The Vietnamese automaker has big plans for its EVs in America.
Vietnam-based automaker VinFast has made its future official: it has publicly filed a statement of registration with the Securities and Exchange Commission (SEC) for an Initial Public Offering (IPO) in the United States.
Assuming all goes to plan, VinFast will be listed on the Nasdaq under the symbol "VFS." The number of shares to be offered to the public and their price range have yet to be determined. Upon completion of the IPO, the electric vehicle carmaker will become a Singapore public limited company called VinFast Auto, Ltd.
The automaker's press release did not provide a time frame as to when the offering will be ready to go, but previous reports have indicated it could happen by the end of the year. It could be delayed until 2023, depending on market conditions.
VinFast only began operations in 2019, and its rise in the auto scene has been impressive. With upcoming EVs like the VF 8, VF 9, and the just-revealed VF 6 and VF 7 at last month's LA Auto Show, VinFast is directly targeting legacy automakers and other newcomers (like Rivian and Fisker) alike. The VF 8 will carry a starting price of $42,200 with the Battery Subscription Plan and $57,000 with the battery.
Along with its EV crossovers, VinFast will utilize a battery leasing business model to help slash the price of its vehicles. The company has so far raised around $1.2 billion in incentives and investments for its planned production facility in North Carolina. The VF 8 and VF 9 will be assembled there in the second half of 2024.
However, the vehicles' battery packs and chassis will be imported from China's Contemporary Amperex Technology.
Coincidentally, it's also one of Tesla's chief suppliers. Also, last month, VinFast shipped its first vehicles to the US, and more are expected in the coming months. Rumors regarding VinFast's IPO date back to last year, so this latest announcement isn't exactly surprising. Still, it's a new automaker that's not only coming to our shores but also has big plans for domestic production.
VinFast is currently headquartered in Los Angeles, and we don't expect that to change once the North Carolina manufacturing facility opens its doors. More details about the IPO are expected in the very near future.