Green SM, Vinfast's ride-hailing arm, plans to acquire 10,000 EVs for India by year-end, making it the automaker's largest global customer. This massive fleet acquisition looks less like a Blusmart replacement and more like Vingroup shifting Vinfast inventory into its own mobility business. The launch, however, already faces complaints from drivers over lower-than-promised payouts in Delhi.
How We Got Here
Green SM launched its ride-hailing service in Delhi on June 5, mirroring defunct Blusmart's "zero cancellation, no surge" pitch. Vinfast, sharing the same Vingroup parent company, entered the Indian market last year, investing $500 million in its Tamil Nadu facility.
The Numbers
- In Vietnam, where Green SM (as Xanh SM) started in 2023, it already holds 45% of the taxi market.
- Green SM accounts for nearly $870 million of Vinfast's projected 2025 global revenue as its top customer.
- Vinfast's monthly sales in India nearly tripled in the two months leading up to April, coinciding with Green SM's initial 1,000 EV acquisitions.
- The company plans to launch e-buses and e-bikes in India soon, expanding Vinfast's product offerings.
What Happens Next
🇮🇳 Why This Matters for India
For EV fleet operators and startups in Bengaluru and Hyderabad, Green SM's entry with heavy internal subsidies could distort competitive pricing dynamics for drivers.
The Take
Vingroup is using Green SM to prop up Vinfast's global sales figures by creating captive demand. The real battle for Green SM isn't riders, but securing driver loyalty against payouts likely designed to make the vehicle sales profitable.
Source:
The Ken ↗