Vietnam's VinFast expects to sell as many as 50,000 electric vehicles (EVs) this year, an almost seven-fold increase over 2022 as it ramps up exports to North America and starts shipping to Europe, the company's founder said on Wednesday.
"When the market is robust again and sentiment improves...VinFast will bring back financial happiness," Vuong said.
VinFast, which is looking to break into the U.S. and European markets, had earlier received funding pledges of $2.5 billion from Vingroup and Vuong, Vietnam's first billionaire. The company said as of the end of last year it had provided just over $8 billion to VinFast, which has not yet made a profit.Vingroup said in a written presentation at the meeting that the listing "opens up potential fundraising opportunities for Vingroup in general and VinFast in particular from the global markets." It did not provide further details.
The company shipped a second batch of VF 8s that arrived in California last week that it said would have a longer battery range. VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025.
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