Can Vinfast Avoid Being the Next Daewoo?
ฝัง
- เผยแพร่เมื่อ 20 ก.ย. 2024
- #vinfast
Is Vinfast the next Daewoo?
Daewoo, part of S. Korea's second largest conglomerate, decided in the 1990s they were going to take on the world in autos. They designed 3 new cars and rolled them out to North America and Europe. By 2002 they were gone, the parent company bankrupt and being sold off in pieces.
Vinfast, part of Vietnam's largest company Vingroup, started building other's cars in 2017 and decided to take on the world in autos, designing FIVE new cars while also switching to EVs.
The similarities go beyond just that, and it begs is the question is Vinfast destined to be the next Daewoo?
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They aren't even the next Yugo. The Yugoslavians sold 140k of them in the US.
Another problem for vinfast is the demand for electric vehicles...it will have to compete with many new models in a relatively small market
A few thoughts: to compete in a crowded market, you must offer some distinctive advantage for the consumer to buy your product over other products. For automobiles, some factors include cost, styling, reliability, quality (initial and long term), operating costs, and for EVs, battery range and charging time. I will not debate the styling of the interior or exterior of the Vinfast SUVs, they look good to me, but I don't see any factor where they are better than the competition - are they cheaper with same quality, do they have better quality for same price, is the battery range or charging time superior to other EVs, etc? The Vinfast SUVs are (or will be) fine vehicles, but to me, they have no particular competitive advantage over other EVs for sale at this time. Perhaps they will at a future date.
And unlike other postings for this video, I do not believe there are a significant amount of Americans that do not like Vinfast because it is based in Vietnam. Americans started buying VW Beetles just 4 years after the end of World War 2.
I could see boomers not getting around to it tbh. But everyone else I think doesn't really care about it being Vietnamese.
I really hope Vinfast is wildly successful. The Vietnamese people have had it so rough for so long that they truly deserve something good.
Actually, Vinfast has been taking advantage of the dictatorial regime in Vietnam to manipulate state-controlled media to supress other voices who dare to criticize their cars. They even use corrupt cops to intimidate people who speak up about their lemon cars.
What are you talking about? The economy here is booming and most locals are making big money if they put the work in.. I built a very large villa and I'm not near as wealthy as most my neighbors.
The kids here are highly educated and study well... Most anyone that wants to start a business can.
Thank you
Companies are leaving China and setting up in Vietnam
@@mervynstent1578 i hope they all do
I used to work for Daewoo Motors. Daewoo was the fastest growing automaker in the 90s. Daewoo's reputation in Eastern Europe is still famous. VinFast does not have professional knowledge or technicians in automobile related work. When Daewoo Motors prospered, there was a huge R&D center in the Bupyeong plant, and there are many test equipment including a driving test site. It is already unreasonable to compare with Vietnamese cars in terms of their own technology. Automotive technology is a battle between productivity and unit cost. There is no mass production technology, so the car price is inevitably expensive. Outsourcing cannot solve automotive defects.
@consaumapobinhduong9725 You make the mistake of comparing it to Tesla, the leader in the electric car era. That is, you have no idea how the world car market works. Tesla has numerous patents due to its leadership position and is the creator of the electric car market. It had a lot of investment and cash due to the space industry and its leading market position. However, Tesla also brought itself into a big crisis because it did not have the experience and know-how of mass-producing more than 500,000 cars, and the quality is still a mess. Vinfast has many partners in Korea as well. But don't trust it. The construction of an R&D center in Daejeon, South Korea, was also canceled, and the Holden test center in Australia was also closed, making an unreliable move for an automobile company. So far, their car R&D performance is close to zero. There is no accumulated data related to automobiles, and there are no patents at all, and high-level technical personnel are foreigners. Car brands don't happen overnight. For decades, customer feedback and advertising for brand value, A/S network, and recruitment of excellent talents through design research centers around the world. All of these must be possible to gradually increase brand loyalty.
Vinfast Fadil is a prototype of Spark made by Daewoo Motors. This is a car that was researched and developed by Korea's GM after acquiring Daewoo. Epsilon engine was produced with its own technology and everything was internalized. It became the world's best model among small cars, and Daewoo Motors disappeared into history.
@consaumapobinhduong9725 daewoo?
Vinfast's claim to fame is that it moves fast -- so I can't believe we're STILL waiting for Vinfast to 1) honestly admit to and diligently fix the problems with the VF8 -- some of which, like its terrible suspension, absolutely CANNOT just be fixed with a software update; and 2) face reality and cut its lease price by half or more to make it worthwhile for someone to take a gamble on their product. Instead, they have at various points tried to sue a Vietnamese owner, bribe American reviewers, and -- transparently even in this thread -- respond to online critics with troll accounts. Those tactics might work in a corrupt authoritarian environment, but they won't work in the developed world. The only thing that will work for a new entrant in a competitive market is an undeniably high quality product at an absolutely irresistible price. An unknown company trying to sell an unfinished product for unrealistic prices is just not going to work. I want Vinfast to succeed, but they need to get that through their heads, fast -- and act on it.
The company brand is quite new to the automotive industry so it make sense to acquire the technology transfer , expertise through foreign partners to build the supporting industries/ supply chain and gain automative experience. Mainly outsourced from German and Austrian engineering suppliers like Magna Steyr, ABB, Bosch, Durr, Siemens, etc. The battery is either from Korean or Chinese suppliers like Samsung, CATL and Gotion. The company Invested in ultimate extreme-fast charging (XFC) batteries, Storedot from Israel.
It takes baby steps to develop. The company goal is to improve on quality and service, lower production cost by building most of the components locally like battery factory, motor and auto parts and Research and Development (R&D) in driver technology like VinAI's specialized Driver and Occupants Monitoring System (DMS) and automatic mirror adjustment (AMA).
Daewoo didn't have the support of the United States government.
Vinfast receives more financial support from Uncle Sam than Tesla did when it first started out.
Why?
Because Vinfast is only one of many foreign manufacturers the U.S. wants to attract to create jobs on U.S. soil.
The groundbreaking ceremony for the Vinfast factory in North Carolina will take place next Friday, July 28th.
It will create 7,000 direct jobs and tens of thousands more in the surrounding area (restaurants, coffee shops, grocery stores, laundromat, etc).
It's part of the U.S. "Invest in America" initiative.
I knew one person that bought a Daewoo. It was obscure even when new.
Well the most telling factor is that the overall owner of the Vin company has said he will not invest any more of his own money in Vinfast. If he wont do it, why would anyone (other than Roy Cooper) invest in Vinfast?
Your "most telling factor" was rather old news! About a few weeks after that news headline, Mr. Pham announced that he was securing 2.5 billion dollars fresh pledge for VinFast!
@consaumapobinhduong9725 tell me you work for vinfast without telling me you work for vinfast. The SUV and sedan was just fine as reskined bmws but the fadil is a shitbix spark
@@JHaviland1 securing.. that's not his cash
@@JHaviland1 well then that is good news, thank you for the update. The new plant in North Carolina is less than 45 minutes away from my home, and i would rather it suceed than fail.
Ông ấy không đầu tư cá nhân nhưng ông ấy mới tặng một triệu dollar và tập đoàn của ông ấy cam kết dồn toàn lực để phát triển Vinfast.
When it comes to cars Americans don't seem to forget and forgive, examples like Renault, or even the Pontiac Fiero and the Ford Pinto. The problems were fixed but buyers already had it in their head that those catch fire or break down. There's just too much competition out there.
Fords still catch on fire.
I want to hear Vinfast commercials in America with a narrator speaking with a heavy Vietnamese accent.
The USA has always been a tuff market for foreign auto makers, we have a different view of what cars and trucks should be and do. Good luck fellas!
I am curious what you think us Americans think cars should be. Because idk lol
I don't see that company being able to succeed unless they are more affordable than the competition
International Harvester met a similar fate by over expanding into other lines besides Trucks and Farm Equipment.. They were merged with JI Case in 1985.. Now both firms are owned by Fiat...
ummmm...I think you are wrong, VW now owns the rights and is coming out with a Scout EV
Daewoo failed because they expanded their scale of businesses by borrowing from banks. Vinfast is not really so. Vingroup which owns Vinfast they are number one real estate developer in Vietnam and earn the trust of Vietnamese customers from various chains of businesses that Vingroup own from shopping centers, supermarkets, hospitals to elementary and high schools and university...Vinfast does have a long and stable financial backup.
Vinfast's first US offering should've been that Spark. Simple, cheap and somewhat familiar.
Vinfast's product range from VF3 (minicar) $ 13000 to VF9 (Suv full side) $ 60000
@@CuongPham-wk8mi They should've started with the VF3 as their first US offering then, with a cost below $16000 delivered to a US customer (not a random number, it just undercuts the Nissan Versa which is the cheapest new car). Instead they went with the VF8 at $41,000 which is the most competitive part of the EV market.
The current EV market is highly saturated and highly competitive. With Tesla aggressively slashing its prices, even Ford is having trouble keeping up with the price cut. Vinfast has no reputation like Ford so they would have to sell their cars at a big loss and entice customers with cash and make their products great. That's not easy. Credit availability should be the least of their worries.
What about charging? Even Ford CEO admitted the burden of charging an EV. They would have to pay Tesla in order to use their charging network. Considering all the hypes surround Rivian and Lucid when they first IPO and where they are now, I'd give Vinfast less than 1% to make it.
Daewoo made mainstream for few years. VinFast is not even close.
speaking of Daewoo you could do a MW retro review reaction video
I did, the 99 lineup. It'll be released in a few weeks!
Thanks for thinking of me.
VINFAST had a ridiculous sales model for the electric vehicles. They planned to lease people the battery (at a substantial cost). This, of course, is in addition for the people paying for the vehicles themselves. The problem was that they were charging what amounted to be similar amounts to other electric vehicles. However the buyers for the other electric vehicles did not have to lease the battery. My interpretation of this is that they did not understand the market. I do not expect them to succeed in the USA.
But when you change it, you have to spend a lot of money to change the battery. Within 10 years, if your car's battery drops below 75%, you can replace it completely free of charge without worrying about cost.
Tesla cars get burned on battery quite a lot, but it seems that Americans still accept it because it is a domestic chicken.
Vinfast bought the old GM Holden test track in Lang Lang (Victoria Australia) proving ground but sold it a year ago!
Looking at recent fraudulent activity around the stock after IPO gives you the short answer: YES
If the bad company numbers dosen't kill them, the lawsuits to follow soon certainly will. I think even the SEC will be sued for doing nothing about the fact that the owner can buy up float hindering basically all short activity. Isn't it supposed to have 10% of shares in free trade when listed on the NASDAQ?
I hope they get through this rocky patch and get their bugs ironed out. I wonder what they are going to do about having the ability to service these cars.
Not that the business ever got into the production phase or was destined to succeed, but I think Elio’s plan for service was pretty novel. They were going to partner with Pep Boys and make them the authorized service provider for the cars. Doing something along those lines wouldn’t be the worst approach for a startup.
It's interesting but flawed, and I say that because my local pep boys (a big one) gave up on parts several years ago and does ONLY tires now. If that's more common around the US then it's a non-starter.
@@AllCarswithJon In that same vein, there are largeish tire/auto service chains that could potentially fit the bill. Firestone, for example, has a number of retail stores/repair shops, at least around here. Their workforce would have to learn EV tech, obviously. I just hope Vinfast is able to avoid the problem of limited service. Take Tesla - last time I checked, there were two service centers in this state - one each in Raleigh and Charlotte. If I owned a Tesla and it needed service beyond maintenance items (tires, brake pads, etc), I'm right in between those two service centers, both being somewhere between 90 minutes and 2 hours away. If the vehicle was not drivable, that would also present a hefty tow bill.
@@ianperkins8812 maybe something along the lines of NAPA could work. There are a ton of NAPA affiliated independent shops. Have some training available for their techs, plus access to parts and all the diagnostic and repair data. Having a support network for the cars would probably help people feel more comfortable trying a new brand.
they are trash can cars
Hi John, do you study what Hyundai doing right now? If visit Korea then you can see Hyundai has cars, shipping, chemicals, trading, real estate, finance. Please do not think based on what you think, I do not mean that you are right or wrong right now
Vinfast has good intentions. I hope they don’t go bust. I wish GM never bought Daewoo because that really lowered the Chevrolet brand image for me, and Chevrolet stopped making their own models by instead importing from Korea. That one generation of the Spark you showed was truly ugly looking. But now I think GM is using Daewoo/GMKR for manufacturing rather than fully designing the whole car. That means the Trax, Trailblazer, Buick Encore, Buick Envista all could’ve been made in the US had it not been for Daewoo’s existence.😔
And help kill off GM Holden in Australia
@@mervynstent1578 Oh right!💯
4:13 The car on the left oddly looks like a Hyundai Venue and the car beside it strangely looks like a KIA EV6 but made more SUV like.
There are some American that still not accept their defeat in the Vietnam War. They don't accept a Vietnamese brand enter in their market. Some American journalists want to destroy Vinfast from the beginning. I heard a lot of positive opinion about Vinfast VF8 from prestigious review for example The Engaget The Detroit bureau JD Power and from some Canadian and European press but some American journalists decide to ignore them. Why ?
😂 you're funny
@@theyhateme8763 It's typical Vietnamese thinking.
@@jeezzz6974 I don't know why you're bringing racism into this conversation. Vingroup is huge and seems like everything they touched turned to gold until they started making cars. Smart phones and cars seem to be the hardest nut to crack for new companies. If they are successful even if you don't buy one you win... It brings more competition..
JD power awards are bought and sold.. they never ment anything
You seem stuck in something that happened 50 years ago.. USA and Vietnam has been doing business now for years...
Don't lie in the comments below. When the price of an internal combustion engine vehicle soared due to the purchase of BMW’s LUX2.0 equipped with a steel chassis and powertrain, management launched a facelifted Chinese-made rebuild model as a brand to lower production costs. Core batteries for automobiles are also being supplied with cells from China's Goshen Hitech. Don't lie without foundation, tell the truth. People all over the world don't even care about VinFast, they only know VinFast as a newly launched consumer electronics product. Currently, VinFast is in a state of erosion of equity capital as it has failed in its initial public offering (IPO) and has no investment capacity. Rumors are circulating in the stock market that there is a high possibility of bankruptcy this year due to a huge deficit while building a production line of 300,000 units without confidence.
And the current stock activity after IPO certainly looks more like desparate fraud - from the owners side to showel in money before they go bust - than a success-story for investors.
Only 128 car registrations in U.S since January, this company will go under.
With labor cost of $4000/year in Vietnam, it should cost $20K.
With specs and obligation compare with price, no one buy Vinfast.
More expensive than others but lower quality.
I am confident in the intelligence and hard work of Vietnamese people to succeed.
I'd avoid any car that can be fixed or updated using radio waves.
talk about Chinese cars manufacturers international expansion
I've talked about the Chinese companies and when/if/who is coming to the US, as well as the Chicken Tax and current tariffs on Chinese vehicles helping keep them out.
I don't really follow their expansion into Europe, nor am I over there to see it first hand, and I know that one day they'll be coming to America, it's just a question of when.
I can't see how their cars are going to be reliable. Too many models too fast with little experience building cars. Building good cars are hard.
Mr Vuong is already a billionaire with vingroups. He is not start-up guys to collect or fund money. It's huge difference
@banmatchoatbanlungchotroi357you're posting word for word what others did are you working for them? 😊
Not sure why you want Vinfast to succeed. Seems like they are a victim of their own hubris.
Jon (and I) live a few hours away from the site of the Vinfast plant in North Carolina, so we have a vested interest in how NC spends our state taxes. As of late July 2023 the site is only acres of red mud; startup has been pushed back from 2024 to 2025. My personal opinion is that the EV market in 2023 mirrors the dozens of automakers 120 years ago - and the EV manufacturers will collapse to less than 6 within 5 years.
Why not? It creates jobs, consumers have more choices, and more competitions lead to better service. Not sure why you don't want it to succeed?
Nice car. Strong.❤❤❤ i love vinfast.
vin what? You have such specific random knowledge of cars I've never heard of!
I've been doing videos on Vinfast for like 2 years now. 😀
They're going to flounder. Cars now are stupidly expensive, rather than release something reasonably priced they start at 40k, and if we're being honest Vin Fast is a really stupid name, and their naming scheme is dumb yes even when Mercedes, Audi and Cadillac do it it's dumb.
Well done Vinfast
VinFast into the BinVast.....I am trying to start a thing where we call it BinFast because they are trash (from what I have heard).
Let's be honest.....VinFast is an absolutely horrible name.
Oh ho - vulture capitalism at its best....
Unfair review from Donut channel and It's a big time bully from these 2 guys . Shame on them 😂😂😂 lol ...