EV Accident Kills Four

By Douglas McIntyre • May 22, 2024

Aleksandr Neplokhov Pexels

A VinFast EV, made by a Vietnamese manufacturer, crashed in Pleasanton, California, and a family of four was killed. The National Highway Traffic Safety Administration is investigating the April 24 crash. One source told Reuters a steering problem may have been involved.

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The model was a VF 8. VinFast sells several other models, including the VF 6 and VF 7. All three are five-passenger cars. The fourth model in the lineup is the VF 9, which seats seven passengers.

VinFast is growing quickly. In the first quarter of the year, its revenue rose 270% to $303 million. However, the company is bleeding money. It had a “gross loss” of $151 million in the first quarter. VinFast has a network of 16 dealers in the US. Worldwide, it expects to deliver 100,000 vehicles this year.

VinFast’s stock has taken a brutal beating this year. It is down 30% against an increase of 12% in the S&P 500. InvestorPlace recently named it one of the hopeless EV stocks that should be sold before they go to zero.