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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

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

☆ New car mirror tech means you may never have to adjust them again
▼ + stars: | 2024-01-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —One of the first things you learn in driver’s ed is, after you buckle your seatbelt, adjust your mirrors. It’s not some fancy new video mirror system. One quirk of mirrors, as opposed to video displays, is that when your head moves, the image you see in the mirror shifts, too. So, if you lean forward in your seat, the side mirrors show you a different view of what’s on either side of your car. The system could also be used to simultaneously adjust the driver’s seat, according to VinFast.

Persons: Vinfast, It’s, MirrorSense Organizations: CNN, United, Kia, Hyundai, Consumer Electronics Locations: Las Vegas

☆ VinFast’s Rise and Fall Burns Investors in Familiar SPAC Pattern
▼ + stars: | 2023-09-14 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/stocks/vinfasts-rise-and-fall-burns-investors-in-familiar-spac-pattern-35aa3d38

Persons: Dow Jones

☆ 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

☆ This Vietnamese automaker is worth more than Ford and GM. But it hasn’t sold many cars
▼ + stars: | 2023-08-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Vietnamese electric vehicle company Vinfast is already more valuable than Ford (F) and GM (GM), based on its stock price, despite just entering the US market. For one thing, when critics got the chance to drive the company’s first US-bound product, the VF8 electric SUV, the resulting reviews weren’t what any automaker would hope for. The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUVs, is displayed at their showroom in Santa Monica, California, on September 13, 2022. In 2022, VinFast sold 24,000 cars globally. By comparison, Volkswagen Group sold 8.3 million vehicles in 2022 and Ford sold 4.2 million.

Persons: ”, Miguel Cortina, MotorTrend, Arstecnica, ” VinFast, Apu Gomes, Cortina, VinFast, VinGroup, Vinhomes Organizations: CNN, Ford, GM, Getty, Paris, South, Hyundai, Kia, Volkswagen Group, VinGroup Locations: Santa Monica , California, AFP, California, Vietnam, VinUni

☆ EV Startup VinFast’s Stock Rally Pushes Value Higher Than GM, Ford
▼ + stars: | 2023-08-16 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ev-startup-vinfasts-stock-rally-pushes-value-higher-than-gm-ford-c9dac0e6

Persons: Dow Jones

☆ EV Startup VinFast’s Market Debut Pushes Value Higher Than GM, Ford
▼ + stars: | 2023-08-16 | by ( Ryan Felton | Sean Mclain | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ 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

☆ 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

☆ Vietnam's VinFast says three sales executives have left EV company
▼ + stars: | 2023-03-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

REUTERS/Lisa Baertlein/File PhotoHANOI, March 17 (Reuters) - Vietnamese electric-vehicle (EV) start-up VinFast said on Friday three senior sales and customer-service have left the company this week. In a statement to Reuters, VinFast said Gareth Dunsmore, deputy chief executive for global sales and marketing, had left "due to personal reasons and we respect his decision". VinFast has been selling the first batch of VF8s, rebranded as the City Edition to account for the lower range, on lease in California. In June, VinFast said it had ended its contract with Franck Euvrard, the predecessor as deputy CEO for global sales to just-departed Dunsmore. VinFast lost $2.1 billion in 2022 on revenue of $634 million, it said in a registration statement for an IPO.

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.

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