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Vietnamese EV automaker VinFast has just secured more funding to continue its operations. VinFast has been offered a loan for billions more from its parent company, Vingroup, including a $2.1 billion “sponsorship” from the Group’s chairman, Pham Nhat Vuong. All this is to achieve a break-even point and cash flow balance by the end of 2026.

As a young EV automaker out of Vietnam, VinFast remains the new kid on the block. To make a name for itself out of the gate, however, the automotive business entity under Vietnam’s largest conglomerate, Vingroup, came out absolutely sprinting off the starting line.

When we saw VinFast debut, it shared immediate plans for simultaneous market entries into the US and Europe, plus plans for an IPO, and several all-electric models entering production.

The “move fast and break stuff” strategy has worked for other new companies in the past, but part of that wreckage usually includes the bank. Scaling is not easy (or cheap), and at the rate VinFast has been moving, it’s even more expensive to do it so hastily.

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.”

In February 2023, Vingroup chairman Pham Nhat Vuong stated he had no intentions of investing any more of his personal money in 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.

However, by April of that same year, VinFast received $500 million in nonrefundable grants from Vingroup. Furthermore, Vuong reversed his previous vow and offered the automaker another $1 billion in funding to keep going.

The automaker has since made more headway in global markets but has yet to become a household name. As such, VinFast has taken out another loan from Vingroup and additional funding from its chairman to keep it going through 2026.

VinFast loan
Vingroup chairman Mr. Pham Nhat Vuong / Source: VinFast

VinFast accepts $1.4B loan from Vingroup plus more

VinFast shared news of its fresh round of funding this morning, which includes a loan of up to 35 trillion Vietnamese dong ($1.4 billion) from Vingroup by the end of 2026. Additionally, Chairman Vuong has personally pledged another 50 trillion dong ($2.1 billion) in sponsorship. The company stated that Vuong’s personal financial commitment will not impact the interests of Vingroup or its shareholders.

In a separate move, Vingroup will convert all existing loans, totaling approximately 80 trillion dong ($3.3 billion), to VinFast into dividend-entitled preferred shares. Per the release:

By converting loans to VinFast totaling about 80 trillion dong into preferred equity shares of VinFast Vietnam, Vingroup aims to alleviate short-term financial pressure on the electric vehicle maker. This move will allow Vingroup to maintain its stake in VinFast through dividend rights and the option to convert preferred shares into common shares of VinFast Vietnam Manufacturing and Trading Company or interests in VinFast Singapore.

VinFast shared that this loan and financial support plan aims to provide it with the necessary resources to fund operations, investments, and other obligations. Furthermore, Vingroup’s loan and sponsorship aim to help VinFast achieve the break-even point and cash flow balance by the end of 2026. A representative of Vingroup chairman Vuong’s office spoke about VinFast’s loan support strategy:

With the passion to create a world-class Vietnamese electric car brand, Mr. Pham Nhat Vuong will allocate significant resources to propel VinFast’s advancement. The newly secured funding source provides VinFast with the necessary financial resources to achieve sustainable growth without relying on external capital. This strategic move enables VinFast to prioritize research and development, production, and business expansion.

Despite having billions in loans and financial sponsorship lined up as a safety net, VinFast said it would continue to seek independent capital raises to meet its financial needs. The pledged funds from Vingroup and Chairman Vuong will be utilized only if those efforts are not successful.

Previous funds enabled VinFast to complete the construction of its 300,000-vehicle-per-year manufacturing plant in Cat Hai, Hai Phong, and the R&D of its entire BEV lineup. The company said it is now in a growth phase and has shifted its focus to “boosting sales across all markets and optimizing its cost structure.”

VinFast has delivered over 51,000 electric vehicles in Vietnam through the first ten months of 2024, but sales outside of its native country are going more slowly. Revenues are up, but delivery numbers are not where VinFast would like to be just yet.

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Isuzu’s first electric pickup is here and it’s a beast: Meet the new D-MAX EV

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Isuzu's first electric pickup is here and it's a beast: Meet the new D-MAX EV

A fully electric Isuzu pickup truck? That’s right. The D-MAX EV is Isuzu’s first electric pickup, and it will be rolling in the next few months. After kicking off mass production, Isuzu said the new EV pickup will “match the performance of existing diesel models,” boasting high towing capacity and payload.

Isuzu’s first electric pickup is launching in 2025

Isuzu announced on Tuesday that the D-MAX EV has officially entered mass production. The company has started building left-hand drive models, which will be shipped to Europe in the third quarter of 2025.

By the end of the year, production of right-hand drive models will begin for the UK, with sales expected to start in 2026.

The electric pickup is nearly identical to Isuzu’s popular gas-powered D-MAX, but swaps the diesel powertrain for a pair of electric motors. The D-MAX EV features new e-Axles, one on the front and the other at the rear, for a full-time 4WD system.

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The dual-motor powertrain enables it to match the performance of existing diesel models, with a combined 188 hp (140 kW) and a maximum torque of 240 lb-ft (325 Nm).

It can also tow over 7,700 lbs (3,500 kg) with a maximum payload of over 2,200 lbs (1,010 kg). That’s about the same as the D-MAX diesel, which has a 3,500 kg towing capacity and a payload capacity of up to 1,200 kg.

Powered by a 66.9 kWh battery, Isuzu’s first electric pickup boasts a driving range of up to 263 km (162 miles) on the WLTP. In the city, it can have a driving range of up to 224 miles (361 km).

Isuzu D-Max EV specs
Drive System Full-time 4×4
Battery Type Lithium-ion
Battery Capacity 66.9 kWh
Max Output 130 kW (174 hp)
Max Torque 325 Nm
Max Speed Over 130 km/h (+80 mph)
Max Payload 1,000 kg (+2,200 lbs)
Max Towing Capacity 3.5t (+7,700 lbs)
Isuzu D-Max EV electric pickup specs

Built for on and off-road performance, the rugged electric pickup features over 8″ (210 mm) of ground clearance with a wading depth of nearly 24″ (600 mm).

Although prices have not been announced, the D-MAX EV is expected to start slightly higher than the diesel model, which has a base price of around € 36,500 ($41,600).

Isuzu’s popular D-MAX is sold in over 100 countries, including Europe, Asia, the Middle East, and Central and South America. The electric version will arrive in Europe in the next few months, followed by the UK and other regions in 2026.

The electric D-MAX will compete with the Toyota Hilux, Ford Ranger, and other electric pickups, such as Geely’s Radar R6, BYD’s Shark, and Ford’s F-150 Lightning.

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Tesla insider buys stock for the first time in years and it’s hilarious

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Tesla insider buys stock for the first time in years and it's hilarious

For the first time in five years, a Tesla insider required to report Tesla stock transactions bought stocks rather than selling them.

But the transaction is so small that it makes the whole situation hilarious.

Insiders in public companies are top executives and board members who are required to report to the SEC any transaction related to the company’s stock.

For Tesla, it has become a running joke that insiders only sell, never buy the stock.

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This has been true without exception for years.

We don’t know as much about executives as Tesla has a very short top executive bench who are required to file transactions. However, when it comes to its board members, they have been selling at an impressive rate.

We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.

Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares in February and over $100 million in the 3 months prior.

However, we now have confirmation that a Tesla board member is buying, rather than selling.

Joe Gebbia, the Airbnb co-founder who joined Tesla’s board in 2022, confirmed that he bought 4,000 shares in Tesla last week worth about $1 million:

Electrek’s Take

Gebbia is estimated to be worth over $7 billion. Therefore, his purchase of $1 million worth of Tesla stock would be equivalent to my buying a fractional share in Tesla.

Furthermore, the disclosure confirmed that despite being on the board for the last 3 years, Gebbia owned only 111 shares in Tesla before the transaction.

That’s quite the show of confidence in Tesla.

Thie whole situation with the board is disappointing. Tesla’s core business is melting. The company reported its worst quarter in years last week, and the stock surged 20%.

None of it makes any sense.

The board is sitting on its hands while the most powerful force accelerating the advent of electric transport is being destroyed in favor of nonsensical predictions about the potential of solving self-driving and humanoid robots.

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Venmo revenue grows 20%, with debit card payment volume soaring

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Venmo revenue grows 20%, with debit card payment volume soaring

Justin Sullivan | Getty Images

Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.

PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.

While it’s long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified.

Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments.

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Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be “accelerating sharply” and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo’s traction with debit cards and online checkout could “open up new monetization avenues” if adoption trends continue.

The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%.

PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.

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