He is the chair of Vingroup, the largest conglomerate in Vietnam, with units in the real estate development, EV, technology and retail sectors. Images and videos shown contain pre-production level vehicles. According to an SEC filing, his Vingroup controls 1.2 billion shares in VinFast, more than 50 percent of outstanding shares.

VinFast, a small automaker from Vietnam, faces an uphill battle to establish a foothold in the American car market. An unknown name with less-than-stellar product reviews and a reputation for putting critics in jail doesn’t bode well for sales. By offering what is now “the cheapest lease on the market” Vinfast seems to finally understand their only real chance to compete against more recognizable brands. VinFast on Tuesday said it has filed a registration statement with the U.S. Securities and Exchange Commission, the first formal step toward a public offering next year. The company in March announced plans for a $2 billion factory in North Carolina and hopes to deliver its first vehicles to American customers by year-end.

1. VinFast, a little-known electric carmaker from Vietnam, debuted on Nasdaq on Tuesday (August 15) and immediately made a splash.
2. On top of its state-of-the-art facility, the company also acquired VinES, which gives the company in-house control of battery technology.
3. Honda is advertising a special of $249 per month with $3,799 due at signing.
4. It also said it delivered 28,000 electric scooters in the quarter, a 177% jump from the previous quarter.
5. VinFast says it has shipped 3,000 vehicles to North America.

Citigroup Global Markets, Morgan Stanley, Credit Suisse and J.P. VinFast will trade on the Nasdaq under the symbol “VFS” once its offering is completed. The company didn’t say how much money it’s hoping to raise.

But VinFast says its “state-of-the-art” manufacturing facility in Hai Phong has over 1,400 robots and highly automated production lines that reach automation levels of 90% and 95% for press and paint shop, respectively. The facility can produce up to 300,000 EVs per year and is designed with the flexibility to produce its full line-up of vehicle models. Assuming a potential customer was actually able to get a real quote from the dealership, the numbers would likely be way more competitive than anything else in the EV space right now.

Technology

But no single sum conveys the strings-attached complexities of this public-private agreement, says Michael Smith, president of the Chatham County Economic Development Corporation. This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started. Investors might initially question VinFast’s seemingly unproven operations.

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VinFast went public through a reverse merger with Black Spade Acquisition Co., a special-purpose acquisition company (SPAC) based in Hong Kong. SPAC mergers, also known as “blank check” mergers, were a popular way for startups to go public during the pandemic. But as the financial market declined in 2022, dealmaking slowed significantly. In 2021, 610 companies went public through SPAC mergers and raised a total of $161 billion, according to S&P Global Market Intelligence.

At press time, shares were trading at $16 apiece, down 56 percent from Tuesday’s peak. The lease deal is supposedly ending January 31, but if you have the right credit score, you can probably get some leeway through the end of the week. The company has intriguing potential as a young automaker in an evolving EV industry that favors innovation over legacy and manufacturer size — a good thing for VinFast. That said, VinFast will require significant additional capital to support its business growth as it expands into the U.S. and European markets.

VinFast became Vietnam’s first domestic automaker when it began manufacturing internal combustion vehicles in 2019. It’s now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. The company is currently taking reservations gann method for two electric SUVs, the midsize VF8 and larger VF9. VinFast has released four EV models and delivered about 19,000 vehicles globally. In July, the company broke ground on a new factory in North Carolina, which is expected to have the capacity to produce 150,000 vehicles a year.

Drive the VF 8 for just

The carmaker broke ground on its first American factory in North Carolina last month with plans to begin production at the $4 billion facility in 2025—as of June, only 137 electric vehicles by VinFast were registered on U.S. roads. In October, the company reported that it delivered 10,000 electric vehicles in the third quarter, up 5% from the previous quarter. It also said it delivered 28,000 electric scooters in the quarter, a 177% jump from the previous quarter. At the time of that report, the company had 126 showrooms for EVs and 247 showrooms and service workshops for e-scooters. Using the VF8 Plus example at $299 per month, if we rolled in the almost $,1400 in acquisition fees into the payment we are at $339 per month on a car with a retail price of $53,125 this works out to a payment to MSRP ratio of 0.6 percent. Given the context these payments almost seem too good to be true.

What To Know About Vietnamese Automaker VinFast As It Surges In Value To Compete With Tesla And Toyota

The automaker has decided to branch out and open a series of franchised dealerships. One store in Cary, North Carolina, is advertising a bonkers deal on a model that retails for around $50,000. Monday, just two weeks after its debut on the Nasdaq Global Select Market with a share price of $10 and a valuation of $23 billion following a merger with Black Spade Acquisition Co. in a special purpose acquisition company (SPAC) deal.

Chatham County has its own incentives (more on that below), and it is allowing the carmaker to commence its grant any year before 2028. State officials, including the governor, express faith in VinFast. But even if one ignores the startup’s shallow track record, it’s a reality that most jobs projects backed by North Carolina incentives over the past 20 years didn’t reach their original hiring promises. Announced prices are subject to change and do not include destination charge or any applicable tax, title, registration, and license fees.

What’s inside VinFast’s incentive deal?

After I was put on hold for about 20 minutes I reached out to the dealership via their online lead system, as there was an option to send a text directly to a manager. Immediately, I got a call back from a sales manager who told me that a salesperson would be reaching out to provide pricing. Despite an additional follow-up, I never got that official quote. For decades, North Carolina has wanted a major car manufacturer, only to watch candidates pick southern alternatives.

Stock skyrocketed 270 percent on its first day of trading and closed at $37 per share, giving the company a market cap above $85 billion at one point, more than Ford and General Motors combined. The company also has its eyes on the very lucrative truck market, as the company recently unveiled its electric truck concept, the VF Wild. In the U.S. automotive industry, where VinFast hopes to gain a foothold, trucks and SUVs have long hauled in major profits compared https://traderoom.info/ to smaller passenger vehicles, so it makes a lot of sense for the company to break into the truck market. While VinFast is new to the United States, it’s not a typical startup. Founded in 2017, VinFast is a unit of Vingroup, Vietnam’s largest conglomerate, which has interests in real estate development and education as well as a number of technology businesses. As of the end of September, VinFast had about 58,000 worldwide reservations for the two models.