HANOI: Vietnam's EV champion VinFast has managed to sell Wall Street on a Nasdaq listing that values the loss-making startup at more than US$85 billion, almost twice as much as Ford or General Motors. Now comes the hard part: Moving overseas growth out of the slow lane. VinFast needs to deliver m
HANOI: Vietnam's EV champion VinFast has managed to sell Wall Street on a Nasdaq listing that values the loss-making startup at more than US$85 billion, almost twice as much as Ford or General Motors.VinFast needs to deliver more than twice the sales notched up so far this year in the remaining five months to hit a stretch annual target set by its founder of selling 50,000 EVs.
Other EV SPAC deals, including Lucid, which Black Spade used as the basis of its initial US$23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under US$15 billion, nearly 40 per cent less than its US$24 billion SPAC valuation in 2021. The VinFast listing creates a way for the automaker, which has struggled to retain senior executives, to offer share-based compensation, a prospect spelled out in its filings.VinFast CEO Thuy said on Tuesday the EV maker would be shifting to a new"hybrid model" for sales, bringing in distributors and dealers for overseas markets. Since it announced its overseas expansion plans, VinFast had been counting on just using its own showrooms, like Tesla does.
Founder Vuong had said in May that VinFast could sell 50,000 EVs this year. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. That includes sales of just 137 of its VF8 model in the United States, the only model it currently sells there.
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