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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Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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