VinFast’s global expansion plans – from a new plant in Indonesia and another possibly in India with 50 markets in mind – continues to unfold in the U.S. as well
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More expansion news from Toyota about its growing lithium battery complex gave Gov. Roy Cooper a chance to talk about North Carolina’s growing clean energy economy. He talked with WRAL News Capitol Bureau Chief Laura Leslie about Toyota, what’s going on with VinFast, the electric vehicle sector, and lithium mining for EV batteries.
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Vietnamese automaker Vinfast plunged right into the crowded and hypercompetitive U.S. auto market, gambling that if it can sell its electric vehicles to finicky Americans, it can succeed anywhere. So far, the gamble has yet to pay off.
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Vietnam-based VinFast has secured access to $1 billion in additional capital on a standby basis as it continues building its multi-billion dollar electric vehicle manufacturing plant in Chatham County and pursues more foreign expansion as well as additional factories.
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Despite reporting another big quarterly loss this month on top of significant losses earlier this year, VinFast is continuing its aggressive expansion efforts beyond its multibillion dollar plant near Sanford, its CEO says. The news helped drive VinFast shares to a new low of $6.75 on Monday, down 15%.
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According to a Reuters report, VinFast has reported to U.S. Securities Regulators that VinFast would acquire VinES for “no consideration” aside from assuming company debt of approximately $462 million.
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VinFast is on the record as saying it wants to build factories in Indonesia and India. A site for the India factory may be in play.
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Losses continue to grow at Vinfast but electric vehicle sales and revenues have increased, the Vietnam-based company says. In a new financial update, the company also says more cash is coming from owner Phạm Nhật Vượng and “key investors” as it pours money into its multi-billion dollar Chatham County factory.
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Shares in VinFast fell below $10 a share on Monday and continued to slide Tuesday below the opening value of shares when it went public in August. What’s going on?
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