From Breakingviews - Vietnam’s Elon Musk challenger turns heads in 2023
Le Thi Thu Thuy, vice chairwoman of the Vingroup and VinFast Global CEO, speaks during the unveiling of a line of electric SUVs at CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. REUTERS/Steve Marcus
HONG KONG, Dec 21 - Vietnam is an unlikely home of the next Elon Musk. That’s why Le Thi Thu Thuy is one person to watch in 2023. The 48-year-old is at the wheel of VinFast, a money-losing electric-vehicle maker racing the U.S. entrepreneur’s TeslaVinFast has made its name selling gas guzzlers in the Southeast Asian nation, where its parent Vingroup
is the top conglomerate. Now Thuy is heading in an entirely new direction by turning the carmaker fully electric, and by taking its brand global. Within a year, she plans 70 showrooms across the United States, Canada and the European Union to sell cars like the VF9 sports utility vehicle, which is priced at $76,000, around 15% more than Tesla’s comparable Model Y.
The former Lehman Brothers investment banker is leaning on sophisticated suppliers like battery-maker Contemporary Amperex Technology
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