Roehl Niño Bautista · · 1 min readVietnamese EV maker eyes $2b raise in US IPO
Vietnam-based carmaker VinFast is planning to go public in the US with a target raise of US$2 billion, Reuters reported.
The offer’s size and price range is not yet set, but it could happen in the latter half of 2022, said Le Thi Thu Thuy, CEO of VinFast.
The carmaker’s IPO was initially set for the second quarter of 2021.
The development comes as VinFast looks to build its first North American factory. The firm plans to spend US$4 billion for the project, with half of the cost set for its first phase.
Founded in 2017, VinFast is planning to focus its production entirely on electric vehicles by the end of 2022. It is also banking on its electric SUVs and battery leasing model to make a dent in the US market.
See also: Meet the 15 top-funded startups and tech companies in Vietnam
Editing by Miguel Cordon and Lorenzo Kyle Subido
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