Vinfast confidentially filed for an IPO as the EV automaker, which emerged from Vietnam’s Vingroup, continues its fast-and-furious plan to expand into the US and European markets.
The filing is the latest example of EV startups rushing to the public markets — either through a traditional IPO or a merger with a special purpose vehicle — with the goal of achieving the same level of success as Tesla and the capital needed to develop and produce at scale to be achieved by vehicles. Rivian took those traditional IPO routewhile Canoo, Faraday Future Intelligent Electric, Fisker, Lordstown Motors and the Lucid Group have all merged with a blank check or special purpose vehicle to go public.
VinFast Trading & Investment Ltd., a Singapore-incorporated subsidiary of Vingroup Joint Stock Company, has filed a draft registration with the U.S. Securities and Exchange Commission, the company said in a statement on its websiteand adds that the size and price range for the proposed offering are yet to be determined.
The IPO is expected to take place after the SEC completes its review process, the company said.
Vinfast isn’t exactly a household name in the US, but it wants to be. The company was founded in 2017 and became Vietnam’s first domestic automaker when its gas-powered models reached consumers in 2019. Since then, the company has promised to build only electric vehicles by the end of 2022.
Last month, the company announced plans to build its first US factory in North Carolina. Vinfast has announced it will spend approximately $2 billion on the first phase of construction of the 1,976-acre North Carolina facility and will continue to invest in future phases. The first phase, which will have a production capacity of 150,000 vehicles per year, is scheduled to be completed by July 2024.
The factory will produce two all-electric SUVs, as well as electric buses, batteries for electric vehicles and ancillary industries.
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