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Vietnamese EV-maker VinFast builds factory in North Carolina, plans US IPO

Vietnamese EV-maker VinFast has designs on the US auto market—the company recently began building a factory in North Carolina, and now it has filed for an initial public offering on the US stock market. VinFast is also planning a funding round that could raise up to $1 billion ahead of the IPO.

At this point, the company says it hasn’t decided on the size of its IPO, but Bloomberg estimates the share sale could raise some $2 billion, which would make it the biggest ever by a Vietnamese company. VinFast would be one of very few Vietnamese companies to be listed on US markets.

VinFast’s North Carolina EV factory, the first phase of a planned complex in which the company could invest up to $6 billion, is expected to begin production in 2024.

VinFast began the first deliveries of its EVs in Vietnam last December. It hopes to start selling its VF8 and VF9 electric SUVs in the US, Canada, France, Germany and the Netherlands in late 2022. Prices are expected to range from $41,000 to $61,000.

Source: Bloomberg via Autoblog

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