February 8, 2023

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Vietnamese luxury EV maker VinFast plans to list on Nasdaq • TechCrunch

Vietnamese electric vehicle maker VinFast has applied for an IPO in the United States, the company announced on Tuesday. The shares will be listed on the Nasdaq under the ticker “VFS”.

VinFast, which was founded in 2017 and started operations in 2019, will be converted into a public company in Singapore for the IPO. The number of shares to be offered and the price range of the offering were not disclosed.

The EV startup has been tracking the US market, most recently with a showcase of four SUVs showcased at the LA Auto Show. Over the summer, VinFast received $1.2 billion in incentives to build a factory in North Carolina, where the automaker hopes to start building cars by July 2024. VinFast has even promised potential American buyers a rebate of $7,500 who would withstand the purchase of an eligible EV for US EV tax incentives.

No date was given for the IPO, which was originally planned for the fourth quarter of this year. Given the current market uncertainty, it’s more likely that the company will go public sometime next year.

Unlike many EV companies that have decided to go public through a special purpose acquisition merger, VinFast has already started producing and delivering vehicles. The automaker shipped its first batch of 999 vehicles to the United States late last month.