According to the company's website and emails to customers reviewed by Reuters, VinFast has cut the lease price for its first model shipped to the United States by more than 50% for its first customers in California.
In January, the Vietnamese company, a subsidiary of Vingroup JSC, said that its first VF 8 all-electric crossovers would be available for lease at a monthly payment of $599 for 24 months.
The monthly lease price for the vehicle for a 24 month lease was $399 as of Monday, according to its website. The company told people who had already paid a deposit on the car that the payment would be $274 per month in California, the first U.S. state to receive the vehicles, according to messages to potential buyers reviewed by Reuters.
That's a discount of between 33% and 54% from the initial advertised monthly lease price.
VinFast didn't have a comment on the pricing.
In January, Tesla, the global EV leader, has cut prices by up to 20%, although it has increased prices on some models and some markets by smaller margins.
The EV credits of the Biden administration took effect at the beginning of the year, and have changed the calculus for automakers and U.S. consumers.
In North America, electric vehicles like Tesla qualify for a consumer tax credit of $7,500. A credit of up to $7,500 can be claimed for EVs if the cars are sold by one of the companies certified by the IRS, including the finance companies that underwrite car leases.
VinFast was not listed as one of 39 qualified manufacturers on the IRS list as of Monday.
VinFast said earlier this month that US Bancorp would provide lease financing for the company's sales in the United States.
In November, Autonomy said Autonomy has a deal with VinFast to purchase 2,500 EVs.
VinFast shipped its 999 EVs to California late last year. The cars haven't been made available to buyers yet.
The company plans to build an EV assembly factory in North Carolina and has filed for an initial public offering in the United States.