EV maker VinFast (VFS) just gained an edge. Vingroup Chairman and Vietnam’s richest person, Mr. Pham Nhat Vuong, announced Wednesday he would donate 99.8% of EV battery company VinES to VinFast.
Vingroup is Vietnam’s largest conglomerate, founded and owned by Mr. Pham. The company has a hand in everything from EVs and battery tech to golf courses and hospitals.
To accelerate growth, the billionaire has been injecting funds into VinFast, its electric vehicle and e-scooter company. Mr. Pham recently pledged to make $2.5 billion available for VinFast through loans and grants, with $1 billion in personal funding.
As other EV startups like Rivian, Lucid, Fisker, and others have found, expanding production and sales can be costly.
Despite rising EV sales, the company’s losses reached $622.9 million in the third quarter, up 20% from last year. However, VinFast has an advantage – a source of funding.
VinFast expects to receive $1.2 billion over the next six months as it expands into new markets. The company received another gift Wednesday as Vuong donated VinES, Vingroup’s battery company, to VinFast.
VinFast VF 9 electric SUV (Source: VinFast)
VinFast merges with EV battery company VinES
Vingroup’s chairman announced he will donate 99.8% of VinES Energy Solutions shares to VinFast.
VinES is another company under the Vingroup umbrella that focuses on researching, building, and manufacturing lithium-ion batteries. The company has in-house R&D, manufacturing, testing, and validation capacity.
Established in 2021, VinES is developing batteries for electric vehicles, power tools, energy storage, and other mobility uses like e-scooters.
VinES global presence (Source: VinES)
The battery company is based in Vietnam but has a presence in the US, Canada, the UK, Korea, Taiwan, and more.
The move will help VinFast improve battery production and development time with the ability to leverage resources.
Through the business merger, VinFast expects to save at least 5% to 7% on battery costs. The company will borrow $462 million to finance the acquisition, which Vuong has agreed to provide interest-free grants to help cover.
VinFast headquarters (Source: VinFast)
Under the terms, VinFast will acquire all VinES intellectual property for battery cells, battery packs, manufacturing facilities, technology, partnerships, and supplier contracts.
The agreement is a big first step as VinFast looks to compete globally with a fully integrated production chain.
Electrek’s Take
Securing battery resources is one of the most critical factors for future EV growth, and automakers are racing to lock up their supply.
With a 99.8% donation, VinFast just got a gift. The company will take on $462 million in interest-free debt, but in return, it will gain access to all of VinES IP rights and global network.
VinFast reiterated its target of delivering between 40,00 and 50,000 EVs this year. Through the first nine months, the company has delivered 21,342. Most have been sold to Green and Smart Mobility (GSM), another Vingroup company.
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Ferrari and Porsche will soon have company. BYD just confirmed plans to launch Yangwang, its ultra-luxury EV brand, in Europe. It will be the first Chinese brand to enter Europe’s most elite segment.
BYD preps new ultra-luxury EV brand for Europe
After launching Denza earlier this year, BYD is set to introduce another luxury brand to Europe. Yangwang is BYD’s most exclusive lineup of new energy vehicles, featuring its advanced technology and performance.
The brand has been on sale in China for about two and a half years, and now, it’s preparing to launch in Europe. BYD’s vice president Stella Li told Autocar that “our plan is that we will bring Yangwang into Europe,” after Denza earlier next year.
BYD launched its ultra-luxury EV brand in January 2023, with the first vehicle, the Yangwang U8, going on sale in September of the same year.
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The Yangwang U8 is a Range Rover-like extended range electric SUV (EREV), packing over 1,100 hp (880 kW). It also comes loaded with features like float mode, which allows it to literally float on water, tank turns, and the U8 can even plow through more water than a Defender.
BYD Yangwang U8L (Source: Yangwang)
A few months later, BYD launched the second vehicle, the Yangwang U9, in February 2024. The Yangwang U9 is an electric supercar that can jump and dance thanks to BYD’s DiSus-X body control system.
It’s faster than a Ferrari, with four electric motors delivering nearly 1,300 hp, enabling a 0 to 62 mph (0 to 100 km/h) sprint in just 2.36 seconds.
BYD Yangwang U9 electric supercar (Source: BYD)
The Yangwang U8 and U9 start at 1,098,000 RMB ($150,000) and 1,680,000 RMB ($230,000) in China, respectively. Both will be sold in Europe.
Li said that “more cars are coming,” including the Yangwang U7, an electric ultra-luxury sedan. BYD delivered the first U7 models in China last month, starting at 628,000 RMB ($87,000).
BYD Yangwang U8 SUV (left) and U7 luxury EV sedan (right) Source: Yangwang
The four-seater variant costs 708,000 RMB, or about $98,500, which is still about half the cost of the most affordable Ferrari.
With Yangwang set to arrive in Europe, BYD will be the first Chinese automaker to enter Europe’s top luxury auto segment.
With an additional 17% tariff, export costs, and other factors, prices in Europe are expected to be notably higher. We will learn more as we get closer to launch.
Source: Autocar
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The stock rose following the announcement late Friday as investors sought to get in ahead of index fund managers, who will need to buy shares to mimic the changes. Square’s $48 billion market cap at Monday’s close places it well above the median S&P 500 constituent, though shares are still down 8% this year.
Passive funds are expected to purchase roughly 101 million shares of Block due its inclusion, equivalent to about 11 days of average trading volume, according to a note from Stephens.
Block is working to reestablish investor confidence after uneven performance from its Cash App business. Gimme Credit’s Stu Novick noted that while gross profit growth missed estimates last quarter, the company still delivered strong adjusted earnings and improving cash flow.
While Block is joining the benchmark index, a major player in the fintech industry remains on the sidelines.
Robinhood has delivered one of the strongest recent runs in the U.S. stock market, soaring 345% in the past year. Yet despite nearing a nearly $100 billion, the company has been repeatedly passed over for S&P 500 inclusion.
Carry Anker’s 60,000mAh PowerCore Reserve station and keep devices running for $88
By way of its official Amazon storefront, Anker is offering its PowerCore Reserve 60,000mAh Power Bank Station at $87.99 shipped, with it also coming in a few dollars under the brand’s current direct pricing. Normally costing $150 at full price, we’ve mostly seen discounts over the last year dropping costs between $110 and $90, though there have been a few select falls to $80, and recently we saw Prime Day take things to $75. While it may not be the new lowest price, you’re still looking at the third-best rate we have tracked, saving you $62 off the going rate while equipping you with a sizably reliable means to keep your personal devices juiced up and running.
Anker’s PowerCore Reserve power station, which you’ll also find sold under the name 548 Power Bank, is a five-pound backup power solution to top off personal devices with while you’re camping, cruising the roadways, hanging out on the beach, and much more. You’ll have a totable 60,000mAh/192Wh battery capacity here that beats out most power banks on the market while also delivering up to 60W speeds through either its two USB-A ports or two USB-C ports.
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Aside from its easy-to-carry design, it also comes sporting a convenient pop-up light for when you’re out in the dark of the wilderness or even without power at home, coming with two brightness levels alongside an S.O.S. mode to signal for help in emergencies. You can completely recharge its battery by plugging it into a wall outlet or by utilizing up to its 60W solar input to charge via the sun.
Schumacher’s 2025 level 1 portable EV charger plugs into any 120V outlet for on-the-go power at $130
Amazon is now offering the new Schumacher SEV1670 12A Level 1 Portable EV Charger at $129.59 shipped. This model hit the scene at the tail-end of May with a $160 price tag, which has only recently started seeing discounts, with the biggest of them being from the Prime Day sale event two weeks ago that saw the costs taken down to $128. Today’s deal comes in just $2 above that rate for the second-best pricing we have tracked, all while giving you $30 in savings.
Aiper’s new IrriSense smart irrigation system covers up to 4,800 square feet at $600 (second-ever discount)
Coming to us through its official Amazon storefront, Aiper is offering the second-ever discount on its new IrriSense Smart Irrigation System back to $599.99 shipped, matching directly from the brand’s website. This new smart irrigation device has only been on the market since May, with it usually going for $700 outside of the two price cuts we’ve seen. It first dropped to this same rate the day before Prime Day began, and hung on to the savings through the four-day event. Now, it’s coming back for a post-Prime second chance, saving you $100 while upgrading your lawn care routine with a smarter alternative.
Hoverfly’s H3 16-inch folding e-bikes make great first-time rides with four add-on accessories starting from $406
Amazon is offering quite the affordable bundle on Hoverfly’s H3 16-inch Folding e-bike in its orange colorway, and coming with four add-on accessories at $406.09 shipped, while its other colorways are seeing smaller discounts at higher rates. It’s dropping down from the $580 price tag today, with this being the first time we’ve spotted this particular bundle dropping so low. Before the fall to $425 during Prime Day, we only ever saw costs fall as low as $450, with all those rates beaten by the 30% markdown here that gives you $174 in savings and a new all-time low price. Along with the bike, you’ll be getting a front carrier bag, a rear cargo basket, a phone holder, and a rearview mirror to upgrade and elevate your experience.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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