Vietnamese EV maker VinFast Announces SPAC Merger

December 6, 2022

EV Maker VinFast Announces US IPO

Parent Company Vingroup

  • Vingroup is one of Vietnam’s largest conglomerates, with subsidiaries in a wide range of businesses from real estate development (Vinhomes) to pharmeceuticals (VinFa) and K-12 education (VinSchool), to name a few.
  • Pham Nhat Vuong, the founder and chairman of Vingroup, is Vietnam’s first dollar billionaire.
  • Vingroup has invested $7.5 billion in its EV subsidiary VinFast since 2017.
  • Another subsidiary, VinES, plans to be a fully integrated battery cell and pack manufacturer. VinFast has sourced battery packs from VinES since Q2 2022.

VinFast SPAC Merger Overview

By the Numbers – Company Targets

  • 1.1 million – The company targets expanding global vehicle production capacity to 1.1 million vehicles by 2026.
  • 2024 – The company expects production to begin in its EV manufacturing facility in North Carolina to begin in 2024.
  • $27 billion – The deal gives the company an enterprise value of $27bn, lower than the $6obn valuation that had been floated at the time of the company’s IPO filing.

Planned U.S. Expansion

  • VinFast plans to invest $2 billion in the first phase of its project to build an EV manufacturing facility in Chatham County, North Carolina.
  • The company is targeting annual capacity of 150,000 vehicles in Phase 1
  • Production will focus on the company’s VF 8 (5 passenger all-electric mid-size SUV) and VF 9 (7 passenger all-electric SUV)

VinFast Global CEO Le Thi Thu Thuy and North Carolina Governor Roy Cooper sit in a VinFast car after the signing of the MOU for the establishment of VinFast’s North Carolina manufacturing plant. Photo: VinFast.

A look at VinFast’s Models

Below we take a look at the VF 8 and VF 9, the models that will be produced in the United States

2023 VinFast VF 9

Photos: VinFast

Vehicle Type All-electric, 7-seat SUV
Horse Power 402
Range (SR) 272 miles
Range (ER) 369 miles
Fast Charging Time (SR) 26 mins

2023 VinFast VF 8

Photos: VinFast

Vehicle Type All-electric, 5-seat SUV
Horse Power 348
Range (SR) 260 miles
Range (ER) 292 miles
Fast Charging Time (SR) 24 mins

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