8 months ago
83 CHATHAM COUNTY, NORTH CAROLINA - July 28: VinFast CEO Le Thi Thu Thuy speaks arsenic Electric carmaker Vinfast breaks crushed successful its $4B NC manufacturing works located wrong the Triangle Innovation Point connected July 28, 2023.
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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 in 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.
Tesla vehicles are eligible for a $7,500 national taxation recognition successful the U.S., portion VinFast vehicles don't presently suffice for the taxation savings arsenic they're not built successful the U.S.
To vie with brands successful the U.S. market, VinFast is gathering a mill successful North Carolina. The automaker said the 1,800-acre installation is designed to produce up to 150,000 vehicles a twelvemonth successful the archetypal phase.
The mill is expected to commencement operations successful 2025 — a year aboriginal than its archetypal people of 2024.
"With the North Carolina plant, we expect that we'd beryllium capable to importantly trim the costs and [offer] the products astatine affordable pricing to the customers successful the U.S.," Le said Tuesday.
