VinFast to deliver EVs to Europe this year

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STORY: VinFast could take advantage of the EU's investigation into Chinese electric vehicles.

The Vietnamese automaker plans to ship its first EVs to Europe this year after it was given regulatory approval.

A source said its VF8 crossovers would be delivered to France, Germany and the Netherlands in the fourth quarter.

The automaker's move comes at a time when Chinese EV makers face an EU probe over state subsidies.

That probe could lead to tariffs against VinFast rivals who make cars in China, and leave a gap in Europe's market.

The continent is one of the biggest markets for Chinese automakers.

Industry data shows firms like BYD and Xpeng shipped almost 70,000 EVs there in the first seven months of this year.

That's almost three times the same year-ago period.

A source told Reuters VinFast could aim to ship 3,000 VF8 SUVs to Europe this year, including some for Israel.

The model starts at just over $54,200 in France.

VinFast's expansion into Europe is part of a global plan.

The aim is to build new factories in the U.S., Indonesia and other major markets.

Though the company is currently loss-making.

First-quarter revenue dropped by just under half from the previous year, and it posted a net loss of $598 million.