Vietnamese EV automaker VinFast can continue its development and steadfast global expansion, thanks to a fresh round of funding from parent company VinGroup and its chair, Mr. Pham Nhat Vuong. The chair has offered up $1 billion of his own assets to the automotive branch just months after telling the public that the well had run dry.
VinFast is a young EV automaker that came out absolutely sprinting off the starting line with immediate plans for simultaneous market entry into the US and Europe, a potential IPO, and several all-electric models entering production.
The ambitious company has cramped up a bit in recent months, learning that scaling an EV manufacturing business is not only quite difficult but super expensive. According to a December 2022 filing with the SEC, VinFast reported whopping net losses of $1.3 billion in 2021 and $1.45 billion through September 30, 2022, with additional losses expected to incur “in the near term.”
This past February, Chair Pham Nhat Vuong of VinFast’s massive parent company, VinGroup, publicly stated he had no intentions to invest any more of his personal money into the automaker. Vuong’s personal assets contributed to the initial $7.5 billion already allocated to VinFast from 2017-2022, alongside money from VinGroup and other lenders.
Today, VinFast is celebrating billions in new funding from VinGroup, but it’s the Vietnamese conglomerate’s chair who is taking the biggest hit to his wallet.
VinGroup chair believes in VinFast, pledges funding
According to VinFast, it has secured $500 million in nonrefundable grants from VinGroup and another $1 billion in funding from chair Pham Nhat Vuong. Vuong’s net worth is currently around $4.3 billion, meaning he is contributing nearly a quarter of his assets to VinFast over the next year to enable it to keep going. That’s wild.
Clearly, the chair believes in the automaker, which has made large, quick strides, with EVs finally shipping to US soil. A spokesperson for the chair spoke to the massive bet on the EV sub-brand:
To build a national brand that can compete in the international market is particularly difficult, challenging, and even requires sacrificing immediate benefits. Mr. Pham Nhat Vuong plans to donate some of his personal assets to energize VinFast during the pivotal acceleration period to create a mark of Vietnam in the world’s electric vehicle market. The success of VinFast will promote the development of Vietnam’s industry and technology while actively contributing to the global green transformation.
In addition to the $1.5 billion already confirmed, VinFast relayed that it now has access to an additional $1 billion in loans from VinGroup to be paid back within the next five years. VinFast says it will use the fresh funding to continue EV development and achieve its global growth goals. VinGroup CEO Mr. Nguyen Viet Quang also spoke:
The growth potential of VinFast has been demonstrated in the past five years. This is a pivotal period for VinFast to accelerate towards a solid competitive position in the world’s electric vehicle market. As the parent corporation of VinFast, Vingroup is providing support to enable VinFast to continue its development and secure its future. The grant and loan of $1.5 billion is Vingroup’s additional capital contribution for the breakthrough development of VinFast in the future. This is also once-in-a-lifetime opportunity for the development of Vietnam’s industry. We call on everyone to support and build a world-class Vietnamese brand.
VinFast has already introduced six all-electric models to the public, including the new VF 5, but will need to sell hundreds of thousands of them to repay its parent company.
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After years of waiting and many falsestarts, Formula E is finally going to debut its mid-race charging system, which will give cars a quick boost of energy charging at a rate much faster than current road cars can.
For years now, we’ve been hearing about FIA plans to introduce charging stops to electric racing.
In gas car racing, some series allow mid-race fueling and some don’t. The World Endurance Championship, which runs the 24 Hours of Le Mans, obviously needs to fill up several times during the race. But Formula 1, which hosts shorter races, eliminated mid-race fueling in 2010.
But the FIA already had one electric racing series, Formula E, which had debuted in 2014. At the time, each driver had two cars, and would swap mid-race to a fresh car with new batteries.
Battery-swapping had been considered, but it would be too complicated to set up at temporary race facilities in city downtown areas, as many Formula E tracks are.
Then, in 2018, Formula E debuted a new “Gen 2” car which had a big enough battery not to need a charge mid-race, and later a “Gen 3” car in 2022, which had much stronger regenerative braking, capable of 600kW of braking power. Gen 3 also has an “Attack Mode” feature that lets cars unlock additional power for a short period each race, adding to strategy and mixing up the race order.
The issues involved building the charging system in temporary facilities and ensuring safety of the system (and of pit stops in general, which is always a concern when cars are driving rapidly near people). But after winter testing prior to this season, Formula E now says the system is ready to go.
So, once again, Formula E is ready to announce that mid-race charging is definitely, totally, positively, 100% certain at the upcoming Jeddah E-Prix, on February 14-15 in Jeddah, Saudi Arabia.
Formula E thinks that proving this high-power charging technology could help road cars to charge more quickly, which could have myriad benefits for electric cars in general.
The series is calling the system “Pit Boost,” and it will consist of a 34-second pit stop that provides around 10% additional charge to the cars (about 4kWh). While 10% isn’t a lot, 34 seconds is also not a lot of time. For comparison, one of the fastest-charging cars out there, the Ioniq 5, can charge from 10-80% in 18 minutes, which means 10% charge takes 2.5 minutes – five times as long as Formula E cars will manage the feat.
The stop will be mandatory for all drivers to take at some point in the race, and will mean new strategy options for drivers. Taking the stop means getting more energy, which means that your car won’t have to do as much energy saving to get to the end of the race – but it also means giving up your position on track, which can be hard to get back if you do it late in the race.
However, we’ve never seen it happen before, so it will be interesting to see what kind of strategic options develop.
If you’re interested in seeing how it turns out, tune in to the Jeddah E-Prix on February 14-15 to see what happens. It’s a doubleheader race weekend, with night races both on Saturday and Sunday, February 14-15, at 5pm UTC, 9am PST, 12pm EST, and 8pm local time. You can check out how to watch the race in your area by going to Formula E’s “Ways to Watch” section. In the US, Roku should be the most reliable way to watch.
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JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.
Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.
“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”
That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.
If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.
With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.
It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.
The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.
Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.
This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.
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On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.
As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.
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