Vietnam’s VinFast hips first EVs to California amid US IPO plan

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(Nov 25): VinFast, an electric carmaker backed by Vietnam’s richest man, is shipping its first SUVs to the US, a milestone for parent Vingroup JSC that set out five years ago to bring high-end manufacturing to the Southeast Asian country.

Nine hundred and ninety-nine vehicles are being loaded onto a red and white cargo ship emblazoned with VinFast in the northern port city of Haiphong. The EVs will be delivered to a California port and delivered to customers in late December, according to a VinFast statement.

The company, which faces intense competition from the world’s top auto brands, said in September it will ship about 5,000 vehicles to customers in the US, Canada and Europe this month.

The company is weighing a US initial public offering as early as January, Bloomberg reported earlier. VinFast said in July that it had signed agreements with banks to raise at least $4 billion to help its US expansion, including a factory in North Carolina.

VinFast said it has received 65,000 global orders for its VF 8 and VF 9 models, according to the statement.