VinFast Auto (Nasdaq: NASDAQ:VFS) shares climbed 5% in Wednesday's premarket following the automaker’s announcement that it has officially signed agreements with 12 new car dealers across the United States.
These dealerships, set to commence operations this month, will increase VinFast's total U.S. dealership count to 18, covering seven states including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky.
VinFast already operates 15 stores and service centers in California. However, in Q4 2023, the company declared a shift from its direct-to-consumer model to a "capital-light hybrid model," aiming to expand its dealership network both in the U.S. and internationally.
"Leveraging the network of stores, market experience, and capabilities of leading US dealers, VinFast will quickly deliver high-quality, competitively priced electric vehicles to consumers, along with outstanding after-sales policies,” said David Duncan, Vice President of Sales and Marketing at VinFast US.
“This establishes a solid foundation for VinFast's strong growth in the US market," he added.
The newly established dealerships will initially offer the VF 8 model, with plans to introduce the VF 9 and VF 7 models following their respective launches in the U.S.