VinFast Auto Ltd (NASDAQ:VFS) announced on Thursday a partnership with North Carolina-based Leith Automotive Group to launch a US-based dealership, part of the Vietnamese electric vehicle (EV) maker's latest effort to boost sales in the US.
In addition to sales, Leith Automotive will be also responsible for all repairs, maintenance and parts needed for VinFast vehicles, the two companies stated.
A $4 billion VinFast manufacturing plant is located in North Carolina and is expected to be fully operational beginning in 2026.
Last month, VinFast said it had received 70 dealer applications across the US, which if approved would allow the automaker to distribute its EVs through 125 points of sales nationwide, Reuters reported.
VinFast is entering the US market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies, the media outlet noted.
VinFast began delivering electric cars in California in March and made its Nasdaq debut in late August.
Shares of VinFast Auto edged 0.5% higher to $8.52 in midday trading on Thursday but have fallen 77% year to date.