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☆ Vietnam EV maker Vinfast expects to break even by end-2024 - founder
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

HANOI, May 17 (Reuters) - Vietnam's electric automaker VinFast expects to break even by the end of 2024, its founder said on Wednesday. Vinfast will also launch an EV-pickup truck and a city or "mini car" as future models, Pham Nhat Vuong, chairman of conglomerate Vingroup (VIC.HM) and founder of its auto unit VinFast, told investors at the company's annual general meeting. VinFast said earlier this month that it would list in the United States via a merger with a special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.N). VinFast, which is looking to break into the U.S. and European markets for electric cars, had earlier received funding pleges of $2.5 billion from Vingroup, Vietnam's largest conglomerate, and its founder, Vuong, Vietnam's first billionaire. Reporting by Phuong Nguyen in Hanoi and Kevin Krolicki in Singapore; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ Vietnam’s Tesla debuts with wrong kind of power
▼ + stars: | 2023-05-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Vietnam’s richest man is taking his electric-vehicle company, VinFast, public at a punchy valuation through a merger with casino mogul Lawrence Ho’s special-purpose acquisition company. The tie-up with Black Spade Acquisition Co (BSAQ.N) means VinFast doesn’t have to wait for the market for initial public offerings to improve to make its debut. The SPAC deal values VinFast at 42 times its sales in 2022, a stunning seven times Tesla’s (TSLA.O) multiple and more than twice the multiple of Lucid (LCID.O). But despite the big eye-catching U.S. debut, existing investors will own 99% of the company after the deal. The merger values the Tesla challenger’s equity at $23 billion, not including the $169 million of Black Spade’s cash, and its enterprise including debt at about $27 billion.

☆ Vietnam EV maker VinFast to list in U.S. via a SPAC
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +2 min

Vietnamese electric automaker VinFast said on Friday it will list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co . The company has said it has almost 55,000 orders globally and is able to churn out 300,000 EVs per year. Black Spade Acquisition is a Hong Kong-based SPAC which listed on the NYSE in July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website. It was founded by Black Spade Capital Limited, the private investment arm of Lawrence Ho, the head of Melco Resorts & Entertainment Ltd, which operates casinos in Macau and the Philippines, according to the company's website and Refinitiv. "The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions," Thuy Le, VinFast's global chief executive, said.

☆ Vietnam EV maker VinFast gets fresh funding pledges of $2.5 bln
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

HANOI, April 26 (Reuters) - Vietnamese electric vehicle maker Vinfast said on Wednesday it has received a fresh round of funding pledges worth $2.5 billion for its future development. Of the pledges, $1 billion will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement. Its parent Vingroup (VIC.HM), Vietnam's biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with maturity of up to five years. The grants and loan will "give a push for Vinfast to accelerate its development," the company said. VinFast first flagged its U.S. IPO in April 2021, aiming to raise $2 billion with valuation of about $60 billion.

☆ EV startup Vinfast to cut U.S. jobs amid restructuring
▼ + stars: | 2023-02-06 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

The Vietnamese company, a subsidiary of conglomerate Vingroup JSC (VIC.HM), has been moving to expand in the United States, where it hopes to compete with existing automakers. A VinFast spokesperson said headcount would not shrink in Vietnam where most of the company's staff, including its factory and engineering operations, are located. It was not immediately clear how many jobs would be affected by the U.S. restructuring. VinFast said it had hired about 150 people in the United States, many in sales, support and distribution roles as part of a model that bypasses traditional dealerships. VinFast vehicles are not eligible for the $7,500 tax credit in the United States because they are not built in North America.

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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