What do you call a company that has scaled from less than 71,000 units in 2024 to more than 473,000 units in 2025? The same brand has done 17 product launches in its eight-year lifespan and now has more products in its lineup than any other brand outside China.
A beast!
Well, the beast is headed to India, and it may be worthwhile to do some crystal-ball gazing about how disruptive it would be to the Indian E2W market pecking order, an order that has stabilized over the last year.
The Context
VinFast has filed the design patents for the Kinet and Viper e-scooters in India. Trade publication Autocar India reported that VinFast has filed design patents in India for the Vietnam/Indonesia market Viper e-scooter and a motorcycle that appears to be the Sulad concept the company showed earlier this year.
Last month, separate media outlets had reported that the company had filed design patents for another e-scooter. Images indicate that this was the Kinet.
Viper and Kinet
The Viper and Kinet are VinFast’s top-of-the-line scooters, and although both appear similar, the Kinet is bigger, with a 40 mm wheelbase extension, 1360 mm compared to 1320 mm for the Viper. Both run on 14″ wheels, though the Kinet has a wider rear.
Both models (in Vietnam) are energized by 1.5 kWh packs with blind-mate connectors. There’s space for two, but the packs work in parallel, so you can run with one. The packs are swappable, though each weighs a hefty 12 kg, understandable, as they are LFP.
Brute power is not really VinFast’s forte. The Viper gets a 3.0 kW (peak) hub motor while the bigger Kinet gets it jacked up to 5.2 kW. Both are adequately powerful for most things. Considering these are hub motors, the acceleration is sharp enough and the top speed just about adequate – 70 kph for the Viper and 90 kph for the Kinet.
Large wheels and removable under-seat packs mean that the underseat storage space is compromised. The Viper only has 10 L, and the Kinet has 22 L. That’s small by Indian standards where boot spaces are hotly advertised.
Large wheels and removable batteries also mean that there is no direct competition in the Indian market. Depending on how VinFast plans to play on the price and battery front – full-on BaaS on the company’s own balance sheet, ordinary battery financing, or just customer-owned portable batteries that one can charge at home or inside the scooter – will define the sales numbers.
The Problem
These scooters are expensive if we do an apples-to-apples. The Kinet, with battery packs, retails at VND 49.9 million in the Vietnamese market. In the Indian context, that’s INR 184,630, too expensive to be anything more than a decorative flagship in the showroom.
The Viper does better but only just. It retails at VND 40.6 million in Vietnam, the equivalent of about INR 150,000.
These prices are in the Ather category for scooters that may not look as good but are distinct nonetheless. The 14″ wheel size does give a premium feel, but the hub motor is a dampener.
Note that this estimation can never be accurate because we should ideally capture the BoM cost, which we don’t have. Also, it won’t make a difference because VinFast, having come with an aim to set up a million-unit Indian production plant, will eventually localize everything in India, which means tapping into the Indian supply base. However, on Day 1, these would be nothing more than CKDs.
In the initial days, the company will likely take a hit to price them correctly.
At the same time, a drastic reduction in the above prices can be achieved if VinFast separates the batteries from the scooter.
The Grand India Plan
VinFast is already selling cars in India and has set up a 400-acre plant at SIPCOT Industrial Park in Thoothukudi, Tamil Nadu. In December 2025, the company signed an MoU with the Government of Tamil Nadu for another 500 acres adjacent to its existing facility. The company has committed USD 500 million as the second phase of its existing USD 2.0 billion India commitment, funding dedicated workshops and production lines for electric buses and e-scooters, with a 150k initial scooter manufacturing capacity.
Also part of the India plans are scooters being specifically designed for the Indian market. These would be separate from VinFast’s current Vietnamese global range. In January 2026, VinFast Asia CEO Pham Sanh Chau told Autocar Professional that the scooters are “being developed specifically for the Indian market rather than being global carryover products, following a year of research into local usage patterns, commute distances and price sensitivity.”
He also floats a long-term dedicated two-wheeler line with a capacity target of one million units.
To Swap or Not to Swap?
VinFast has been aggressively rolling out its swapping network in Vietnam and may be tempted to do the same in India. Battery swapping sounds great on paper but is capital intensive in a large geography like India. Honda rolled out swapping about two years back and has seen limited uptake of the e-Activa. In fact, being adamant about swapping has led to crippling Honda’s potential growth in the Indian market. Also, energy arbitrage in India is not as attractive as, say, in Africa.
Saying that, swapping has been a big part of VinFast in recent times. Most of its product range is available with the swapping option. Swapping would be a part of the India strategy. Whether it is the entire strategy is a question we have to wait for an answer.
Is that all?
VinFast is on a global expansion spree. Indonesia and India, two of the three largest two-wheeler markets in the world, are the primary targets in the company’s expansion plan. In Indonesia, VinFast has already rolled out three scooters – the Evo, Feliz II, and Viper. So it is likely that India would see more design patent filings in the coming weeks.
Will this Change the Pecking Order?
A few months back, I was in conversation with a young eager-beaver of a VC fund looking to park 20-million-American in a second-tier scooter manufacturer. One of the key questions that popped up was the Indian E2W pecking order. His opinion was that the E2W pecking order is already very much decided, with TVS, Bajaj, and Ather being the top three. What are the chances for any second-tier manufacturer from here on?
I had a different opinion.
India is a market that has just started growing, and it’s too early to award the gold, silver, and bronze medals in the E2W race. There are so many variables. There are so many brands sitting on the sidelines. There are a few global players yet to make a move. How would the pecking order evolve if, say, Hero Motocop woke up from its slumber in product development, had a massive cultural shift, and rolled out products aggressively? They don’t have a liquidity problem to fund new product development.
Or what if the Indian government goes soft on the Chinese and Yadea enters with full force?
Or, what if Honda finally figures out that the MPP strategy is a dud and changes things?
Or, if someone buys Ola?
The variables are too many, and it’s very early days. Disruption is the nature of the industry.
I count VinFast’s entry as one of those important turning points in the industry. The company develops products faster than rabbits breed. The nimbleness and financial resources are handy in an industry where your first attempt may likely be a failure, and you need to have plan B, plan C, and plan D, all lined up in quick succession. VinFast is capable of that. They are here to win.
Note to self: We will not discuss
VinFast’sVinGroup’s financial resources or the source of funds in this analysis. Let’s just say they have a lot of money and leave it at that.
In the Indian pecking order, everyone up to the second place, not named Hero MotoCorp, have some financial constraints. If VinFast plays well and according to plan, then reaching #3 in the Indian market is achievable. Anything beyond that needs a special type of cunning.
What About the Motorcycle?
There is also a motorcycle design patent, but it’s not important for now. This is the Sulad concept, and the Vietnamese media reports suggest a motor of up to 50 kW and a top speed near 130 kph. But actually, the motorcycle is a worry as it indicates an even more aggressive positioning by VinFast. Last year, the company rolled out multiple motorcycle concepts and indicated that a few of them are under development. These would include motorcycles going from 125 cc all the way to 600 cc equivalents. Obviously, VinFast is looking beyond Vietnam for everything.
The motorcycles announced include the Subab and Surad, naked bikes aimed at daily commuting; the Sudub, a long-wheelbase cruiser for touring; and the Sulad, an aggressive high-powered naked bike.
Once you get beyond the confusing names, these are highly potent motorcycles. Unlike any other startup where such motorcycles often end up as vaporware, VinFast has the financial muscle and the tech capability to bring these to production.
Not only motorcycles, but VinFast also unveiled multiple scooter concepts as well, covering everything from new-styled mass market scooters to larger semi-touring models. Here is the Rasad maxi scooter.
And the Sadie commuter scooter.
…and the Saxil commuter scooter.
Mid-drive Motors
The only thing that we pointed out and the only thing that we feel is missing from the VinFast arsenal is the mid-drive motor, essential equipment when you want to do serious performance machines. Now, if you notice from the above concepts, VinFast is bringing in mid-drive motors in its new range, closing the gap.
