Vinfast going through it right now. The data shows that Vietnamese electric cars producer was can only change 128 unwelcome crossover EV for the first five months, it was still sold in the US, according to BloombergThe company is planning to build its own factory in North Carolina on July 28 when it goes public.
The factory will be located in Chatham County’s Triangle Innovation Point, and it is expected to have an initial production capacity of 150,000 vehicles per year when it officially opens in 2025. Just for reference, that number is around 12,500 vehicles per month. Meanwhile, company only moves an average of 26 cars per month. Rough.
Bloomberg says the plant will consist of two main areas: where electric vehicles are manufactured and assembled. The proposed complex will also provide facilities for suppliers.
Back in March of last year, newly inaugurated President Joe Biden is said to have tweeted a statement from the White House that said Vinfast The factory will create more than 7,000 jobs. The factory will also have an initial investment of up to $2 billion, according to the company’s CEO, Ms. Le Thi Thu Thuy.
“When put into operation, the factory will by Vinfast major supplier of electric vehicles to the North American market,” Thuy said in a statement reported by the outlet.
Bloomberg reports that VinFast plans to list in the US by merging with special-purpose acquisition company Black Spade Acquisition Co. in the second half of this year. The deal will apparently give VinFast an equity value of about $23 billion. That works out to about $180,000,000 per vehicle registered in the US. Do whatever you want with that information.
This is some more info from Bloomberg about the meaning of VinFast will public United States:
Existing EV shareholders will own 99% of the company’s shares, leaving a small portion for SPAC investors to hold through the deal. According to Bloomberg Intelligence analysts Ken Foong and Siti Nur Fairuz Khalil, an equity valuation of $23 billion, or $27 billion including debt, means VinFast will trade at a premium to most Most of its peers, including Rivian Automotive Inc. and Nikola Corp.
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Black Spade raised $169 million in a U.S. IPO in 2021. About 84% of Black Spade shareholders chose to buy back their shares for cash when they approved an extension to the merger deadline. SPAC last week. The acquisition leaves less than $30 million in the SPAC trust fund.
According to Bloomberg, North Carolina the factory is part of VinFast — let’s say ambition – global expansion. It remains to be seen whether it will succeed, but one thing is for sure: VinFast must start selling more cars and faster.
