Vinfast has confidentially filed an initial public offering, as Vietnamese-born EV carmaker Vingroup continues its fast and furious plan to expand into the US and European markets.
The filing is the latest example of electric vehicle startups rushing to the public markets — either through a traditional IPO or a merger with a purpose-built acquisition company — in a bid to capture the same success as Tesla and the capital needed to develop and produce large volumes. of vehicles. Rivian took the traditional IPO route, while Canoo, Faraday Future Intelligent Electric, Fisker, Lordstown Motors and Lucid Group all merged with a blank check or special purpose acquisition company to go public in stock Exchange.
VinFast Trading & Investment Ltd., a Singapore-incorporated subsidiary of Vingroup Joint Stock Company, has filed for registration with the United States Securities and Exchange Commission, the company said in a statement posted on its website, adding that the size and price range of the proposed project the bid is not yet determined.
The initial public offering is expected to take place after the SEC completes its review process, the company said.
Vinfast isn’t exactly a household name in the United States, but it wants to be. The company was first launched in 2017 and became Vietnam’s first domestic automaker when its gasoline-powered models reached consumers in 2019. The company has since promised to only build electric vehicles by the end of 2022.
Last month, the company announced plans to build its first US plant in North Carolina. Vinfast said it would spend about $2 billion on the first phase of building the 1,976-acre plant in North Carolina and would continue to invest in future phases. The first phase, which will have the capacity to produce 150,000 vehicles per year, is expected to be completed by July 2024.
The plant will be used to produce two all-electric SUVs as well as electric buses, electric vehicle batteries and auxiliary industries for suppliers.