Vietnamese electric vehicle maker 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, according to the company’s website and emails to customers reviewed by Reuters.
The Vietnamese company, a subsidiary of conglomerate Vingroup JSC (VIC.HM), had said in January its first VF8 all-electric crossovers would be available to lease at a monthly payment of $599 for 24 months.
Its website showed as of Monday a monthly lease price of $399 for the vehicle for a 24-month lease.
The company told people who had already paid a refundable 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 those potential buyers reviewed by Reuters.
That amounts to a discount of between 33% and 54% from the initially advertised monthly lease price.
The move represents the latest sign of increased price competition by EV makers. Tesla (TSLA.O), the global EV leader, cut prices globally by up to 20% in January, although it has increased prices on some models and in some markets by smaller margins since.
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