Vinfast’s US public listing may come sooner than expected
Another EV stock is set to debut in the US as Vietnamese electric vehicle maker, Vinfast, considers an IPO as soon as January 2023.
After a promising start in 2021, Vinfast, the automotive division of Vietnam’s largest conglomerate, Vingroup, looks to accelerate its EV rollout. Vingroup aims “for a better life for everyone” with advanced technologies like electric vehicles and software manufacturing solutions. The Vingroup also owns the leading retail real estate brand in Vietnam.
However, with electric vehicles rapidly gaining market share in all major global economies, Vinfast is arguably the Groups most intriguing business division.
Vinfast is setting its sights on becoming a global EV powerhouse after announcing earlier this year it will discontinue production of ICE vehicles while unveiling a full lineup of electric cars, which includes:
- VF 5 (mini)
- VF 6 (subcompact)
- VF 7 (compact)
- VF 8 (mid-size)
- VF 9 (full-size)
After delivering the first 100 Vinfast VF 8 models, the EV maker reiterated its intention to become a global brand by entering the US, Canada, and Europe.
With plans to begin production at its new North Carolina EV facility in 2024, Vinfast is also planning to go public on the US stock market.
When will Vinfast stock be available for investing in the US?
With most electric vehicle stocks down significantly this year (like most investments this year), Vinfast is looking to join the party.
According to a report from Bloomberg, Vinfast could go public as soon as January 2023, citing sources who asked to remain unidentified as the information is not yet disclosed.
One of the sources says Vingroup is looking to raise at least $1 billion, depending on the level of interest. After privately filing for a US listing in April, with the company’s CFO saying an IPO could be “sometime in 2023,” Vinfast is in the midst of talks with investors for the best timing.
With relatively volatile market conditions lately due to geopolitical tension, rising interest rates, and inflation eroding consumer budgets, the Vingroup is still finalizing details.
Vinfast said in July it would receive $1.2 billion in incentives for North Carolina EV plant, which expects to reach 150,000 annual production capacity when up and running in 2024.
So far, Vinfast has around 73,000 reservations globally for its EV models.
Electrek’s Take
Even though EV stocks have underperformed this year, Vinfast going public makes sense. For one, it will help the company raise funds if needed while also establishing brand value in the US.
Rivian, Lucid, and others have gained significant attention and capital from going public. Meanwhile, Vinfast will also have to prepare to be watched under a microscope as investors gain access to its every move.
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Germany is about to become home to Europe’s largest battery storage system – a massive 1 gigawatt (GW) / 4 gigawatt-hour (GWh) project in Jänschwalde, Brandenburg.
LEAG Clean Power GmbH and Fluence Energy GmbH, a subsidiary of US-based Fluence Energy (NASDAQ: FLNC), are teaming up to build the “GigaBattery Jänschwalde 1000.” The four-hour system will use Fluence’s Smartstack technology, its latest large-scale energy storage solution.
Once complete, Europe’s largest battery storage project will play a key role in stabilizing Germany’s grid and storing renewable power for when the sun isn’t shining and the wind isn’t blowing. It’s designed to deliver essential grid services, support energy trading, and boost energy security as the country phases out fossil fuels.
LEAG’s broader “GigawattFactory” plan combines solar and wind farms with flexible power plants and large-scale batteries across Germany’s Lusatian energy region. “By constructing gigascale storage facilities, we’re addressing one of the biggest challenges of the energy transition: ensuring constant power regardless of the availability of renewable energies,” said Adi Roesch, CEO of the LEAG Group.
Fluence CEO Julian Nebreda described the project as a “milestone for the energy future of Germany and Europe,” adding that it demonstrates how collaboration and cutting-edge technology can “transform the foundation of our economy and our everyday lives.”
The German government recently reaffirmed the importance of storage in building a secure and affordable clean power system. With this 4 GWh giant, LEAG and Fluence are implementing that priority in one of Europe’s most coal-heavy regions.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
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![The Genesis GV90 is shaping up to be a real stunner [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/11/Genesis-GV90-ultra-luxury-SUV.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
The GV90 will be the brand’s largest, most luxurious SUV yet. With its official debut coming up, a production version of the Genesis GV90 was spotted in public for the first time, offering a closer look at the stunning SUV.
The Genesis GV90 is a stunning flagship SUV
Genesis vehicles already have a unique design that’s hard to miss. The big Creste Grille, Two-Line Quad Lamps, and smooth character lines offer a refined, luxurious look, but Genesis is planning to take it to the next level with the GV90.
The GV90 is an “ultra-luxe, state-of-the-art SUV,” according to Genesis. It will be the luxury brand’s new flagship vehicle and first full-size electric SUV.
We got our first look at the flagship SUV last March after Genesis unveiled the Neolun concept at the New York Auto Show.
The GV90 has been spotted out in public several times now, even flashing high-end features like coach doors and adaptive air suspension, but now, we are finally getting our first look at the production version in real life.
A new video from HealerTV shows the production version of the Genesis GV90 in action. Although it’s still covered in camo, you can see a few slight design changes from the concept shown last year.
The headlights and grille appear closer in design to its current vehicles, but other than that, the GV90 looks essentially the same up front as the Neolun concept.
Since it’s still covered, it’s hard to see where the headlights are connected at this point. From the side and rear, the GV90 looks identical to the concept.
Genesis has yet to announce an official launch date, but the GV90 could debut by the end of the year with sales expected to kick off in mid-2026.
The flagship SUV is rumoured to be the first vehicle to debut on Hyundai’s new eM platform, which it claims will “provide 50% improvement in driving range” compared to its current EVs. It will also serve as a tech beacon, featuring Hyundai’s most advanced connectivity and safety tech.
We will learn official prices and final specs soon, but one thing is for sure: it won’t be cheap. The Genesis GV90 is expected to start at around $100,000, but higher trims could cost significantly more with added features and options.
Genesis is also introducing its first hybrid, the GV80, next year, followed by its first extended-range electric vehicle (EREV) based on the GV70. The EREV is expected to launch in late 2026 or early 2027. There’s also an off-road SUV in the works, which will likely arrive as a 2027 model.
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