VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, March 1, 2023.
Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth $3.35 billion from its founder and its parent firm, Vingroup by 2026, when it expects to break even.
Approximately $1.97 billion of the new funding is expected to come from VinFast's founder, tycoon Pham Nhat Vuong, according to a company statement.
Since its inception in 2017 up until June this year, VinFast has received capital injections totaling $13.5 billion from Vingroup, its affiliates, and founder Vuong, according to a company filing in late October.
In July, VinFast suspended its $2 billion manufacturing complex project in North Carolina until 2028 due to challenging market conditions.
Persons:
VinFast, Pham Nhat Vuong, Vuong, Donald Trump
Organizations:
Nasdaq, Reuters
Locations:
Los Angeles, Vietnam, Vingroup, North America, North Carolina