VinFast EV Battery Leasing Prices Released for Canada

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Image: VinFast

According to Electric Autonomy Canada, Vietnamese automaker and new entrant to the North American automotive market VinFast unveiled its VF 8 and VF 9 electric SUVs for Canada during a private event earlier this week in Mississauga, Ontario.

The VF 8 is expected to arrive in Canada by the end of 2022, and it will be the first EV from VinFast to make its debut in Canada. The VF8 is a five-seater SUV available in Eco (420 km range) and Plus (400 km range but greater acceleration) trims at a starting price of $51,250 CAD.

After the Canadian government expanded the eligibility criteria for its Incentives for Zero-Emission Vehicles (iZEV) Program, the VF 8 should qualify for a $5,000 CAD rebate from the federal government. That said, the VF 8’s eligibility for a rebate under the iZEV Program is yet to be confirmed by the government or VinFast.

The seven-seater VF 9 is slated to arrive in Canada a few months after the VF 8. The VF 9 will also be available in Eco (438 km range) and Plus (423 km range) trims, starting at $69,750 CAD and $75,250 CAD, respectively. A smaller EV, the VF 7, is expected to launch later in 2023 after the VF 9, but VinFast has not determined pricing for the model at this time.

The event was held just days after the company announced its innovative yet unusual battery leasing program for its flagship vehicles, which would allow customers to purchase its electric vehicles (EVs) at a discount since they wouldn’t include a battery, which accounts for a significant cost of all-electrics.

“By separating the price of the battery from the acquisition value of the automobile, VinFast takes on all the risks related to the vehicle’s battery and ensures a reasonable price for its products, while providing customers with peace of mind about the battery’s quality during use,” VinFast said about its battery leasing program in a previous press statement.

VinFast will offer two battery leasing packages to its customers: “flexible” and “fixed.” Under the fixed subscription, customers will get 500 km of total battery mileage per month for $39 CAD for the VF 8 or $59 CAD for the VF 9, with every 1 km over the 500 km limit being charged at nine cents for the former and 11 cents for the latter.

Customers who opt for the fixed plan will receive a battery with no monthly limit on mileage, but they will have to shell out $139 CAD per month for a fixed battery lease for their VF 8, or $199 CAD per month for the VF 9.

All battery lease pricing excludes sales tax and the cost of charging your car. Signing a battery retail agreement with VinFast will also give customers additional benefits, such as a lifetime warranty for battery maintenance and repair fees, free of charge battery replacement when the peak capacity of the leased battery drains below 70%, and the responsible disposal of batteries that have reached end-of-life.

Back in March, VinFast announced it will build its first EV factory in the U.S., with the first stage of its construction setting the company back a cool $2 billion USD.

By 2024, VinFast hopes to offer customers the option to choose between buying a vehicle from them that has a battery in it right from the start or participating in the company’s battery leasing program for a discount on the car.

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