• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, September 25, 2023
Ector County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

Vietnam Automaker VinFast Files For U.S. IPO To Fund Expansion – Reuters

by NewsReporter
April 8, 2022
in News
vietnam-automaker-vinfast-files-for-us.-ipo-to-fund-expansion-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com

HAIPHONG, April 7 (Reuters) – Vietnamese automaker VinFast said on Thursday its Singapore-based holding company had filed for an initial public offering (IPO) with U.S. securities regulators, as it plans spending of $4 billion on its first U.S. factory complex.

VinFast, which became the first fully fledged domestic car maker in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with electric SUVs and a battery leasing model.

A source familiar with the matter said VinFast would probably look to raise about $2 billion from the offering.

Register now for FREE unlimited access to Reuters.com

“VinFast is moving ahead with its plans but the timing of the IPO is very much open,” said the source, who spoke on condition of anonymity. “There needs to be a window to get the IPO done and it could easily take a couple of months.”

A unit of Vietnam’s biggest conglomerate Vingroup JSC (VIC.HM), Vinfast said it had not determined the IPO size and price range.

“There are options to look at. We are still considering a lot of options,” Chief Executive Le Thi Thu Thuy told reporters on the sidelines of an event to showcase the company’s new VF8 battery-powered SUV.

She said the IPO was planned for the second half of this year as one option to fund a plant planned in North Carolina and U.S. expansion.

The VinFast logo is displayed on a VF5 electric SUV during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. REUTERS/Steve Marcus

Last week the company said it signed a preliminary deal to initially invest $2 billion to build the North Carolina factory to make electric buses, sport utility vehicles and batteries for electric vehicles. read more

The company, established in 2017, plans to transition to all-electric vehicle production from late 2022.

A year ago sources said Vinfast was considering an IPO that could value the company at about $60 billion.

That valuation looks stretched in current markets, the person familiar with the matter told Reuters on Thursday.

“Even the companies that have gone ahead with U.S. IPOs have had a sharp correction in valuations, so that’s a given,” he added.

Outside North America, VinFast is looking for a plant in Germany, it said in January.

VinFast said prices for its VF8 SUV started from $41,000 in the United States, versus about $63,000 for a Tesla SUV. It targets global electric vehicle sales of 42,000 this year.

Register now for FREE unlimited access to Reuters.com

Reporting by Phuong Nguyen; Additional reporting by Anshuman Daga in Singapore and Akanksha Khushi in Bengaluru; Writing by Miyoung Kim; Editing by Jan Harvey and Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

Related Posts

man-shoots-at-young-daughter,-mother-during-custody-exchange-–-kmid-–-local-2-news

Man Shoots At Young Daughter, Mother During Custody Exchange – KMID – Local 2 News

by NewsReporter
April 14, 2022
0

by: Erica Miller Posted: Apr 14, 2022 / 06:11 PM CDT Updated: Apr 14, 2022 / 06:12 PM CDT by: Erica Miller Posted: Apr 14, 2022 / 06:11 PM CDT Updated: Apr 14, 2022 / 06:12 PM CDT ODESSA, Texas (KMID/KPEJ)- An Odessa man is behind bars after police say...

musk-says-us.-sec-‘bastards’-forced-settlement-over-tesla-tweets-–-reuters

Musk Says U.S. SEC ‘bastards’ Forced Settlement Over Tesla Tweets – Reuters

by NewsReporter
April 14, 2022
0

Tesla CEO Elon Musk leaves Manhattan federal court after a hearing on his fraud settlement with the Securities and Exchange Commission (SEC) in New York City, U.S. April 4, 2019. REUTERS/Brendan McDermidRegister now for FREE unlimited access to Reuters.comApril 14 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk on Thursday...

basin-wildfires:-local-crews-stay-busy-with-2-more-fires-–-kmid-–-local-2-news

Basin Wildfires: Local Crews Stay Busy With 2 More Fires – KMID – Local 2 News

by NewsReporter
April 14, 2022
0

by: Rob Tooke Posted: Apr 13, 2022 / 10:49 PM CDT Updated: Apr 13, 2022 / 10:56 PM CDT ECTOR COUNTY, Texas (KMID/KPEJ) – The Basin is windy and extremely dry. Grass fires are sparking under these conditions, which characterize dangerous fire weather. In Ector County, local fire crews worked...

perspective-|-here’s-how-the-us.-should-respond-to-any-russian-cyberattacks-–-the-washington-post

Perspective | Here’s How The U.S. Should Respond To Any Russian Cyberattacks – The Washington Post

by NewsReporter
April 14, 2022
0

Placeholder while article actions loadRussian cyberattacks may be coming. Last month, the White House issued its starkest warning yet that “evolving” intelligence indicates Moscow is planning major cyber operations against the United States in retaliation for the economic penalties that the country has imposed on Russia for its invasion of...

Ector County News Online

© 2021 Ector County News Now

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Ector County News Now

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT