Vietnam EV maker VinFast inks $23 billion SPAC deal

[Viet]

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Bloomberg
VinFast, an electric vehicle maker founded by Vietnam’s richest person, is going public through a merger with blank-check company Black Spade Acquisition Co. in what would be the largest-ever US listing by a company from the Southeast Asian country.

The deal will give VinFast an equity value of about $23 billion, according to a statement from the parent company Vingroup JSC on Friday. Including debt, the EV maker will be valued at around $27 billion. VinFast shareholders will own approximately 99% of the combined entity after the transaction, which is expected to close in the second half of this year, subject to regulatory and shareholder approvals.

Vietnam EV maker VinFast inks $23 billion SPAC deal - Autoblog

VinFast's $23 billion SPAC deal will make it the largest ever U.S. listing from the southeast Asian country.

www.autoblog.com

 

[从八品主簿]

Việt Nam sẽ trở thành một trong những quốc gia có ngành xe điện phát triển nhất khu vực châu Á - Thái Bình Dương

 

[S10]

Absolute garbage reviews

The 2023 VinFast VF8 Got Skewered in First Drive Reviews

You don't see a new car get roasted this hard very often these days. It's an inauspicious start for the Vietnamese automaker's U.S. market entry.

www.thedrive.com

When you release a new product, you get one chance to form first impression which will stay with you for years. VinFast completely shit the bed.

 

[casual]

​

Bloomberg
VinFast, an electric vehicle maker founded by Vietnam’s richest person, is going public through a merger with blank-check company Black Spade Acquisition Co. in what would be the largest-ever US listing by a company from the Southeast Asian country.

The deal will give VinFast an equity value of about $23 billion, according to a statement from the parent company Vingroup JSC on Friday. Including debt, the EV maker will be valued at around $27 billion. VinFast shareholders will own approximately 99% of the combined entity after the transaction, which is expected to close in the second half of this year, subject to regulatory and shareholder approvals.

Vietnam EV maker VinFast inks $23 billion SPAC deal - Autoblog

VinFast's $23 billion SPAC deal will make it the largest ever U.S. listing from the southeast Asian country.

www.autoblog.com

VinFast's strategy is weird. They released another midrange EV in a market flooded with midrange EVs. There's nothing that really sets them apart. They don't have any killer tech, no brand value, no pricing advantage. Very hard to see this brand doing well in western markets.

 

[Bilal9]

VinFast's strategy is weird. They released another midrange EV in a market flooded with midrange EVs. There's nothing that really sets them apart. They don't have any killer tech, no brand value, no pricing advantage. Very hard to see this brand doing well in western markets.

I mean I was on the fence and neutral about the initial hype since I have so many Viet friends and they were so gung ho about the brand.

But seems like the VinFast mgmt. is asleep at the wheel and has no coherent strategy in which vehicle market segment is saturated and which NOT to tackle first.

The Japanese focused on cheap small economical fossil fuel vehicles in the early 60's when they started out. The first Toyopet "Tiara" model had such a weak engine it could not climb up mountains. It was such a flop and expensive failure that Toyota withdrew from the US market. They slowly focused on quality improvement with Deming's methods and they got better.

In the late 1960's Toyota ("Toyopet" in those days) came back with the Crown. Watch the video and see who they are targeting.

Ditto with Koreans with the Hyundai Excel in the eighties with a horrible quality reputation which was a serious mis-step in the US market.

Hyundai is still suffering to this day because of that mis-step (cars cannot be sold at a premium), though the Genesis sub-brand is making a name for itself.

But these VinFast guys - they take the cake. I've written on these a few years ago, and I mentioned the same thing. They are clueless.

No one is going to buy a Luxury Vietnamese car built on BMW chassis from five years ago. They don't understand the US (or for that matter ANY) car market and what makes people buy cars. It's not potato chips they're selling. It's a technical product and a major purchase.

They should have started with a small nimble cheaply priced EV, like Geely and BYD in Asia.

Expensive mistake to tackle the toughest car market globally, which is the US.

 

[Han Patriot]

VinFast founder has no plans to inject more money into EV maker

VinFast lost $1.3 billion in 2021 and close to $1.5 billion in the nine months through Sept. 30, according to a filing in the U.S. ahead of the EV maker's planned IPO.

europe.autonews.com

They lost 2bil$ in this venture, that's a B. Even the dumbest SOE will not aim to sell in the premium sector.

I think they lack Confucian values, don't wear a hat bigger than your head, build a solid foundation before building house.

Before China even started building EVs, they started with batteries, motor control, lidar, igbt and the autonomous driving system. Vietnamnese don't understand this. They think they can just buy off the shelf motors, batteries and just integrate it with an old chassis.

 

[Song Hong]

Likely they bought all the batteries from China.

EV key technology is battery and nothing else.

EV is using AC motor, even high school students can coil copper and make it.