Well, thank you so much, John. And welcome, everyone, and thank you for joining us at the OTC Market Channel Conference. I'm Puneet Sharma, the Vice President of Investment at VinFast. During this brief presentation, I'll cover our investment thesis and provide you with our latest business updates. Please note any questions you may have, and we'd be happy to address them after the presentation. Moving on. At VinFast, we're committed to offering electric mobility for all. And that means offering premium electric vehicles accessible at all price points. So how do we plan to achieve that? Firstly, we're a pure-play EV company with perhaps the widest product range that extends from the ultra-luxurious VF 9 at over $80,000 to the mini VF 3 at just under $10,000. What's more, our cars are matched with best-in-class after-sales policy with outstanding warranties, offering our customer a complete peace of mind.
Then, our flexible multi-channel distribution allows us to reach customers globally. We started with our own VinFast-owned showrooms and just last year expanded to third-party dealerships so as to get closer to our users in every market. Thirdly, we focus on markets with high growth potential. That is, our EV portfolio is all SUV. We're selectively venturing into markets that are poised for exponential growth in EV adoption, all thanks to strong governmental support. With the view to serve mass market, we've designed ourselves for scale from day one. We're amongst the most vertically integrated EV players and one of the very few with in-house battery manufacturing capabilities as well. Also, to ensure uninterrupted manufacturing cycles, something that's challenged other EV players, we have built a robust supply chain with an on-site supplier park. We're confident to consistently meet market demand.
Finally, in this long road ahead to bringing EVs mainstream, we have unwavering support from our founder, which sets us apart from other EV manufacturers. What you see here on the side is our much-awaited concept pickup truck, the VF5. Well, our mission is to create a sustainable future for everyone. Irrespective of the price point, all our vehicles adhere to these three guiding principles. One, every vehicle is a premium-quality product in its segment. Two, we offer a comprehensive range of pricing options. Simply said, there's a VinFast for everyone. And three, we shall provide exceptional after-sales service to our customers anywhere in the world. First, allow me to walk you through our story so far. We're fairly new, being just a 7-year-old automotive player.
Since our inception in 2017, we have made significant strides, starting with the construction of our state-of-the-art manufacturing facility in Hải Phòng in North Vietnam. Within just two years, we delivered the first three ICE models from this 300,000-unit capacity factory and achieved the number one market share in Vietnam soon after. But why ICE? Well, Vietnam didn't have its own automotive industry when we began. So we had to build the entire supply chain from scratch. With EV always being our mission, our early foray into ICE gave us the much-needed experience in automotive manufacturing. Our second phase was electrification, which began as recent as 2021 with the delivery of our first EV, the VF e34, and the introduction of an E-bus model. The following year, we ceased ICE production altogether and shifted our focus entirely to EVs. Our current and third phase is all about global expansion.
Well, we're leveraging our success in Vietnam to broaden our footprint in the rapidly growing EV markets across South Asia, North America, and Europe. We now have a diverse product mix that caters to the unique demands and preferences of consumers in each of the markets. Since early 2023, we have launched five new electric SUVs in Vietnam, covering various segments. These include our flagship models, the VF 9, VF5, VF 6, VF 7, and most recently, the VF 3, our mini eSUV. To further diversify our product line, we introduced an e-bike and a concept pickup truck, which resonates with our overall mission of electric mobility for all. Within just seven years, we have delivered a total of 20 products to the market, a commendable feat for any automotive player, let alone a new one. Now, VinFast offers a full suite of EVs for every segment and price point.
All of our seven models that you see here are equipped with the latest smart technologies. These models are attractively priced between $10,000 and $80,000. There's more. We have a first-of-its-kind battery subscription option, which not only makes our EVs as affordable, if not more, than comparable ICE cars. At the same time, it also ensures that our customers' monthly payments never exceed what they typically pay for their current gasoline cars. Now, let's have a quick look at some of our cars. What you're seeing here is our much-admired VF 7. It's stylish and packs more than enough power for that adrenaline rush. Next is our very popular VF 8. It's perfect for families. This is our very spacious VF 9, a well-rounded multipurpose EV with best-in-class features and luxury. Finally, this is our much-awaited and already trending on social media mini SUV, the VF 3.
It's taken Vietnam by storm. Launched just last month, it garnered over 27,000 bookings in just 66 hours. It's available in customizable paint jobs, and we're all super excited for this one. Our smart cars aside, we truly understand that customers place their trust in us when they buy our cars. Now, we might be a new brand, but our values are rooted in the time-tested customer-of-first ideology. We understand customers' concerns with EVs and have prioritized their peace of mind over everything else. Our products come with an outstanding warranty package, offering up to 10 years or up to 125,000 miles for the vehicle and a 10-year warranty with unlimited mileage for the battery. This is way ahead of the competition anywhere in the world. What's more, we hear EV customers generally expressing concerns around battery. At VinFast, we aim to provide a worry-free experience to our customers.
So we offer replacement if battery health drops below 70% of its original capacity. This helps alleviate concerns about battery longevity and potential high costs associated with battery replacement. As for concerns around range anxiety and charging infrastructure, VinFast has established a comprehensive global charging network to support our cars. This consists of over 850,000 charging points in North America, Europe, and Vietnam, and a lot more is being done on this front. Now, let's talk about our distribution. Our diverse sales channels include VinFast's own showrooms as well as third-party dealerships to maximize our customer reach. As of April 2024, we had 122 showrooms around the world. By April this year, we had signed agreements with 18 dealers across the U.S. Many of these are already open or are set to open soon.
We also have around 70 applications on hand to fill 100+ points of sale and are working to expedite the sign-up process. Now, we strategically target markets with high growth potential and strong governmental support for EV adoption. As you can see from this map, in addition to the U.S., Canada, and Europe, VinFast is expanding in Southeast Asia in a big way, with entry into Indonesia, India, Thailand, and Philippines, apart from already capturing the EV market in Vietnam. We are making good progress, signing an increasing number of agreements with dealers globally so as to accelerate delivery to our customers. We signed four agreements with dealers in the Philippines right after launching in that market earlier this year. Orders for the VF e34 and VF 5 will be open in the Philippines this month. Meanwhile, we are also targeting to enter markets in the Middle East and Africa.
In preparation, we recently signed an exclusive deal with Al Tayer Motors, one of the UAE's premier automotive dealerships. Our inaugural facility in the UAE is expected to open before the end of this year. As I've mentioned earlier in this presentation, we're building for the long term and have designed for scale from day one. Our highly automated manufacturing capabilities, coupled with an integrated supply chain, enable us to optimize the speed and efficiency of our production processes. Now, our current annual production capacity is 300 cars already. But this will increase by up to another 250,000 once our U.S. plant and the two facilities in India and Indonesia become operational, making us an EV OEM with the third-largest EV manufacturing capacity globally after Tesla and BYD.
Our Hải Phòng facility in Vietnam is one of the most automated and advanced manufacturing facilities in all of Southeast Asia, with over 1,400 robots on site and an automation level exceeding 90% in our press and paint shops, which is at par with the best-in-class automotive OEMs, not just in EVs, but also in ICE space. We've worked consciously towards de-risking our supply chain. Here's how. Some of the key suppliers sit right next to us. Our facilities are so designed that they integrate with suppliers and logistics partners who provide extensive on-site support from battery production to the assembly of interior and exterior components. This integration has also allowed us to achieve a localization of 60%, which then brings with it the Vietnam cost advantage. Now, we're very confident of our integrated manufacturing capabilities and thus haven't faced supply-side challenges like other EV OEMs do.
But EVs are more than just automobiles. They have a strong tech angle to them. We partner with the best-in-class third-party service providers to ensure we offer our VinFast customers the latest and best tech in their cars. But that's not it. VinFast collaborates with entities across the Vingroup ecosystem to leverage the best capabilities and software. With that, we get privileged access to the shared expertise from more than 1,200 engineers and R&D professionals that are collectively producing differentiated technology for VinFast. And last but not the least, perhaps one of our biggest competitive advantages is our lineage. We share the Vingroup DNA. Vingroup is Vietnam's largest private conglomerate with an impeccable track record of building market-leading companies across sectors, be it real estate, retail, hospitality, healthcare, education, and more. Vingroup alone accounts for over 9% of the country's total market capitalization or almost 1.6% of the country's GDP.
We're proud to share that from 2011 until now, Vingroup has managed to grow its consolidated revenue at the rate of over 42% per annum. As part of the Vingroup's unique fast-growing ecosystem, VinFast benefits from long-standing support in terms of financial backing and management expertise that is reflected in VinFast's fast pace of execution. Now, for the outlook, we understand globally EVs are going through challenging times, and that's understandable as electric cars evolve from early adopters to mass market, where their practicality and cost competitiveness versus traditional ICEs are being challenged. The evolution of cars from ICEs to EVs is long due and undoubtedly for the greater good of the society. At VinFast, we're ready to embrace the short-term challenges posed to electric mobility for a more sustainable future for all.
Now, in 2024, our priorities on the product front include delivering the highly anticipated and affordable VF 3 in the domestic market, delivering the new VF 9 and VF 7 models in North America, and completing our full EV lineup for global markets in both left-hand drive and right-hand drive versions. Also, in 2024, our priorities on the expansion front include expanding into Indonesia, Thailand, Philippines, and India. I'm happy to share our on-ground teams are making good progress in securing dealer partnerships and helping them set up showrooms for import of our EVs. A lot is happening at VinFast, and we're super excited for the future. Well, that concludes my presentation today. Thank you all for listening. We'll be happy to take your questions now.
Thank you, Puneet. Truly remarkable, the breadth of your product lineup. I think you said you had 20 products across all segments. So that is very impressive.
So we have several questions come in from the audience, and I do encourage investors to continue submitting questions. If we don't get to all the questions with the remaining time, the investor relations team at VinFast will follow up directly with the investors. So the first question we have is, how does VinFast differ from other EV OEMs? Right. Well, that's actually something we take great pride in. So, I mean, we've worked relentlessly to make electric vehicles accessible to all.
Right? It's easier said, but that's a very bold mission for any automotive player, let alone a new one. I mean, it requires early investment and scale. It requires cost discipline to ensure affordability. And given the sheer competition in EV space, it requires that agility and pace of execution that only comes with management expertise, all of which are VinFast's core strengths.
That comes from our Vingroup lineage as well. The road to EVs becoming mainstream is a long one. VinFast has Vingroup's 30-year track record of building market-leading companies and unwavering support from our chairman and the group to bank on. I believe that's what really sets us apart from other OEMs. It's the sheer operating discipline and the fact that we've built such a wide product portfolio, as you can see on the screen right now.
Yeah, that's what really sets us apart.
All right. Thank you. The next question we have is, how do you help to remove current barriers and challenges for EV users?
Right. Now, I believe we've covered that in the presentation, but it's a very valid question, and I'll be happy to discuss it in more details.
The most common concerns of EV buyers globally are, let's say, affordability, battery life, after-sales service, and of course, access to charging stations. Thanks to declining battery prices, generally, EVs have become more affordable than before. But we have taken a further step with our unique battery subscription model. Battery, as you might know, is a significant portion of an EV's cost. And if you're not paying for it, but leasing it, you save up to 30% of the purchase price of the EV. What's more, if the battery health declines below 70%, you get free replacement. So while no battery worries at all, then comes after-sales. Our current warranty packages are among the most attractive in the industry. We offer batteries of warranties of up to 10 years or 125,000 miles for the EV itself and up to 10 years unlimited mileage warranty for the vehicle battery.
These warranties inspire confidence in consumers and ease their minds when purchasing our EVs. And finally, we have V-GREEN. It's a company within Vingroup ecosystem, which helps to develop global charging networks. We currently offer access to over 850,000 charging points globally through both self-development and global collaborations with our reputable partners. I believe all these initiatives support our mission of making EV ownership accessible to everyone, and we view them as very important pillars for our overall strategy.
All right. Thank you. The next question is asking if you can share some of your upcoming developments and milestones. Sure, sure. So we have a lot in store for the second half of this year. On the product front, the VF 9, our sophisticated three-row SUV, has arrived in the U.S. market and will be available for sale soon.
Meanwhile, in our home market of Vietnam, we announced our VF 3 mini SUV last month and began taking deposits. Now, within three days of opening orders, we received over 27,000 non-refundable, non-transferable deposits. We are targeting to deliver the first vehicle as soon as August of this year. Now, on the ongoing efforts to break into new markets, they're progressing well as well. As mentioned a while back in the presentation, we signed four agreements with dealers in the Philippines right after launching in the market. We've just had an exclusive deal with Al Tayer Motors in the U.A.E., and we expect to have our first showroom up within this year. Likewise, in the U.S., we're receiving a lot of applications for more dealerships. So all in all, there's a lot of exciting growth prospects, and we can't wait to deliver on each of these fronts.
Excellent. The next question is asking about how you select your dealership partners.
Dealer partners. That's a very fair question. So there are two key factors that we essentially consider when selecting dealership partners. The first one is rather obvious, wherein we base our decision on the location and the layout of the dealership. We prioritize dealerships which are situated along major roads and important transportation routes. I'm sorry. These dealerships also need to be in neighborhoods that live up to the VinFast brand identity. And we also require all showrooms to have an area of at least 200 square meters for that brand experience. The second criteria in our dealership selection is business experience, where we target distributors who have been partners with major automotive manufacturers, be it ICEs in the past.
To ensure our partners meet our quality standards, we also refer to their financial reports and tax filing for the past three years before granting approval. Now, by controlling the dealer quality, we can really foster a consistent experience across our dealership networks. This helps build up the brand image over the long term. So it's a long process, but we're actively selecting dealers globally at the moment.
Yeah. Okay. And I think we have time for one more question. And this question, the investor is asking about your vehicle models and how you decide which vehicle models are available in certain marketplaces and how you decide which vehicles to offer in different markets.
We get this question asked pretty often. I mean, sadly, we don't have the entire portfolio available in every market.
So when we enter any market, right, we conduct thorough feasibility studies for every market, comparing with other products in the market, the price points available. Hence, we have different product portfolios tailored for each market. I'll give an example, right? So for North American customers who prefer the big cars, we have the VF 9 and the VF 8, which is more perfect for that market. Europeans, we've observed, tend to prefer mid-sized cars. So VF 8, VF 7, and VF 6 is more suitable there. And closer to home in South Asia, where customers prefer small-sized cars due to budget and road infrastructure constraints, it's our VF 6 and VF5 that are more suitable. So well, yeah, I mean, we base our portfolio based on each market we're in. And yeah, and we're very connected to the users, and we're getting feedback all the time from the customers and the dealerships.
That's how we design and decide the product portfolio for each market.
Okay. Well, thank you very much. We are coming close to our time. If you'd like to provide some closing remarks, we've got time for that.
Sure. Please do follow us on social media and visit our website, vinfast.com, to stay updated on all that's happening at VinFast. Thank you once again, and have a great day ahead.