Retail News CRM

Tag: vinfast

  • Vietnam’s EV maker Vinfast files for US IPO to fuel global expansio

    Vietnam’s EV maker Vinfast files for US IPO to fuel global expansio

    Vietnam’s electric-vehicle maker VinFast said on Tuesday it has filed for an initial public offering (IPO) in the United States to list on the Nasdaq under ticker symbol “VFS” to fund its expansion with a planned plant in North Carolina.

    VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

    For the IPO, the company said it will convert to a Singapore public limited company and will be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering have not yet been determined.

    Tuesday’s filing follows VinFast’s confidential submission to the U.S. Securities and Exchange Commission (SEC) in April, a month after it said it would build a production plant in North Carolina with an initial projected capacity of 150,000 EVs a year.

    A unit of Vietnam’s biggest conglomerate Vingroup, VinFast first flagged its U.S. IPO in April last year, eyeing to raise $2 billion with valuation of about $60 billion.

    The market valuation for EV startups has drastically cooled for the past year after some companies with sky-high valuation face scrutiny, together with the current gloomy global economy.

    “Valuation or the size of our IPO will be subject, in part, to market conditions,” VinFast Chief Executive Le Thi Thu Thuy said in a separate statement released on Wednesday.

    “VinFast will continue to monitor opportunities for future fundraises, as the market becomes more familiar with the VinFast brand and story,” she said.

    The company had said IPO was just one of the options to raise fund. In July it tapped banks to raise at least $4 billion to fuel its aggressive expansion.

    No time frame was specified for the offering on Tuesday although the company had said it aimed for an IPO in the fourth quarter of this year.

    But in May, its parent company Vingroup warned the IPO may be delayed to 2023 due to market uncertainty.

    “VinFast intends to conduct an IPO after the SEC declares the registration statement effective, market conditions permitting,” Thuy said on Wednesday, noting the company’s primary objective was to successfully list VinFast on a U.S. stock exchange.

    The EV maker in late November shipped its first batch of 999 vehicles to the United States, capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.

    VinFast has said it has almost 65,000 orders globally in total and expects to sell 750,000 EVs annually by 2026.

  • VinFast ships first electric vehicles to US

    VinFast ships first electric vehicles to US

    VinFast had shipped its first batch of 999 cars to the U.S., capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.

    The company said that the first cars are expected to be handed over to customers by the end of December.

    VinFast Chief Executive Le Thi Thu Thuy said some of the VF 8 electric SUVs being shipped on Friday would be sent to U.S. car subscription service Autonomy but the majority would go to retail buyers who have ordered the car.

    Thuy said VinFast expected to be able to ship a second batch of cars to the United States, its first export market, around January.

    VinFast is in the process of building an electric vehicle plant in North Carolina that is awaiting final regulatory approval from local officials.

    Thuy said the company expected to start production at the North Carolina factory from July 2024 and that electric vehicles built there would qualify for incentives under the terms of the Inflation Reduction Act signed by U.S. President Joe Biden.

    The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026.

    Major automakers have said those targets are unrealistic and it was not immediately clear how VinFast would meet the sourcing requirements.

    “The IRA came as a surprise to all of us but it doesn’t really impact our strategy in the U.S.,” Thuy told Reuters. “As soon as we start manufacturing cars in the U.S., our customers will be eligible (for) the tax incentive.”

    VinFast said last week that Autonomy had ordered 2,500 electric vehicles, its largest corporate order to date. VinFast has said it has almost 65,000 orders globally in total and expects to sell 750,000 EVs annually by 2026.

    The North Carolina factory project is running months behind schedule, based on the company’s initial targets, and the first shipment of EVs built by VinFast was short of the initial goal to deliver as many as 5,000 cars built at its factory in Haiphong by December.

    VinFast officials said the number 999 for the vehicles shipped in the first batch had been chosen because it is considered a lucky number in Vietnam.

    “There is no luckier number than 999,” Thuy said. The Panamanian-chartered transport ship used to send the first shipment of VinFast EVs had the capacity to carry up to 2,000 vehicles, officials said.

    Shares in VinFast’s listed parent company, Vingroup, which also has property and resort development businesses, were up 5.41% on Friday morning.

    Lees ook:

    Lees ook:

  • VinFast to set up headquarters in 3 European markets

    VinFast to set up headquarters in 3 European markets

    VinFast plans to set up headquarters in Germany, France and the Netherlands as it eyes a successful foray into key European markets for its electric cars.

    But it is unclear when the Frankfurt, Paris and Amsterdam offices will open.

    The company is set to open its first flagship store in Germany’s Cologne next month and another one in Paris in December. More are in the works by early 2023.

    To support its rollout, VinFast said it already has hundreds of employees with vehicle manufacturing experience and market-specific expertise in place across its European launch markets.

    It aims to hire over 200 technicians in the next 12 months to support its after-sales network.

    “Returning to the site of our global debut four years ago, VinFast is proud of the great strides it has made towards market expansion and its commitment to driving the global electric vehicle revolution,” Le Thi Thu Thuy, Vingroup vice chairwoman and VinFast Global CEO, said.

    “VinFast aspires to an even bigger achievement: becoming a beloved all-electric brand in crucial European markets.”

    Lees ook:

  • First electric bike delivery service launched in Vietnam

    First electric bike delivery service launched in Vietnam

    Delivery company Ahamove has partnered with automaker VinFast to launch AhaFast, the first delivery service in Vietnam to use only electric bikes.

    AhaFast began operation Thursday in Da Nang City with 100 electric Feliz S motorbikes provided by VinFast.

    The electric bike service will be expanded to Hanoi, Ho Chi Minh City, Hai Phong and Nha Trang in the future.

    Ahamove plans to put 10,000 electric bikes into operation by 2025, gradually replacing gasoline-powered motorbikes.

    VinFast says its electric bike can run 200 kilometers on a full charge, and has an IP67 waterproof standard that allows it to operate in heavy rain and flooding.

    Lees ook:

    Lees ook:

  • VinFast stops accepting orders for gasoline cars

    VinFast stops accepting orders for gasoline cars

    Automaker VinFast has stopped accepting new orders for gasoline-powered cars four months earlier than announced as it seeks to become a major global player in electronic vehicles.

    It has received a huge number of orders for its Lux SUV and sedan and Fadil hatchback, and plans to keep the production line going until it fulfills them, it said in a statement Friday.

    It said it would continue to service them for another 10 years to ensure the cars can be maintained through their life cycle.

    The country’s first indigenous automaker announced in January it would completely transition to electric vehicles this year and is eyeing the U.S. and Europe as its first global markets.

    It has so far received 73,000 orders for electric vehicles.

    It started delivering them at the end of last year and had sold over 2,200 VF e34 cars by the end of June.

    VinFast plans to have 150,000 charging stations around the country by this year.

    Lees ook:

    Lees ook:

  • Vietnam’s VinFast seeks US government loans for expansion

    Vietnam’s VinFast seeks US government loans for expansion

    The chairman of Vietnam’s Vingroup conglomerate said on Saturday that the company’s auto unit, VinFast, would seek financing from the U.S. government to support its expansion with a planned plant in North Carolina.

    “It is also one of our financing options, but we need to prove to them that we are qualified,” Vingroup Chairman Pham Nhat Vuong told a group including reporters.

    VinFast said this week that its Singapore-based holding company had filed for an initial public offering (IPO) with U.S. securities regulators, as the company readies a $4-billion investment to build a factory in the United States.

    VinFast, which began operations in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price.

    Vuong said VinFast was committed to an IPO that would help establish the electric vehicle maker as a global brand, but added: “if the conditions are not right we can wait.”

    “We ourselves are determined to push and committed to this IPO, but the highest target for the IPO is not financing but to set up VinFast in the global market,” he told the group.

    Lending from the U.S. government’s Advanced Technology Vehicles Manufacturing (AVTM) loan program was another option VinFast was exploring, Vuong said, in response to a question.

    The $25-billion fund was established by Congress in 2007 when Detroit-based automakers were tipping into crisis. It is administered by the Department of Energy still has a lending capacity of almost $18 billion, according to its website.

    VinFast has promised to create 7,500 jobs at its planned plant in North Carolina, where it will build the battery-powered VF8 and VF9 SUVs. The company has said it plans to begin construction of the plant as soon as permits are granted with a goal of starting production by 2024.

    It plans to begin exporting the two electric vehicles to the United States later this year from its existing plant in Vietnam.

    Lees ook:

    Lees ook:

  • VinFast to build $2-bln electric auto plant in US

    VinFast to build $2-bln electric auto plant in US

    Automaker VinFast has signed a deal with North Carolina state in the U.S. to build a $2-billion plant to make electric buses, cars, and auto batteries. It is set to finish by July 2024, when it will have a capacity of 150,000 units a year, VinFast said in a statement Wednesday. Investment in the plant will eventually double to $4 billion.

    U.S. President Joe Biden claimed in a statement Tuesday that the plant, which will create more than 7,000 jobs and hundreds of thousands of electric vehicles and batteries, is the latest example of his economic strategy at work.

    “Our efforts to build a clean energy economy are driving companies to make more in America, rebuild our supply chains here at home, and ultimately bring down costs”.

    The announcement is the latest move by VinFast, a subsidiary of Vietnam’s biggest private company, Vingroup, in its efforts to become a global electric vehicle manufacturer.

    It is targeting sales of 42,000 this year after starting to deliver cars in the U.S., Canada, France, Germany, and the Netherlands in late 2022.

    Outside of North America, it is looking to set up a plant in Germany, the company had said in January.

    VinFast’s VF8 and VF9 electric SUVs cost from $41,000 to $61,000 in the U.S. By comparison, a Tesla SUV sells for around $63,000.

    The company became Vietnam’s first indigenous car manufacturer in 2019 and plans to transition completely to electric vehicles this year.

  • Vietnam car maker VinFast to build US battery factory as it goes all-electric

    Vietnam car maker VinFast to build US battery factory as it goes all-electric

    Vietnam’s VinFast plans to build electric vehicle battery cells and packs in a new U.S. manufacturing complex, its global chief executive told Reuters, as the company pledged to transform itself into an all-electric automaker by the end of this year.

    VinFast, part of Vingroup JSC, the largest conglomerate in the country, became the country’s first full-fledged domestic car maker when gasoline-powered models built under its own badge hit the streets in 2019.

    The company, which began selling electric vehicles (EVs) in Vietnam at the end of 2021, said in a statement on Thursday it planned to become what it said would be the first car company to cease making gasoline-powered cars and transition to all-electric vehicle production from late 2022.

    VinFast is betting big on the U.S. market, where it hopes its electric SUVs and a battery leasing model will be enough to tempt consumers away from the likes of Tesla and General Motors.

    “We will build our gigafactory in the U.S. as well,” Le Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO said, referring to the new battery facility in an interview during her U.S. visit to attend the Consumer Electronics Show in Las Vegas.

    The company will continue to source batteries from its suppliers, she added. Thuy said VinFast will initially assemble battery packs with cells sourced from its supplier at its U.S. complex before starting its own production there.

    “We have narrowed down from I think, over 50 sites to about three sites,” she said.

    She will visit some sites during her trip before making a decision this year, adding that the “mega site” would also include an electric bus factory.

    In December, Vingroup said it had started building a battery cell plant in Vietnam. The company is looking to initially produce 100,000 battery packs per year, with $174 million in investment, and then upgrade capacity to one million.

    VinFast previously said it had plans to start producing electric cars in the U.S. in the late 2024. The company said that on Thursday it was seeking to establish an EV plant in Germany.

    “The era of shipping cars around the world is over, especially since Covid-19. You must have the factory close to the market in order to win over your customers,” VinFast said in a statement.

    VinFast said prices for its VF8 sport utility vehicle (SUV) started from $41,000 in the United States, and that it would apply blockchain technology to record orders and confirm ownership. By comparison, a Tesla SUV sells for around $50,000. Vingroup said it was targeting global electric vehicle sales of 42,000 in 2022. Shares of Vingroup rose as much as 5.8 percent on Thursday after it revealed VinFast’s EVs line-up and the plans to go all-el

    Lees ook:

    Lees ook:

  • VinFast announces US headquarters in Los Angeles

    VinFast announces US headquarters in Los Angeles

    VinFast on Wednesday announced its U.S. headquarters will be located in Los Angeles, California, affirming its goal to become a global automaker spearheaded by electric vehicles.

    The company’s U.S. headquarters is located in the Playa Vista area – a neighborhood known as “Silicon Beach” and packed with tech firms in Los Angeles.

    “We are so proud to welcome VinFast to our city as we continue leading the way to a better-connected, cleaner, and more sustainable transportation future,” said Los Angeles Mayor Eric Garcetti.

    The headquarters is over 15,000 square feet (1,393 square meters) with room to expand.

    VinFast intends to establish its management team and hire more than 400 employees at its headquarters and a regional office in Los Angeles within the next several years.

    In addition to its corporate headquarters in Los Angeles, VinFast is investing in regional offices, a call center, and a network of storefronts to help introduce the brand and products to American customers.

    VinFast’s decision to place its U.S. headquarters in California was due in part to a $20.5 million tax credit awarded by the California Governor’s Office.

    The California government’s announcement, released on Nov. 5, builds on VinFast’s investment of more than $200 million in its initial phase in California, thus creating over 1,000 new, full-time jobs statewide.

    VinFast, a unit of Vietnam’s conglomerate Vingroup, will officially debut two of its first electric vehicles, the VF e35 and VF e36, at Los Angeles Auto Show that begins this week.

    Lees ook:

  • Vietnam’s VinFast eyes over $200 mln capital investments in California

    Vietnam’s VinFast eyes over $200 mln capital investments in California

    VinFast said Friday it will make over $200 million in capital investments and place its U.S. headquarter in California as part of its plan to expand operation in North America.

    VinFast, the automobile arm of Vietnam’s largest conglomerate Vingroup, became the country’s first fully-fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

    It is aiming to debut in the U.S. with two battery-electric SUVs and inaugurate 60 showrooms across the country next year, the company said.

    VinFast has said it will keep an eye on the possibility of a manufacturing facility in the U.S.

    Lees ook:

    Lees ook:

  • Vietnam’s carmaker VinFast eyes more countries for its European strategy

    Vietnam’s carmaker VinFast eyes more countries for its European strategy

    Vietnamese carmaker VinFast could add other markets in 2023 to expand its European strategy beyond a planned debut in Germany, France and the Netherlands next year.

    The company, a unit of Vingroup Jsc, Vietnam’s largest conglomerate which some have called “Vietnam’s answer to Tesla,” will debut in Europe next year with two battery-electric SUVs models, the midsized VF e35 and the seven-seater VF e36, both designed by Italy’s Pininfarina.

    The two models launch in Vietnam, North America and Europe around mid-2022, after an unveiling planned later this year.

    VinFast became Vietnam’s first fully-fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019.

    VinFast’s B2B Sales Vice President Emiel Hendriksen said on Thursday it was also looking at Italy, Scandinavia, Switzerland and Austria for a second step in its European strategy.

    “We’re considering those countries for 2023,” he said during a presentation at Pininfarina headquarters in Turin.

    VinFast will initially rely on a direct distribution model in Germany, France and the Netherlands, based on property showrooms, but could later consider an agency model for sales in other countries, Hendriksen said.

    The company sold about 30,000 vehicles domestically last year and had set a target of selling 15,000 electric vehicles in 2022, although its representatives did not provide detailed forecasts for the European market on Thursday.

    Earlier this year sources said parent Vingroup JSC was considering an U.S. initial public offering (IPO) of its car unit that could value VinFast at about $60 billion, though an initial second-quarter deadline for the deal mentioned by one of the sources was delayed.

    VinFast Europe CEO Bich Tran said any IPO decision was up to the company’s headquarters in Vietnam.

    “Our European plans are independent from any IPO. We’re carrying on with our plans, everything in Europe is moving as planned,” she said.

    Lees ook:

  • VinFast to produce batteries for electric cars in Vietnam

    VinFast to produce batteries for electric cars in Vietnam

    Automaker VinFast has signed a memorandum of understanding on strategic cooperation with Taiwan’s ProLogium Technology Co.. Ltd. on production of batteries for electric cars in Vietnam.

    Under the MoU signed Wednesday, the two parties will set up a joint venture to manufacture solid-state batteries for electric cars. The joint venture will be licensed to use ProLogium’s patented solid-state battery pack assembly technology.

    This is a strategic step for VinFast in mastering battery technology for electric vehicles, laying a foundation for its research and development of smart and advanced electric vehicles in the future.

    Founded in 2006, ProLogium is the world’s leading solid-state battery maker. In 2017, ProLogium became the first company in the world to have a test line for solid-state battery technology for automotive applications.

    Its solid-state batteries have passed safety tests in Europe and China, which are the world’s largest electric vehicle markets.

    It is also cooperating with large electric cars manufacturers to test a new battery technology and expects to deploy it for mass-production in 2023-2024.

    By using solid-state batteries, VinFast electric cars will be able to go longer distances, reduce charging time, and increase the total number of times they can be charged.

    VinFast’s partnership with ProLogium is a part of its plan to become a global smart electric car brand.

    In January, VinFast introduced three new electric self-driving car models. It is also setting up electric charging stations nationwide, aiming at 40,000 charging ports for electric bikes and cars by the end of 2021.

    VinFast sold 31,500 cars in Vietnam last year. Since entering the auto industry three years ago the company now has a plant in the northern province of Hai Phong and R&D centers in Australia, Germany and the U.S.

    Lees ook:

    Lees ook:

  • VinFast eyes global market, to open car plant in US

    VinFast eyes global market, to open car plant in US

    VinFast plans to set up an automobile plant in the U.S. as part of its strategy to start selling there in 2022, Bloomberg reported on Tuesday.

    The company, a subsidiary of conglomerate Vingroup, did not provide details about when it will be set up or where.

    Bloomberg quoted its CEO Thai Thanh Hai as saying: “VinFast’s vision is to become a global smart electric car company and the U.S. is one of the first international markets that we will focus on.

    “We will initially develop high-end models for the U.S.”

    The company also plans to open 35 showrooms and service centers this year in California state where it has received a license to test autonomous vehicles on public streets.

    Malaysian newspaper The Star quoted Hai as saying VinFast believes it can win over American and other overseas customers leery of buying an automobile from a Vietnamese company they know little or nothing about by offering top-quality vehicles with high safety standards and advanced technology.

    The company has R&D centers in Australia, Germany and the U.S.

    VinFast, founded by Vietnam’s first billionaire Pham Nhat Vuong, began selling cars with BMW-licensed engines in 2019.

    Last year it sold 31,500 units, all in Vietnam, where 296,634 cars were sold in all.

  • VinFast eyes 2,000 electric charging stations

    VinFast eyes 2,000 electric charging stations

    Automaker VinFast plans to have over 2,000 charging stations set up nationwide this year to expand its electric vehicle ecosystem.

    The subsidiary of Vietnam’s largest private conglomerate, Vingroup, is looking to partner with other businesses to install these stations in apartment buildings, offices, malls, supermarkets, and other locations.

    It said in a statement that these stations will have over 40,000 charging ports for cars and bikes. The company installed the first of those last month at a mall at Vinhomes Ocean Park in Hanoi’s Gia Lam District.

    Also last month, VinFast announced three electric self-driving SUVs would hit the market this year.

    The company has acquired licenses to test autonomous vehicles in California, the U.S., which is earmarked to be its first global market.

    VinFast sold 31,500 cars in Vietnam last year. Since entering the auto industry three years ago the company now has a plant in the northern province of Hai Phong and R&D centers in Australia, Germany and the U.S.

    Lees ook:

    Lees ook:

  • VinFast introduces self-driving car models

    VinFast introduces self-driving car models

    Vietnamese automaker VinFast introduced Friday three new electric self-driving car models that will hit the market this year.

    The rollout of the new models is part of its plan to become a global major in electric car manufacturing.

    Two of the three models, all SUVs, also have a fuel version, the company said in a release.

    The cars, named VF31, VF32, and VF33, have several self-driving systems including steering assistance, adaptive lane control, and automatic parking.

    Depending on the model, the electric cars can go 300-500 kilometers per full charge.

    The premium versions of these cars have 14 cameras capable of detecting objects nearly 690 meters away, and the company claims its self-driving system is eight times faster than that of existing self-driving car models.

    The cars can find their own parking spots and can be summoned by drivers when needed.

    VinFast said the cars meet the highest safety standards in the world including a five-star rating of the U.S. National Highway Traffic Safety Administration and a five-star rating of the European New Car Assessment Programme.

    The standard version of the VF31 can be ordered in Vietnam starting this May and will be delivered in November.

    For the VF32 and VF33 models, customers can order starting September and delivery will begin in February 2022.

    The company will also sell these cars in the U.S., Canada, and the E.U. with orders opening in November and delivery in June next year.

    VinFast, a unit of Vietnam’s biggest private conglomerate Vingroup, entered the auto industry three years ago. It has an auto plant in the northern province of Hai Phong and research and development centers in Australia, Germany, and the U.S.

    The company said the manufacturing of electric bikes, buses, and cars is part of its strategy to become a favorable hi-tech auto manufacturer in the global market and to help develop green transportation by reducing emissions.

    Lees ook: