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You are at :Home»Electric Vehicles»VinFast To Offer Battery-Leasing For Customers — Is It Worth It?
Photo Courtesy to @BizColombo in Twitter

VinFast To Offer Battery-Leasing For Customers — Is It Worth It?

Pia Allen 30 Aug 2022 Electric Vehicles, Finance, Fintech, Media, News, Tools and Equipment Leave a comment 284 Views

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Photo Courtesy to @AutoNewsCanada in Twitter

With plans to sell EVs while leasing their batteries, the Vietnamese automaker VinFast is experimenting with the concept.

However, the terms of the deal seem so lopsided that I believe VinFast’s business model is more about maintaining control of the batteries from production to disposal than it is about the ostensible benefits to consumers. VinFast may claim that by providing a battery subscription they are attempting to remove the obstacles to EV ownership, but their underlying strategy seems to be to extract the battery’s residual value.

Photo Courtesy to @global_leasing in Twitter

Depending on the driving patterns of the consumer, VinFast’s battery leasing model might provide a few minor benefits. There are two alternatives available: flexible, which has a lower fixed cost but only allows 310 miles per month, and unlimited, which has a higher monthly cost but includes no mileage cap. In addition, the manufacturer guarantees that it will replace the battery if, at any time, it loses 70% of its capacity or less. However, as other EV batteries are similarly warrantied for eight to ten years, this is not really a standout feature.

VinFast’s pricing strategy performs poorer in comparison to the competition. The base Ford Mustang Mach-E and Hyundai Ioniq 5 cost roughly $3,000 more than the VF8, a compact SUV, which is also more expensive than the lowest Chevy Bolt EUV and Volkswagen ID.4. It is also about even with the Kia EV6 in price. The battery belongs to the consumer in each of those automobiles.

Depending on the type and lease period, those who drive half as much as the average American could save $1,000 to $2,500 with the flexible subscription compared to the unlimited one. But that’s the best-case scenario. Annual road excursions may quickly consume a third of the flexible plan’s cost savings at 11 and 15 cents each mile beyond 310. If VinFast is still providing a subscription service in seven to ten years, it would be worthwhile because the consumer could receive an old vehicle with a brand-new battery. The warranty on the rest of the car, however, will have expired or will soon do so.

Investors and businesses adore recurring revenue. Monthly payments help establish tight relationships with clients, and subscription revenue is more steady and predictable. EV battery packs can account for up to a third of the cost of a car, in contrast to mobile phone batteries, which make up a comparatively modest portion of the value of a gadget.

Photo Courtesy to @bfp_fuhrpark in Twitter

Although producers are aware that the cells are still functional after falling below a particular point, consumers may incorrectly believe that they are worthless. When batteries are used sparingly, as they would be under VinFast’s distance-limited subscription, they will still be in excellent condition even after ten years.

Most likely, VinFast anticipates that more users will select the unlimited plan. Since automobile buyers aren’t generally known to be very logical, it would take an extraordinarily sensible customer to calculate the exact savings they could achieve from the limited-mileage option.

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battery residual value EV Battery Leasing EV battery packs EV ownership Vinfast Vinfast offer battery leasing VinFast unlimited plan 2022-08-30
Pia Allen
Tags battery residual value EV Battery Leasing EV battery packs EV ownership Vinfast Vinfast offer battery leasing VinFast unlimited plan

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Posted by : Pia Allen
Pia is a writer at TechVisibility. In her free time, reads a hefty amount of webcomics and a bit of a true crime videos enthusiast. She's an introvert, hibernating artist trying to wake up from her slumber.
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