Vietnamese electric-vehicle maker VinFast, which made a splash this week on the Nasdaq, has stirred cautious interest among dealers in the U.S. market.
"The first thing you have to look at is are you going to be around in five years? That's a big concern," said Andrew DiFeo, dealer principal at Hyundai of St. Augustine, south of Jacksonville, Florida.
Several dealers said VinFast may need to offer sweetened profit margins to dealers to account for the added risk. On top of that, the automaker may need to provide industry-leading warranty coverage on its vehicles to assure buyers.Those possibilities leave industry consultant and former GM executive Warren Browne cold.
"It is a death strategy," he said of the plan to use dealers."There is too much value extracted by serving dealers. That's a strategy Wall Street will whip them on."selling for historic prices, enough dealer owners will make the bet, said Rhett Ricart, CEO of Ricart Automotive Group in Columbus, Ohio, which sells 10 auto brands. Many also appreciate that VinFast is building a U.S. plant.
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