December 13, 2022: Vietnamese EV maker VinFast is going public in the U.S.
VinFast on Tuesday said it had filed a registration area with the U.S. Securities and Exchange Commission, the initial formal step toward a public offering in the coming year. The firm in March announced plans for a $2 billion area in North Carolina and hoped to deliver its first vehicles to American consumers by year-end.
Citigroup Global Markets, Credit Suisse, and J.P. Morgan secures are the lead bankers who offer. VinFast will trade on the Nasdaq being the symbol “VFS” once its offering is completed. The firm didn’t express how much money it was hoping to raise.
VinFast became Vietnam’s initial domestic automaker when it started manufacturing internal combustion vehicles in 2019. It’s focused entirely on electric vehicle production of its last internal combustion model, which ended in November. The firm is currently taking reservations for the electric SUVs, the midsize VF8 and the larger VF9.
The VF8 and VF9 started at $57,000 and $76,000, respectively, but both can be ordered without batteries, which lowers the up-front cost hard if the buyer opts for a battery subscription each month. Without batteries, the VF8 and VF9 began at more than $42,000 and $57,500; the battery subscriptions cost $169 per month for the VF8 and $219 each month for the larger VF9.
At the end of September, VinFast had 58,000 worldwide reservations for the two models. All VinFasts are now made at the firm’s factory in Haiphong; it is expected to have its U.S. factory, with 150,000 vehicles each year, up and running by July 2024.
While VinFast is new to the U.S., it’s not a typical beginning. Founded in 2017, VinFast is an area of Vingroup, Vietnam’s significant conglomerate, with interests in real estate development and education and several technology businesses.
But while Vingroup is well documented in its home country, VinFast is yet to be profitable: It lost $1.3 billion and an additional $1.4 billion through the initial three quarters of 2022.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
U.S. Steel has announced the indefinite idling of primary operations at its Granite City, Illinois, facility, which is expected to result in significant …
Sembcorp Industries Ltd., a Singapore-based energy company, has acquired more than 200 MW of operational wind power assets from Leap Green …
The Trusts, a community-owned liquor monopoly in West Auckland, is facing a strategic review of its $40 million expansion …
Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets us apart is our focus on leaders.
In today’s day and age, there are numerous reports of increasing anxiety levels, low motivation, and exhaustion. But have we ever thought that the people struggling with those problems are the same people showing up to work at various organizations? This is not about a few employees just having a bad day.
HiBob is at the forefront of HR innovation, transforming the way organizations operate in the modern world of work with its award-winning HCM ‘Bob’. Its modular approach caters to the needs of multinational companies seeking agile technology and robust analytics to support operations across distributed workforces in the ever-evolving economic and workplace landscape.