The VF-8 electric vehicle from VinFast, a Vietnamese automaker that makes electric cars and SUVs, is on display at a showroom in Santa Monica, California, July 18, 2022.
Frederick J. Brown | AFP | Getty Images
Vietnamese EV maker VinFast goes public in US
VinFast announced on Tuesday that it has filed a registration statement with the US Securities and Exchange Commission. This is the first formal step towards going public next year. Company in March Announced plans for a $2 billion factory in North Carolina Deliver the first vehicle to an American customer by the end of the year.
Citigroup Global Markets, Morgan Stanley, Credit Suisse and JP Morgan Securities are the lead bankers for the offering. VinFast will trade on the Nasdaq under the symbol ‘VFS’ once the sale is complete. The company has not disclosed how much it wants to raise.
VinFast became Vietnam’s first domestic automaker when it started manufacturing internal combustion locomotives in 2019. VinFast is now focused entirely on electric vehicles, with production of his last internal combustion engine model ending in early November. The company is currently taking reservations for his two electric SUVs, his midsize VF8 and his large VF9.
The VF8 and VF9 start at $57,000 and $76,000 respectively, but both can be ordered without the battery, greatly reducing the initial cost if the buyer chooses a monthly battery subscription. Without batteries, the VF8 and VF9 start at just over $42,000 and $57,500. Battery subscriptions are priced at $169/month for the VF8 and $219/month for the larger VF9.
As of the end of September, VinFast had around 58,000 reservations worldwide for the two models.For now, VinFast is everything Haiphong company factorythe company hopes to have a U.S. factory operational by July 2024, capable of producing 150,000 vehicles a year.
VinFast is a new company in the US, but not your typical startup. Founded in 2017, VinFast is a division of Vingroup, Vietnam’s largest conglomerate, with interests in real estate development and education, as well as many technology businesses.
However, while Vingroup is well established in its home country, VinFast itself is not yet profitable. Lost about $1.3 billion in 2021 and another $1.4 billion by his first three quarters of 2022.
https://www.cnbc.com/2022/12/06/vinfast-ipo-vietnamese-ev-maker-files-to-go-public-in-the-us.html Vietnamese EV maker files for US listing