Vietnamese electric car maker VinFast said on Thursday it was going to defend the competitiveness of its models in the market after Tesla announced rebates to stimulate demand for its models, Reuters writes.

VinFast, which entered the market in 2019, is preparing to expand in the U.S., where it hopes to compete by offering its models, the VF8 and VF9 at $59,000 and $83,000, respectively. Meanwhile, its main competitor, Tesla, is offering its base model Y in the US market at a reduced price of $52,990, after an initial price of $65,990.

As a new brand entering the market when other automakers are cutting prices, WinFast is preparing promotions.

Its first batch of electric cars for the U.S. market includes 999 vehicles, and delivery began in late November. It plans to deliver them to customers by the end of January.

VinFast said it has received nearly 65,000 orders worldwide and expects to sell 750,000 electric cars annually by 2026. The automaker also plans to build an electric vehicle plant in North Carolina.