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Vietnam’s VinFast Pledges to Ditch Gas-Powered Cars in a Year

  • Automaker will focus solely on producing EVs after December
  • VinFast plans German EV plant after opening U.S. factory
Customers drive their VinFast VF e34 electric SUV out of the garage at the automaker’s factory.
Customers drive their VinFast VF e34 electric SUV out of the garage at the automaker’s factory.

Photographer: Maika Elan/Bloomberg

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VinFast will stop making gas-powered autos by the end of 2022 -- just two-and-a-half years after the first ones rolled off the company’s northern Vietnam assembly lines -- as it ramps up global sales of electric SUVs with plans for EV factories in the U.S. and Germany.

The company will focus exclusively on electric vehicles because it presents VinFast a big opportunity in a nascent market, said Le Thi Thu Thuy, vice chairwoman of Vingroup JSC, the parent company of VinFast.