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Vietnamese EV maker VinFast has ambitious goals for the future. The company’s founder said on Wednesday he expects electric vehicle sales to grow by nearly 600% this year. In addition, new VinFast models could include an electric pickup truck and a $10,000 to $12,000 minicar as it works to expand its lineup.

VinFast is quickly building a name for itself in the electric vehicle market after vowing to end ICE vehicle production and unveiling the VF 8 and VF 9 electric SUVs at the LA Auto Show in 2021.

After delivering the first electric model in Vietnam, VinFast reinforced its strategy of becoming a global presence. Shortly after, the company shipped its first batch of VF 8 models to the US in November.

VinFast’s momentum was slowed due to software issues, prompting the EV maker to delay deliveries until March.

With the first VF 8 City Edition models rolling out, Electrek had the chance to try it out at VinFast’s first media drive event (you can see our full review here).

Although several EV startups slashed full-year guidance after the first quarter, VinFast expects a strong sales year as it ramps production. To boost sales further, the EV maker is mulling adding new models, including an electric truck and a low-cost mini car.

Vinfast-VF-8
VinFast VF 8 City Edition models (Source: VinFast)

VinFast EV sales, new models including an electric truck

According to Reuters, Pham Nhat Vuong, chairman of VinGroup, VinFast’s parent company, told investors during its annual general meeting he expects the automaker to sell up to 50,000 EVs this year.

VinFast sold roughly 7,400 in 2022, so 50,000 would represent over 575% growth year-over-year (YOY).

Furthermore, Vuong said, “If things go as planned,” VinFast could hit break even as soon as the end of 2024. If this is the case, it would be on par with Rivian and ahead of Ford and GM.

Vuong says VinFast may produce an electric pickup truck and a low-cost mini car priced around $10,000 to $12,000 to expand its market, though no additional details were given.

The news comes after VinFast revealed it would be going public in the US via a SPAC merger worth $23 billion last week. VinFast secured another $500 million in grants from VinGroup and another $1 billion from Vuong personally last month to boost development and production during a “pivotal acceleration period.”

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Power stocks plunge as energy needs called into question because of new China AI lab

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Power stocks plunge as energy needs called into question because of new China AI lab

The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.

Danielle DeVries | CNBC

Power companies that are most exposed to the tech sector’s data center boom plunged early Monday, as the debut of China’s DeepSeek open source AI laboratory led investors to question how much energy artificial intelligence applications will actually consume.

Constellation Energy and Vistra Corp. tumbled more than 16% in morning trading. GE Vernova slid about 18% while Talen Energy lost more than 15%.

Constellation, Vistra and GE Vernova have led the S&P 500 this year as investors speculated that AI data centers will boost demand for enormous amounts of electricity.

But DeepSeek has developed a model that it claims is cheaper and more efficient than U.S competitors, raising doubts about the vast sums of money the tech sector is pouring in to data centers.

The tech companies have anticipated needing so much electricity to supply data centers that they have increasingly looked to nuclear power as a source of reliable, carbon-free energy.

Constellation, for example, has signed a power agreement with Microsoft to restart the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Talen is powering an Amazon data center with electricity from the nearby Susquehanna nuclear plant.

Vistra has not inked a data center deal yet, though investors see promise in its nuclear and natural gas assets. GE Vernova has soared this year as the market believes its gas and electric grid businesses will benefit from AI demand.

This is a developing story. Please check back for updates.

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BP celebrates the opening of its first TA DC fast charging hub in Florida

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BP celebrates the opening of its first TA DC fast charging hub in Florida

Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.

Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.

“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”

The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.

As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”

Electrek’s Take

TA/BP charging center concept for HDEVs; via BP.

As I type this, BP has more than 37,000 EV charging ports operational globally, and plans to have more than 100,000 in service by 2030. The company made headlines in 2022 when it announced that its EV chargers were “on the cusp” of being more profitable than its gas pumps. Three years on, it seems like that’s a done deal.

As ever, money talks.

SOURCE | IMAGES: BP.

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.

Despite the second Trump administration’s loosening grip on emissions regulations, the fact remains that a growing number of municipalities in both red and blue regions of the US are continuing to clamp down on noise regulations, which means that construction crews with quiet running electric equipment will be able to get jobs that crews stubbornly holding on to diesel and gas won’t. Toro absolutely gets it, which is why its e2500-THL and TS Ultra Buggy line will be welcomed by smart crews with open arms.

For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.

And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.

Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.

Electrek’s Take

Electric equipment makes job sites cleaner, quieter, and safer than they are under diesel or gas power – and as more municipal and private sector RFPs begin to enforce ZEV requirements and quiet hours, more and more viable electric alternatives to ICE power will start to show up on more and more job sites (regardless of who is in the White House).

SOURCE | IMAGES: Toro, via Construction Equipment.

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