MANILA: VinFast has landed a spot in TIME Magazine’s list of 100 most influential companies for 2024 (TIME100).

Backed by Vingroup’s Pham Nhat Vuong, the New York-based news magazine called the Vietnamese automaker “an EV Splash” and an industry “disrupter”.

TIME Magazine also recognized VinFast strategies such as the battery subscription electric vehicle (EV) business model, which separates the battery cost from the car price — making their products more affordable for a wider range of consumers.

Aside from that, the firm also offers free battery replacement to further cut down long-term ownership costs.

In the article, TIME Magazine shared that VinFast will open factories in North Carolina, Indonesia, and India.

“Despite posting a $618.3 million loss in the first quarter of 2024, Vuong has vowed to at least break even next year, pledging an additional $1 billion of his personal wealth to make it happen,” the publication stated.

The company has also set a bold target of delivering 100,000 vehicles in 2024 (a threefold increase from current sales) — a goal backed up by plans to expand its global presence, targeting markets from the United States and Canada to those closer to home like Thailand, Philippines, and Indonesia. 

Recently, Vinfast has been introduced to the local market and has expressed readiness to bring full-electric models VF e34, VF 5, VF 7, and VF 9 to be followed by the VF 3.

Photos from Ruben Manahan IV

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