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☆ Vietnam EV maker VinFast delays U.S. car deliveries until late February
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: +1 min

The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUV's, is on display at their showroom in Santa Monica, California, on July 18, 2022. Vietnam's electric automaker VinFast said on Friday it will delay deliveries to its first customers in the United States to the second half of February after it finishes updating the vehicles with the latest software. The Vietnamese company, a unit of conglomerate Vingroup, is gearing up to expand in the United States, where it hopes to compete with existing automakers. It started to ship its first 999 electric vehicles (EVs) in November last year, but has not delivered them to customers yet after the company initially targeted December deliveries. We are planning to hand over the first VF8 vehicle models to customers in the second half of February," VinFast said in a statement.

☆ South Korea's SK Group may sell some Southeast Asia assets
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 26 (Reuters) - South Korea's second-largest conglomerate SK Group (034730.KS) said on Monday it is considering selling some of its assets in Southeast Asia and reinvesting in other businesses in countries in the region, including Vietnam. An SK Group spokesperson said in a statement the conglomerate plans to decide which assets to potentially sell depending on buyers' offers, and is considering reinvesting some of the proceeds from any stake sales in local firms. The statement didn't disclose details of which assets might be sold. The comments came after South Korean newspaper the Korea Economic Daily reported SK's plans late on Sunday citing unnamed investment banking sources. Assets held by SK Group's Southeast Asia investment firm that could be sold, according to the paper, include stakes in Vietnam's Vingroup (VIC.HM), Masan Group (MSN.HM), retail pharmacy chain Pharmacity, retailer VinCommerce and consumer retail platform The Crown X.

HONG KONG, Dec 21 (Reuters Breakingviews) - Vietnam is an unlikely home of the next Elon Musk. The 48-year-old is at the wheel of VinFast, a money-losing electric-vehicle maker racing the U.S. entrepreneur’s Tesla (TSLA.O) on Western roads. VinFast has made its name selling gas guzzlers in the Southeast Asian nation, where its parent Vingroup (VIC.HM) is the top conglomerate. CONTEXT NEWSVietnamese electric-car maker VinFast is planning a U.S. initial public offering, an initial prospectus published on Dec. 6 shows. Revenue fell to 10.5 trillion dong, down from 11.2 trillion dong.

Its dependency on parent Vingroup (VIC.HM) may be a turnoff, too. Success has yet to translate to returns for parent Vingroup, owned by Vietnam’s richest man, Pham Nhat Vuong. VinFast’s net loss nearly doubled to 34.5 trillion dong ($1.45 billion) for the first nine months of 2022 compared with the same period last year, while the top line shrank 6% to 10.5 trillion dong. VinFast reported a net loss of 34.5 trillion dong ($1.45 billion) for the nine months to the end of September, according to the prospectus, widening from 18 trillion dong a year earlier. Revenue fell to 10.5 trillion dong, down from 11.2 trillion dong in the same period last year.

☆ Vietnamese EV maker VinFast files to go public in the U.S.
▼ + stars: | 2022-12-06 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUV's, is on display at their showroom in Santa Monica, California, on July 18, 2022. Vietnamese EV maker VinFast is going public in the U.S.VinFast on Tuesday said it has filed a registration statement with the U.S. Securities and Exchange Commission, the first formal step toward a public offering next year. The company in March announced plans for a $2 billion factory in North Carolina and hopes to deliver its first vehicles to American customers by year-end. It's now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. Founded in 2017, VinFast is a unit of Vingroup, Vietnam's largest conglomerate, which has interests in real estate development and education as well as a number of technology businesses.

☆ EV maker Vinfast files for U.S. IPO
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Vietnam-based electric-vehicle maker VinFast said on Tuesday it has filed for an initial public offering in the United States and plans to list its ordinary shares on the Nasdaq under ticker symbol "VFS". While no time frame was specified on Tuesday for the offering, the IPO was initially slated for the fourth quarter of this year, the company had previously said. The company's parent, Vingroup conglomerate, said in May that the IPO maybe delayed to 2023 due to market uncertainty. In April, VinFast's Singapore-based holding company filed for a confidential IPO with U.S. securities regulators, as it readied a $4-billion investment to build a factory in the United States. Reporting by Eva Mathews in Bengaluru and Phuong Nguyen in Hanoi; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's VinFast ships first electric vehicles to U.S. customers
▼ + stars: | 2022-11-25 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

The first cars are expected to be handed over to customers by the end of December, the company said. Thuy said VinFast expected to be able to ship a second batch of cars to the United States, its first export market, around January. VinFast is in the process of building an electric vehicle plant in North Carolina that is awaiting final regulatory approval from local officials. VinFast said last week that Autonomy had ordered 2,500 electric vehicles, its largest corporate order to date. VinFast officials said the number 999 for the vehicles shipped in the first batch had been chosen because it is considered a lucky number in Vietnam.

☆ Vingroup, Gotion start building $275 mln battery plant in Vietnam
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

HANOI, Nov 18 (Reuters) - VinES Energy Solutions, a unit of Vietnam's largest conglomerate Vingroup JSC (VIC.HM) and China's Gotion High-Tech (002074.SZ), have commenced construction of a $275 million battery factory in the Southeast Asian country, Vingroup said on Friday. The factory in the central province of Ha Tinh will annually produce 30 million lithium iron phosphate (LFP) battery cells, the company said in a statement. The cells will be used for electric vehicle batteries and energy storage systems, it said, adding that the factory is scheduled to start production in the third quarter of next year. The factory will help meet the battery needs of VinFast, an electric vehicle production arm of Vingroup, it said. Reporting Phuong Nguyen; Writing by Khanh Vu; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's VinFast recalls a third of its sold EVs to replace sensors
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

HANOI, Oct 15 (Reuters) - Vietnam's VinFast said on Saturday it would recall 730 of its model VF e34 electric cars (EVs), which are available only on the domestic market, to make checks and replace their side crash sensors. VinFast, which began operations in 2019, is a unit of Vietnam's biggest conglomerate Vingroup (VIC.HM) and has sold 2,208 EVs in total since its launch late last year. Register now for FREE unlimited access to Reuters.com RegisterThe company said it has not recorded any breakdowns or complaints from customers about the sensor errors. In March, VinFast said it would build a production plant in North Carolina with an initial projected capacity of 150,000 EVs a year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Phuong Nguyen Editing by Ros RussellOur Standards: The Thomson Reuters Trust Principles.

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