A Tesla rival electric vehicle manufacturer intends to open more than 30 storefronts in California and is looking into the possibility of expanding to other states in the union.
Tesla (NASDAQ:TSLA), the world’s largest firm in terms of production and deliveries, continues to rule the American electric vehicle market. With 563,987 made and 545,884 delivered, Tesla (NASDAQ:TSLA) produced and had more electric vehicles than any other company worldwide in the year’s first half.
With 217,100 EVs delivered in the first half of 2022, Volkswagen had some of the most outstanding results among Tesla’s rivals. Almost 23,000 electric vehicles were produced by Ford Motor Co. (NYSE:F) in the first half of 2022. Twenty-five thousand electric vehicles are what Rivian Automotive Inc. (NASDAQ:RIVN) claims it plans to produce in 2022.
Competitors Increase Production
By the end of 2023, Ford (NYSE:F) said it aims to produce 600,000 EVs annually, and by the end of 2026, it expects to have 2 million EVs yearly. The goal is to make 14,000 EVs in July, according to CEO Jim Farley, who stated this during the company’s second-quarter earnings call.
More than 7,600 EVs were delivered by General Motors (NYSE:GM) in the first half of 2022, compared to fewer than 25,000 in 2021. According to GM CEO Mary Barra, with the help of a plan to lower the price of its EVs, her business will outsell Tesla (NASDAQ:TSLA) in three years. Later in 2022, the carmaker will reduce the cost of the Chevrolet Bolt small electric SUV to $26,000, and in the fall of 2023, it intends to launch sales of the Chevy Equinox, another small electric SUV with a 300-mile range. The Model 3 is still Tesla’s least expensive vehicle, with a starting price of $46,990.
Fledgling VinFast, a Vietnamese EV manufacturer, is stepping up sales activities in the United States with the establishment of its first six storefronts, all of which are situated in California. VinFast started accepting orders for its VF 8 and VF 9 electric SUVs in January. In July, the Hanoi-based company built showrooms and sales outlets in Berkeley, Commerce, Corte Madera, San Diego, San Mateo, and Santa Monica. According to its website, VinFast plans to open more than 30 outlets in California and will investigate the possibility of expanding to other states in the union.
Starting at $41,000 for the VinFast VF 8, which has a range of 316.9 miles, and $56,000 for the VF 9, which has a range of 422.5 miles. The company, established in 2017, declared plans to erect a second factory in North Carolina with a production capacity of 150,000 vehicles annually in April. The company’s main manufacturing facility is in Vietnam’s Haiphong.
Featured Image: Megapixl @Sergiomonti
