Vietnamese automaker VinFast is making significant strides in expanding its electric vehicle (EV) exports, with expectations to sell between 40,000 and 50,000 EVs this year—a notable increase compared to the approximately 7,400 units sold in 2022. To further bolster its product lineup, VinFast is preparing to introduce two new models, namely an electric pickup truck and an electric “mini car.” Notably, the mini car is anticipated to have a price range of $10,000 to $12,000.
While technical specifications for these forthcoming models have not yet been disclosed, VinFast’s parent company, Vingroup, envisions its automotive unit achieving breakeven status as early as 2024, provided that plans unfold accordingly. The surge in EV sales is primarily driven by the company’s expansion into international markets, particularly the United States, as well as the commencement of deliveries to Europe. In 2022, VinFast’s EVs were exclusively available in Vietnam.
To fuel its global expansion efforts, VinFast recently secured a substantial infusion of $2.5 billion in fresh capital, primarily sourced from its founder, Vuong. The company intends to utilize these funds to further solidify its presence overseas. Additionally, VinFast has set its sights on a significant milestone in the second half of this year—the company plans to go public on Wall Street. Teaming up with special-purpose acquisition company (SPAC) Black Spade Acquisition, VinFast aims to achieve a valuation of at least $23 billion through its listing on the New York Stock Exchange.
According to a statement shared with Reuters, Vingroup sees the initial public offering (IPO) as a means to unlock potential fundraising opportunities from global markets, benefiting both Vingroup and VinFast. However, specific details regarding these fundraising prospects have not been disclosed at this time.
Currently, VinFast offers four EV models in Vietnam: the VF e34, VF 8, VF 9, and VF 5, while the VF 8 is also available in the United States. In March, the automaker began deliveries of its VF 8 City Edition all-electric SUV in California. Although plans for a US factory have been temporarily put on hold, VinFast’s continued expansion efforts indicate its commitment to establishing a strong presence in the global electric vehicle market.
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