Vietnam's Vinfast plans U.S. listing in a couple of years -CEO
Reuters
Published Nov 17, 2021 06:35PM ET
By Hyunjoo Jin
LOS ANGELES (Reuters) - Vietnamese automaker VinFast plans to list on the U.S. stock market within the next couple of years, its chief executive told Reuters, joining a growing list of electric vehicle startups taking advantage of investor excitement to raise money.
VinFast, established in 2017 as part of Vingroup JSC, the largest conglomerate in the Communist-ruled country, also plans to start producing electric cars in the United States in the second half of 2024, global Chief Executive Michael Lohscheller said in an interview on Wednesday.
"Of course we work through different options. But yes, we will also go after an IPO in the United States in the next one or two years," said the former Volkswagen (DE:VOWG_p) and Opel executive who was named to his position at VinFast in July.
Lohscheller said the company, which has a car factory in Vietnam, sees U.S. production as "an incredibly important strategic decision ... because shipping cars and cars around the world is not a long term setup."
"We want to do everything locally," he said.
VinFast unveiled two electric sport utility vehicles, VF (NYSE:VFC) e35 and VF e36, at the Los Angeles Auto Show on Wednesday.
It will begin taking pre-orders in the U.S. market for the electric SUVs in spring 2022 and expects to begin delivering them in the fourth quarter of that year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.