Shadine Taufik · · 1 min readVingroup chair launches EV taxi and rental services
Photo credit: VinFast
Pham Nhat Vuong, chair of VinFast parent firm Vingroup, has created an entity that will use VinFast electric cars and scooters for taxi and rental services.
Called Green and Smart Mobility Joint Stock Company (GSM), the firm has a charter capital of US$125.7 million, with Vuong owning a 95% stake in the entity.
On top of operating its own services, GSM will also provide vehicles for online and traditional taxi service providers. GSM will be granted an initial 10,000 cars and 100,000 motorbikes for its operations.
The firm will start operating in Hanoi next month, after which it will expand throughout Vietnam.
After a series of hurdles and delays, VinFast has successfully delivered its first 45 VF 8 City Edition models out of the 999 models it promised to ship to the US.
The company seems to be bullish on the North American country, planning to set up a manufacturing facility in North Carolina and filing for an IPO. However, it recently shrank its headcount in the US amid a restructuring.
See also: Investors are betting on this e-bike startup to electrify Vietnam’s roads
Editing by Miguel Angel Cordon and Arpit Nayak
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