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VinFast Auto has formed a business combination agreement with Black Spade Acquisition Co. in hopes of finally achieving that IPO in the US it has been promising for years. If and when the transaction is complete, VinFast is expected be listed on the US stock market at an equity value over $23 billion.

In true VinFast fashion, the automotive brand of parent conglomerate VinGroup is spinning several plates on multiple continents. The young automaker has already delivered four different EV models in its native Vietnam, while it’s VF 8 begins making its way to customers on the West Coast of North America.

With simultaneous expansions underway in Europe and a US manufacturing hub about to break ground in North Carolina, it’s sometimes hard to keep up with a company like VinFast, which seems to be moving more quickly than any other automaker on the planet. This level of global scope and execution requires plenty of money however, as we’ve seen from the automaker’s recent movements.

Last month, VinFast announced an additional $2.5 billion in funding, led by $1 billion in personal money from VinGroup chair Pham Nhat Vuong. Vuong said he believes in the company, and understands the capital required to transcend a (young) national brand to the international stage.

Another savvy way to turn some heads in the US is to go public – a strategy VinFast has been quite candid about since we first covered it years ago. This past December, the company appeared poised to do so, having filed the necessary paperwork with the SEC proposing an initial public offering (IPO) of its ordinary shares.

Today, the pending IPO moves one step closer to a NYSE bell ringing ceremony, as VinFast shared it will go the business combination route, hardening itself with a massive equity valuation.

VinFast IPO
Executives from VinFast Auto and Black Spade Acquisition Co. / Credit: VinFast

A VinFast IPO is still in the works

Per VinFast Auto, it has entered into a business combination agreement with Black Space Acquisition Co ($BSAQ) – founded by Black Spade Capital. The proposed agreement credits the Vietnamese automaker at an enterprise value of approximately $27 billion and an equity value of $23 billion.

These values do not include funds from Black Spade’s roughly $169 million of cash in trust (this assumes no Black Spade shareholders elect to have their shares redeemed for cash as permitted). After the completed and approved transaction, existing shareholders of VinFast will hold approximately 99% shares of the combined company. VinFast global CEO Madame Thuy Le spoke:

VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.

The transaction is expected to close in the second half of 2023 and is of course subject to regulatory and shareholder approvals.

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Workhorse electric delivery vans arrive in Canada this spring

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Workhorse electric delivery vans arrive in Canada this spring

Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.

Workhorse first showed its W56 medium-duty electric truck at Indiana’s Work Truck Week in 2023, and has sold the trucks to logistics and delivery companies like FedEx and Pride Group – which ordered more than six thousand of the electric vans in 2021, and continues to expand its fleet.

“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”

As part of the approval process, Workhorse completed its registration as a foreign manufacturer under Transport Canada’s Appendix G clearance program. Transport Canada confirmed the vans’ compliance with Canadian Motor Vehicle Safety Standards (CMVSS) for both vehicles – but it remains to be seen if and how the latest tariff-driven trade war between the Trump Administration’s US and Canada will impact Workhorse’s plans to expand throughout North America.

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Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.

Canadian pricing has yet to be announced.

Electrek’s Take

FedEx Places First Order for 15 Workhorse W56 Step Vans to Grow Zero-Tailpipe Emission Fleet
FedEx electric delivery vehicle; via Workhorse.

There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.

SOURCE | IMAGES: Workhorse, via Electric Autonomy Canada.

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Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]

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Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]

The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.

Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).

The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.

LIEBHERR

Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.

The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.

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Liebherr will show the S1 Vision at this year’s bauma equipment exhibition in Munich, Germany. The design has already been nominated for the bauma Innovation Award in the Mechanical Engineering category – and my money’s on it winning.

Electrek’s Take

This is such goofy, stupid fun that if it was wheelbarrow-sized I’d have three of them. I can’t imagine the insanity of watching one of these things roll across a job site with 100 tons of granite in the bucket – and will have nightmares about the kind of damage it could do if it flipped out like a poorly made Chinese hoverboard clone whipping a toddler across a living room … which, in fairness, would probably get a billion views on Instagram or TikTok or whatever.

I can’t wait.

SOURCE | IMAGES: Liebherr.

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Meet the newest EV from Hyundai – new HX19e electric excavator

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Meet the newest EV from Hyundai – new HX19e electric excavator

The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.

The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.

The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.

Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.

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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:

  • enclosed cab vs. open canopy
  • 32 or 40 kWh battery capacity

All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.

Like its counterparts at Volvo CE, the new Hyundai excavator uses automotive-style charging ports to take advantage of existing infrastructure at fleet depots and public charging stations. More detailed specifications, dimensions, and pricing should be announced by bauma.

Electrek’s Take

HX19e electric mini excavator; via Hyundai Construction Equipment.

The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.

SOURCE | IMAGES: HD Hyundai; via Construction Index, Equipment World.

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