VinFast, an electric vehicle manufacturing company from Vietnam is planning to make a public debut. As per the reports, the EV maker is planning to go public in the United States.
VinFast Wants to Go Public
According to the officials at VinFast, they are looking forward to making a public debut. They want to do it through the United States and have already filed a request for approval.
The request has been filed at the US Securities and Exchange Commission.
As VinFast awaits a response, the regulator will review the request going through the necessary procedures. They will confirm whether the request is approved or not.
According to the request submitted at the US SEC, VinFast is planning to make a public debut in the year 2023.
VinFast Plans to Expand in the US
Back in March, the officials at VinFast announced that they were planning to expand their services to the United States.
They revealed that they will be expanding their business by opening up a factory in North Carolina. In this particular region, the company is aiming to invest $2 billion to open up a factory.
The company had also announced that they are aiming to launch its first EV in the United States by the end of 2022.
Companies Support VinFast
Many investment companies from the United States are supporting VinFast to enter the US market. These companies include JP Morgan Securities, Credit Suisse, Morgan Stanley, and Citigroup Global Markets.
Trading Details of VinFast
VinFast officials have added in the filing that they will be trading with the ticker “VFS” and it will be done through NASDAQ. However, this will happen once the approval has been given by the US SEC.
The company has not mentioned how much money it is planning to raise in the initial public offering (IPO).
Information about VinFast
VinFast is the first domestic automaker company that has been launched in Vietnam. The company started to manufacture its first vehicles in the year 2019.
The company reportedly started to manufacture internal combustion vehicles in that particular year. As of now, the company is ready to manufacture two electric vehicles.
Advance Reservations for SUVs
They are ready to take orders for the SUVs. The SUV models being produced by the company include VF9 and VF8.
The price of the VF9 SUV has been set to start from $76,000 while the price of the VF8 SUV is to start from $57,000.
However, the people ordering the cars have the option of ordering them without the batteries and other features to lower the costs even more.
Without the batteries, the up-front price of the vehicles reduces significantly. The buyers can also go for a monthly subscription.
If the buyers do not go for the batteries, then the price of the VF9 SUV would be $57,500 while the VF8 SUV price would be $42,000.
As for the monthly subscriptions, the buyers can apply for the $219 per month for the VF9 SUV. As for the VF8 SUV, the monthly subscription is $169 per month.
The VinFast officials have confirmed that as of September, they have received a total of 58,000 reservations for SUVs from all over the world.
The company has confirmed that for now, all of its vehicles are being manufactured in the Haiphong factory. However, the company has very high hopes for its factory in the United States.
Their initial target for the US factory is to produce 150,000 vehicles on a yearly basis. The construction of the factory will take time though, and they are hoping to launch in July 2024.
Is VinFast Going to be Profitable?
VinFast is known for being a successful company in its own country. However, recent years have been a bit disappointing for their business.
In the year 2021, the company lost $1.3 billion, and the loss in the year 2022 so far has been $1.4 billion.
The investors are advised to keep a close eye on the company’s performance and make a decision based on that.