A VinFast electric SUV VF8 model is displayed at a store which the Vietnamese automaker plans to open in Santa Monica, California, US, May 23, 2022. Picture taken May 23, 2022. (Photo: REUTERS)

The Vietnamese company, a subsidiary of conglomerate Vingroup, had said in January its first VF8 all-electric crossovers would be available to lease at a monthly payment of 599 USD for 24 months.

Its website showed as of Monday a monthly lease price of 399 USD for the vehicle for a 24-month lease. The company told people who had already paid a refundable deposit on the car that the payment would be 274 USD per month in California, the first US state to receive the vehicles, according to messages to those potential buyers reviewed by Reuters.

The move represents the latest sign of increased price competition by EV makers. Tesla the global EV leader, cut prices globally by up to 20% in January, although it has increased prices on some models and in some markets by smaller margins since.

VinFast has filed for an initial public offering in the United States and plans to build an EV assembly factory in North Carolina.