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VinFast, which began operations in 2019, is making a wager enormous on the U.S., the effect it hopes to compete with legacy automakers and startups.
December 06, 2022 02:44 PM
Vietnam-primarily primarily based electric-vehicle maker VinFast acknowledged on Tuesday it has filed for an initial public providing within the United States and plans to list its abnormal shares on the Nasdaq beneath the ticker symbol “VFS”.
For the IPO, the corporate acknowledged this may possibly well perchance convert to a Singapore public cramped company and will likely be is named VinFast Auto Ltd., while the number of shares to be offered and the designate range for the proposed providing be pleased no longer yet been determined.
While no time physique used to be specified on Tuesday for the providing, the IPO used to be within the initiate slated for the fourth quarter of this 365 days, the corporate had beforehand acknowledged.
The company’s mother or father, Vingroup conglomerate, acknowledged in Can also simply that the IPO possibly delayed to 2023 ensuing from market uncertainty.
VinFast, which began operations in 2019, is making a wager enormous on the U.S. market, the effect it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing mannequin that can prick support the vehicle take designate.
In April, VinFast’s Singapore-primarily primarily based holding company filed for a confidential IPO with U.S. securities regulators, because it readied a $4-billion investment to fabricate a producing facility within the United States.
The company in slack November shipped its first batch of 999 vehicles to the United States, capping a 5-365 days uncover to fabricate an auto manufacturing hub in Vietnam for markets in North The United States and Europe.