for that vital yet oh-so-difficult milestone only to fall flat and go broke. In the small but exciting segment of solar EVs, especially, finding the funds to reach scaled production has proven arduous. However, Aptera Motors has shown its tact and scrappiness in garnering funding via several unique solutions, such as crowdfunding.

In the summer of 2021, Aptera Motors launched a Regulation A offering, which provides an exemption from registration requirements with the SEC in regard to public offerings of its securities, thus opening the door for funding from its (potential) customers up to a certain amount.

In early 2023, Aptera co-founders Steve Fambro and Chris Anthony announced an Accelerator Program, requesting community funding investments from reservation holders starting at a minimum of $10,000. Those who invested in Aptera have had their deliveries prioritized with commemorative Launch Edition builds.

By February 2024, crowdfunding investors had called “dibs” on all 2,000 initial production slots, raising nearly $34 million. Even so, Aptera’s co-founders relayed that more funding would be required to scale, and the company has been exploring additional funding streams since.

Earlier this month, Aptera introduced a new investment opportunity in the form of a self-directed IRA. Less than two weeks later, Aptera shared a deadline for crowdfunding opportunities as it looks to move forward with private funding from at least one of the larger players in FinTech investments.

Aptera will stop accepting crowdfunding on June 30

Per an email sent to reservation holders and newsletter subscribers, Aptera will close its Regulation A offering on June 30, 2024, capping off three years of crowdfunding that resulted in over $100 million from more than 17,000 investors.

Those faithful investors have secured a stake in Aptera’s future as it sunsets its crowdfunding program and turns to new horizons with private financial group US Capital. Aptera co-founder and co-CEO Chris Anthony spoke about the startup’s next phase in financial security as it gears up for scaled solar EV production:

The response to our Regulation A offering has been overwhelming, and we are grateful for the support of over 17,000 investors who share our passion for clean, efficient transportation. Their investments have been instrumental in propelling Aptera towards production readiness. 

Aptera’s successful crowdfunding efforts have paved the way for the company to engage with US Capital to secure funding for the production of its Launch Edition vehicles. Through this fundraising initiative, Aptera aims to bring its innovative vehicles to market at scale in 2025. 

We are excited to partner with US Capital as we enter this crucial phase of production funding. Their expertise and support will enable us to realize our vision of delivering solar electric vehicles that redefine the future of transportation.

As we’ve reported in the past, the startup remains interested in an IPO to help get production over the finish line, but a partnership with US Capital can help get Aptera into production of the initial Launch Editions and possibly beyond. Anthony gives the full scoop in Aptera’s update video below.

The deadline to invest in Aptera via crowdfunding is June 30, 2024, at 11:59 PM PT.