VinFast, the Vietnamese EV manufacturer, is now offering customers what it calls “generous compensation” for long waits to service their vehicles.
The company’s approach to doing so — and this more broadly represents a good way of thinking about how it can go at making sure its drivers are properly cared for after they get their cars.
VinFast is Paying Customers for Vehicle Issues and Service Delays
VinFast is offering payments to owners when their vehicles
are in the shop dealing with certain problems.
The company will pay $100 for minor issues, going up to $300
for “vehicle-disabling” problems. There also are additional payments through a
program that covers costs linked to service delays stretching beyond three
days.
The money can come in cash or via VinFast service vouchers and is part of the company’s commitment to its customers as it enters what is becoming an aggressively competitive electric vehicle landscape.
VinFast Believes this Move Can Attract More Buyers
VinFast's new compensation policy is not affiliated with the
original 10-year, 120,000-mile warranty that aims to also attract buyers with
its generous post-sales services.
Now the company is introducing an unprecedented after-sales
policy meant to provide a satisfying and worry-free experience for all of its
customers—above and beyond what they'd typically get when purchasing any other
vehicle.
With this extra service, VinFast looks to stand out in a sea
of rivals. This comes as it has tried to become a known name in the US- no easy
feat for newcomers even though many have heard of the parent company Vingroup.
Recognizing that something could happen down the line even once customers ride off into the sunset or run into potential issues or delays, VinFast believes this move can attract more buyers.
Learn More: VinFast EVs See Rise in US Dealer Applications: 70+ and Counting!
VinFast Service Issues that are Eligible for Compensation
VinFast offers generous compensation to customers who have experienced service problems and delays. The company divides eligible service issues into three categories.
Type 1
These issues are for relatively minor repair situations that
cause inconvenience but do not impact the general use of a VinFast vehicle.
Examples include problems affecting the air conditioner and 360-camera system, among other components. Customers with Type 1 issues are entitled to a compensation of $100.
Type 2
These issues involve more serious problems that render a
vehicle inoperable, requiring “rescue” servicing or stopping it from working
entirely.
An example given by VinFast is trouble involving
regenerative braking, which captures energy during deceleration and sends it
back to the battery pack; another is defects having to do with starting and
stopping the EV itself!
VinFast says affected customers can claim up to $300 in compensation.
Type 3
Type 3 issues encompass vehicles stuck in the shop for an
extended length of time while undergoing repairs.
Eligible owners can receive up to $100 per day after their
third full day without their car or SUV up until they get them back.
Also, according to VinFast, there’s no limit to this $100 compensation entitlement. Customers will receive that amount each day till they get their vehicle back!
VinFast has Previously Recalled 999 VF 8 Units in the US
VinFast launched its first vehicles in the US with 999 VF 8
units. The automaker was forced to recall all of these vehicles due to a
software issue, which was ultimately fixed through an over-the-air update in
May.
The company’s market cap briefly reached $191 billion and
its stock price surged to an all-time high of $82.35 in August- drawing
comparisons to Tesla Inc.’s surge on Wall Street in 2020.
But VinFast shares have since come back down to Earth, changing hands at $5.41 for a market cap of around $12.62 billion as of writing.
Learn More: How StoreDot's batteries can reduce EV costs and emissions?
The Bottom Line
All said and done, it is good to see VinFast taking
responsibility for any problems that its customers may be facing with their
vehicles.
And while the compensation can’t perhaps undo any
inconvenience caused due to delayed services or problematic vehicles, it’s
still better than companies not offering anything at all.
It will be interesting to see how this move plays out for
the Vietnamese giant in the long run, and if it can attract more buyers just
because of this show of goodwill.