8 months ago
72 A VinFast VF7 electrical conveyance is seen during the 2023 Canadian International AutoShow successful Toronto, Canada connected Feb. 17, 2023.
Zou Zheng | Xinhua News Agency | Getty Images
Vietnamese electrical conveyance shaper VinFast is expected to database connected the tech-focused Nasdaq connected Tuesday greeting successful New York, pursuing completion of its merger with the U.S.-listed peculiar intent acquisition institution Black Spade Acquisition.
SPACs are ammunition companies that rise superior successful an IPO and usage the currency to merge with a backstage institution successful bid to instrumentality it public, usually wrong 2 years.
On Monday, VinFast said successful a associated statement with Black Spade Acquisition that it would commence trading connected Aug. 15.
The woody values VinFast astatine astir $23 billion, according to a June filing with the U.S. Securities and Exchange Commission.
Following the merger, Black Spade became a wholly owned subsidiary of VinFast and is expected to delist from the New York Stock Exchange, said the associated statement.
"It's a large milestone for america to beryllium listed successful the U.S. The listing is going to unfastened entree to the superior markets for america successful the future," VinFast CEO Le Thi Thu Thuy told CNBC Tuesday greeting Asia time.
VinFast, the automobile limb of Vietnamese conglomerate Vingroup, was founded successful 2017.
The EV shaper has been expanding successful the U.S., going up against the likes of Tesla and and BYD, arsenic good arsenic accepted automakers progressively focusing connected hybrids and electrical vehicles.
We effort to enactment competitory successful each marketplace that we are successful in presumption of profitability. I deliberation it volition travel unneurotic with the volume. For now, we volition enactment existent to our strategy.
Le Thi Thu Thuy
CEO of VinFast
On whether VinFast is nether the unit to chopped prices successful general, Le said the company's strategy is "offering premium prime products astatine affordable pricing with fantabulous aft income service."
"We ever terms our products rather competitively compared to different akin products. But erstwhile you look profoundly into our products, we are loaded with much features and much technology. So I deliberation consumers started recognizing the values that we bring with our products," said Le.
"We effort to enactment competitory successful each marketplace that we are successful in presumption of profitability. I deliberation it volition travel unneurotic with the volume. For now, we volition enactment existent to our strategy."
As a comparison, VinFast's 5-seater VF 8 starts from $46,000 portion the basal Tesla 5-seater Model Y is priced from $47,740.
