With a price range of under 250 million dong, even just around 190 million dong for the standard version, the main buyers of mini electric cars in Vietnam are mostly young people, students, office workers, or those who want to experience electric cars with the lowest possible cost. They want to own a personal vehicle to serve their daily transportation needs at an affordable price. So, can this line of cars create a new trend in the near future?
When VF3 is launched
Just explored a year ago, but the mini electric car segment is witnessing a strong upheaval with the VinFast VF3. With attractive design, many safety features, and competitive prices, VF3 is attracting a lot of consumer interest. The first VF3 cars are expected to be delivered to customers in the third quarter of 2024. Immediately after VF3 officially started accepting deposits from customers, many real commercial images of this model have been widely spread on social media platforms such as Facebook, YouTube, car forums full of information about the mini electric car segment in general and VF3 in particular.
Not only discussing VF3, many discussions and comparisons between VF3 and Wuling Hongguang, a competitor in the same mini electric car segment, or comparing VF3 with small cars using traditional gasoline engines, have attracted the attention of a large online community. After announcing an official selling price starting from 235 million dong and a specific ordering schedule, VinFast's VF3 electric car has made Vietnamese car enthusiasts very excited. With this competitive price, many people predict that VinFast VF3 will take the lead and lead the mini electric car segment that is gradually developing strongly in the domestic market.
Attracted not only by the affordable price, VF3 also impresses with a ground clearance height of up to 191 mm, surpassing many popular C and D segment crossovers like Ford Territory, Hyundai Santa Fe, or Peugeot 5008. In terms of size, with a base width of 1679 mm, VF3 outperforms models from brand A such as Kia Morning, Hyundai i10, Toyota Wigo, and even the base width of VF3 is larger by 186 mm compared to its direct competitor, Wuling Hongguang. Despite its compact design, VinFast VF3 is still equipped with 16-inch tires larger than most competitors in the same segment, with large tire sizes combined with high ground clearance providing stable handling and good road grip on various terrains, providing an enjoyable driving experience for users.
With a theoretical travel range of 210 km after each full charge, VinFast VF3 can meet the daily travel needs of many families. The widespread distribution of VinFast charging stations also reassures users to use VF3 for long trips. Another attraction of VF3 lies in its compact overall size, creating favorable conditions for moving and controlling the car in urban areas. Although compact in size, the interior space of VF3 is still spacious and comfortable enough to accommodate four to five family members. Many customers express the view that instead of spending a large amount of money to buy a high-end motorcycle, they can just spend a reasonable amount to own a VinFast VF3 mini electric car that is safe, convenient, and environmentally friendly.
When comparing operating costs with traditional gasoline cars, VF3 shows many superior advantages, with a lower on-road price, average energy costs per km only a quarter of gasoline cars, and maintenance and repair costs at a reasonable level. This is the reason why car enthusiasts highly appreciate electric cars in general and VinFast VF3 in particular. However, for some specific customer groups, VF3 still has many disadvantages. Some customers believe that the small size and operating range of VF3 are only suitable for taxi services, Grab, or other delivery services, and they still prefer to choose larger and more feature-rich cars to serve family needs.
Facing Chinese models
Currently, VF3 is the second model to enter the mini electric car segment in Vietnam, directly competing with the Wuling Mini EV. Although the Mini EV is priced from 239 to 282 million dong depending on the version, lower than the announced price of VF3, in reality, some dealers have applied discounts of up to 50 million dong. The launch of VF3 by VinFast with a price only slightly higher than the actual price of Mini EV after discounts has created fierce competition between the two rivals. Mini EV loses the advantage of being the only model in the segment but still has the strength in terms of pricing. Information indicates that Mini EV may continue to reduce prices by another 70 million dong in the near future.
In the price range below 300 million, there are currently only two choices, VF3 and Mini EV. However, many Vietnamese people still have a fondness for the Vietnamese electric car brand and appreciate the superior advantages of VF3. After seeing the pre-commercial version, customers commented that the exterior design of VF3 is sporty, dynamic, and more personality than the simple style of Mini EV. Regarding the interior, both models are quite simple to save costs, but VF3 still has the advantage of a 10-inch touch screen supporting smart connectivity and ADAS driving assistance system, while Mini EV does not have these features. In terms of travel range, VinFast VF3 has a maximum travel distance of 210 km, higher than the Wuling Mini EV, specifically the highest range of Mini EV is only 170 km, 40 km lower than VF3, while its standard version can only run 120 km, a difference of 90 km compared to the competitor.
The advantage of VF3 in terms of travel distance is due to the use of an 18.64 KWh battery with advanced technology, while Mini EV only uses a 9.6 KWh battery for the standard version and 13.4 KWh for the high-end version. In terms of charging time, thanks to DC fast charging support, VF3 can be fully charged in about 36 minutes, very fast, while Mini EV's full charging time is extended from 6.5 to 9 hours due to the lack of convenient charging infrastructure. This is also a major weakness of Mini EV compared to its competitor VF3.
Currently, electric cars in Vietnam are exempt from registration fees. This helps save a significant amount of costs, making users more excited about mini electric cars. A common point of VF3 and Mini EV is that they offer a variety of exterior color options for customers to choose from. Specifically, VF3 has nine color choices, while Mini EV provides a different color option.
World trends
In many countries, especially China, mini electric cars are popular due to their compact size, affordable price, and ease of use. However, many car experts also warn of potential risks as the small size and low cost of mini electric cars can make them dangerous when participating in traffic on highways or colliding with larger vehicles. In Vietnam, super small electric cars still do not meet the legal conditions to be considered an independent type of vehicle and therefore face restrictions similar to complete cars. Moreover, the perception of consumers here still sees super small electric cars as a type of four-wheeled motorcycle that has not created the driving force as in other markets around the world.
Experts believe that a key factor contributing to the recovery of the mini electric car market is the increasing awareness of environmental issues and the demand for sustainable personal transportation. More and more consumers are concerned about minimizing emissions and energy consumption in their daily activities. And mini electric cars are becoming a popular choice to reduce negative impacts on the environment. In addition, the development of lithium-ion battery technology has helped improve the performance and capacity of mini electric car models, enhancing travel range and usage time.
A notable point is that leading car manufacturers investing in the development and production of mini electric cars have created a new impetus for the development of this market, from compact and flexible models to luxurious and modern models, consumers have more and more choices to suit their needs and lifestyles. The mini electric car market still faces some challenges, including developing charging infrastructure and smart transportation solutions to meet consumer needs. However, with increasing attractiveness and great potential, the mini electric car market is a bright spot in the automotive industry promising to bring many opportunities for both consumers and manufacturers in the future.