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☆ Loss-making EV firm VinFast to get $3.4 billion more funding from founder, parent company
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: +2 min

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

☆ Vietnam’s VinFast looks to tiny EV, priced at less than $10,000, to change its fortunes
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.

Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia

BANGKOK (AP) — Vietnamese automaker VinFast announced Tuesday that it plans to sell its electric vehicles in Thailand and said it had tied up with auto dealers to open showrooms in the country. VinFast, which only began exporting its EVs last year, faces stiff competition in Thailand from Chinese automakers like BYD. The Thai EV market is small but growing fast, buoyed by incentives and subsidies from the government. VinFast hopes to start selling both its electric scooters and electric SUVs in the country in the next two months, Vu Dang Yen Hang, chief executive officer of VinFast Thailand, told The Associated Press. But the EV market remains small, accounting for only 0.5% of EV sales worldwide in 2022.

Persons: VinFast, Tesla, Vu Dang, Hang, Pham Nhat Vuong, EVs, Vuong Organizations: Thai EV, Associated Press, Research, EV, Green SM, Nasdaq, General Motors Corp, Ford Motor Co, AP Locations: BANGKOK, Thailand, Bangkok, Thai, EVs, Southeast Asia, Vietnam, Indonesia, Ukraine, United States, North Carolina, India, Laos, U.S

☆ VinFast loss widens in fourth quarter, confident of achieving 2024 sales goals
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Nhac Nguyen | Afp | Getty ImagesVietnamese electric vehicle, or EV, maker VinFast on Thursday said its fourth-quarter net loss deepened 3.4% from the previous three months but it aims to nearly triple vehicle sales this year as it expands into new markets. VinFast's net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022. watch nowOther automakers, in contrast, have slashed EV sales targets and curtailed investment plans due to weakening demand in major markets such as the United States. Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast's sales this year compared to its direct sales model. Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas.

Persons: VinFast, Nguyen, Le, Thuy, Pham Nhat Vuong Organizations: Afp, Getty, Reuters, Green SM, GSM Locations: United States, North America, North Carolina, India, Indonesia, Vietnam

On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam. The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. VinFast's plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.

Persons: Joko Widodo, Widodo, GoTo, Tokopedia Tbk, Pham Nhat Vuong Organizations: Green SM, EV, VinFast’s, Group, AP Locations: HANOI, Vietnam, Indonesia, Haiphong, Vietnamese, Indonesian, North Carolina, India, Vingroup, Ukraine

☆ EV maker VinFast strikes shares deal with Yorkville for up to $1 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Vietnamese electric vehicle (EV) maker VinFast said on Friday it has entered into a share subscription of up to $1 billion with U.S.-based fund Yorkville Advisors as it seeks to fund expansion in overseas markets. VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority. VinFast so far has sold around 22,000 cars, aiming to meet this year's sale target of 40,000 to 50,000 units. Yorkville two years ago bought up to $400 mln worth of share in EV maker Lordstown. In April it said it would receive a fresh round of funding pledges worth $2.5 billion for its future development, of which $1 billion would be from its founder's pocket.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Ford, –, David Mansfield, Vuong, Mark Angelo, VinFast's, Tesla, Phuong Nguyen, Jason Neely, Martin Petty Organizations: Los Angeles Auto, REUTERS, Rights, U.S, Yorkville Advisors, Nasdaq, Yorkville, Lordstown, Thomson Locations: Los Angeles , California, U.S, Rights HANOI, Yorkville, VinFast, Vietnam

☆ VinFast expects sales to founder's taxi venture to extend into 2024
▼ + stars: | 2023-10-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

In an interview, VinFast CEO Le Thi Thu Thuy said VinFast had not provided any financing to GSM. "For the next two quarters we still see GSM having demand for our vehicles, both EVs and e-scooters," Thuy said. A VinFast survey showed riders who had experienced a ride in a VinFast taxi operated by GSM were four times more likely to buy than customers who took standard test drives, she said. GSM launched Vietnam's first pure EV taxi service earlier this year. Thuy said no deliveries had been made to Autonomy yet, and that VinFast was "working on options for contract execution."

Persons: VinFast, Pham Nhat Vuong, Le, Thuy, Nguyen Van Thanh, Thanh, VinFast's, Phuong Nguyen, Raju Gopalakrishnan Organizations: Green SM, GSM, EV, Thomson Locations: HANOI, Vietnam, Laos, India, Indonesia, United States, U.S, Autonomy

☆ EV maker VinFast to acquire its battery maker sibling
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The logo of Vinfast is pictured at the 2022 Paris Auto Show in Paris, France October 18, 2022. REUTERS/Stephane Mahe Acquire Licensing RightsOct 11 (Reuters) - Electric-vehicle maker VinFast Auto said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage. Founded in 2017 and starting to make EVs from 2021, VinFast has continuously received financial support from its founder, also Vietnam's richest man. In the short term, however, VinFast's costs are expected to increase for battery R&D and factory operations, the automaker said. After the acquisition, VinFast will acquire all rights and obligations over VinES' assets.

Persons: Stephane Mahe, VinFast Auto, Pham Nhat Vuong, VinFast, Vuong, Thuy, Thuy Le, Akash Sriram, Sriraj Kalluvila, Jonathan Oatis Organizations: REUTERS, VinFast, Vietnam's, Nasdaq, Thomson Locations: Paris, France, Indonesia, VinFast, Bengaluru, Phuong Nguyen, Hanoi

☆ Vietnam’s Tesla justifies stock price reversal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A VinFast VF 8 model is seen during a car delivery ceremony at the VinFast car factory in Haiphong province, Vietnam, September 10, 2022. REUTERS/Thinh Nguyen Acquire Licensing RightsSINGAPORE, Oct 6 (Reuters Breakingviews) - Vietnam’s richest man may have to get used to spending some time in the slow lane. In August, Pham Nhat Vuong closed an unconvincing merger with a blank-cheque company that bestowed a $23 billion market value on his Tesla (TSLA.O) wannabe VinFast . There are no details of sales in the United States, a key target market where it has been burdened by poor reviews. Without some impressive progress outside of Vietnam, though, the EV company’s stock is going nowhere fast.

Persons: Thinh Nguyen, Pham Nhat Vuong, Sandoz, Antony Currie, Thomas Shum Organizations: REUTERS, Rights, Reuters, EV, X, Alstom, Brookfield, Temasek, Thomson Locations: Haiphong province, Vietnam, Rights SINGAPORE, United States

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

☆ Vin Fast suffered an $83 billion wipeout after the EV start-up's shares plunged 44% in a single day
▼ + stars: | 2023-08-30 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

VinFast stock plunged 44% Tuesday, reducing its market value by $83 billion. The EV maker's shares are thinly traded and it expects to sell just 50,000 cars this year. Shares in the little-known, Vietnamese company closed 44% lower, but it's still worth about $107 billion – more than double the market cap of Ford. Founder Pham Nhat Vuong still controls 99% of the stock, having issued just 1% of its 2.32 billion shares to the public. Vuong also suffered a massive hit to his paper wealth Tuesday, with VinFast's losses eroding the value of his stake from $141 billion to $74 billion, according to Barron's.

Persons: VinFast, Ford, Pham Nhat Vuong, Vuong Organizations: EV maker's, Service Locations: Wall, Silicon

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ What's going on with VinFast stock? The electric vehicle SPAC has soared more than 800% since its debut and is worth more than Ford.
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

VinFast soared as much as 830% since it went public via a SPAC IPO earlier this month. The Vietnam-based electric vehicle maker released its cars on the US market earlier this year. The small float of available shares of VinFast could be the main factor behind the sharp stock rally. Vietnam-based VinFast has seen its stock soar as much as 830% since it went public via a SPAC IPO earlier this month. So why is VinFast stock so high?

Persons: it's, VinFast, MotorTrend, Faraday, Pham Nhat Vuong, Jim Chanos isn't Organizations: Service, Toyota, Ford, General Motors Locations: Vietnam, Wall, Silicon, VinFast's, VinFast

☆ Vinfast rallies on after becoming world's third-most valuable automaker
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker - only behind Tesla (TSLA.O) and Toyota (7203.T). The stock was on track to add nearly $50 billion to its market capitalization, based on the premarket share price of $90.55. Vinfast expects to sell as many as 50,000 electric vehicles this year, compared with Tesla's projection to deliver 1.8 million cars. To drive sales, Vinfast is breaking away from the direct-to-consumer approach used by Tesla and turning to dealers.

Persons: Stephane Mahe, Pham Nhat Vuong, Tesla, Vinfast, Akash Sriram, Devika Organizations: REUTERS, Toyota, Ford Motor, General Motors, Reuters, P Global Mobility, U.S, Tesla, Thomson Locations: Paris, France, U.S, United States, North Carolina, Bengaluru

☆ VinFast stock soars again on Nasdaq as buzz over Vietnamese EV maker grows
▼ + stars: | 2023-08-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of VinFast, the Vietnamese electric vehicle maker that went public in a red-hot Wall Street debut last week, enjoyed another stunning rally again Tuesday. The strong market performance could make it easier for VinFast to raise more money from investors, a move CEO Thuy Le told CNN the company was considering. A similar story played out last week, when VinFast began trading on the Nasdaq. Public trading of VinFast (VFS) is based on razor-thin volumes — just 1% of the shares, which means price moves can be extremely volatile. On Tuesday, VinFast was one of the top trending companies and “most watched” stocks on Stocktwits, a social network for investors.

Persons: Thuy Le, VinFast, Pham Nhat Vuong, CNN’s Julia Chatterley, Le, “, ”, ” Le, Nhac Nguyen, Pham, CNN’s Livvy Doherty Organizations: Hong Kong CNN —, CNN, Nasdaq, Volkswagen, Ford, Getty, Volkswagen Group Locations: Hong Kong, New York, lockup, Hanoi, AFP, North Carolina, Asia, United States

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Vietnam's EV firm skids for third session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. That may be a material overhang for VinFast shares for some time to come," Benowitz said. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) closed down 7% in Ho Chi Minh trading.

Persons: Mike Blake, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Ho Chi, Bengaluru

☆ VinFast loses almost half its value as shares hit the skids after spectacular $85 billion market debut
▼ + stars: | 2023-08-18 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Shares in VinFast soared on its Spac-led debut in New York Tuesday, leaving it worth $85 billion. The Vietnamese EV carmaker has sunk since then, losing almost half its value. After the first day of trading in New York, shares in the Vietnamese electric carmaker closed at $37, leaving it worth about $85 billion – far more than Ford, General Motors, or Chrysler Stellantis. However, VinFast But has dropped sharply over the past two days, losing more than half its 255% gains on its Nasdaq Global Select Market debut. VinFast delivered just 11,300 vehicles in the first half of this year, per a company presentation.

Persons: Pham Nhat Vuong, Le, Thuy, VinFast Organizations: carmaker, Service, Ford, General Motors, Chrysler, Nasdaq, Bloomberg Locations: New York, Wall, Silicon, VinFast

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

☆ Vietnam’s Tesla charges itself up for a big fall
▼ + stars: | 2023-08-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

VinFast (VFS.O) shares leapt 270% on Tuesday following the group’s $27 billion merger with a special purpose acquisition company (SPAC). It catapults the enterprise’s value to $90 billion, a grand outcome only possible because Vuong and related entities still own 99% of the Tesla (TSLA.O) wannabe. The pop values the unprofitable Vietnamese company at 142 times its sales in 2022, some 16 times Tesla’s multiple. VinFast has pushed back plans to operate its $4 billion plant in North Carolina by a year to 2025. Ultimately, VinFast is heavily reliant on Vuong who is betting big on electric vehicles.

Persons: Mike Blake, Pham Nhat Vuong, Rivian, VinFast, topline, David Mansfield, Reuters Breakingviews, Una Galani, Thomas Shum Organizations: Los Angeles Auto, REUTERS, Rights, Reuters, Tesla, Elon Musk’s, P Global Mobility, Nasdaq, Thomson Locations: Los Angeles , California, U.S, North Carolina, Vingroup

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

☆ VinFast stock skyrockets 270% on Nasdaq, EV maker worth more than Ford after going public
▼ + stars: | 2023-08-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

That’s more than Volkswagen (VLKAF) or Ford (F), which are valued at 63.9 billion euros ($69.7 billion) and $48 billion, respectively, according to Refinitiv. VinFast is still 99% owned by Vietnam’s richest man, Pham Nhat Vuong, through shares held by his other company Vingroup and other business entities, according to a regulatory filing. VinFast was founded in 2017 as a subsidiary of Vingroup, one of Vietnam’s largest conglomerates. Its performance Tuesday makes VinFast the largest US-listed Vietnamese company by market cap, it said. VinFast electric vehicles parked in Los Angeles on March 1 Lisa Baertlein/ReutersSeveral headlines have been particularly blunt, with one by industry outlet Road & Track calling the vehicle “simply unacceptable.” Another by MotorTrend read: “Return to sender.”Other reviews were more forgiving.

Persons: Pham Nhat Vuong, VinFast, Vuong, Thuy Le, Lisa Baertlein, MotorTrend, ”, Le, — Peter Valdes, Dapena Organizations: Hong Kong CNN, Vietnam’s, Volkswagen, Ford, Spade, Nasdaq, Bloomberg, Reuters Locations: Hong Kong, New York, Vingroup, Vietnam, North America, United States, Los Angeles, North Carolina, Europe

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

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