VinFast completes SPAC merger, prepared to begin buying and selling on Nasdaq

CHATHAM COUNTY, NORTH CAROLINA – July 28: VinFast CEO Le Thi Thu Thuy speaks as Electrical carmaker Vinfast breaks field in its $4B NC production plant situated throughout the Triangle Innovation Level on July 28, 2023.

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Vietnamese electrical automobile maker VinFast is anticipated to checklist at the tech-focused Nasdaq on Tuesday morning in Untouched York, following completion of its merger with the U.S.-listed particular function acquisition corporate Dull Spade Acquisition.

SPACs are shell corporations that carry capital in an IPO and usefulness the money to merge with a non-public corporate to bring to whip it nation, in most cases inside two years.

On Monday, VinFast said in a joint statement with Dull Spade Acquisition that it might start buying and selling on Aug. 15.

The trade in values VinFast at roughly $23 billion, consistent with a June filing with the U.S. Securities and Alternate Fee.

Following the merger, Dull Spade turned into an entirely owned subsidiary of VinFast and is anticipated to delist from the Untouched York Keep Alternate, mentioned the joint commentary.

“It’s a big milestone for us to be listed in the U.S. The listing is going to open access to the capital markets for us in the future,” VinFast CEO Le Thi Thu Thuy advised CNBC Tuesday morning Asia age.

VinFast, the auto arm of Vietnamese conglomerate Vingroup, was once based in 2017.

The EV maker has been increasing within the U.S., going up towards the likes of Tesla and and BYD, in addition to conventional automakers increasingly more specializing in hybrids and electrical automobiles.

We struggle to stick aggressive in each marketplace that we’re in when it comes to profitability. I feel it is going to come along with the quantity. For now, we will be able to keep true to our technique.

Le Thi Thu Thuy

CEO of VinFast

On whether or not VinFast is beneath the drive to short costs on the whole, Le mentioned the corporate’s technique is “offering premium quality products at affordable pricing with excellent after sales service.”

“We always price our products quite competitively compared to other similar products. But when you look deeply into our products, we are loaded with more features and more technology. So I think consumers started recognizing the values that we bring with our products,” mentioned Le.

“We try to stay competitive in every market that we are in in terms of profitability. I think it will come together with the volume. For now, we will stay true to our strategy.”

As a comparability, VinFast’s 5-seater VF 8 begins from $46,000 year the unsophisticated Tesla 5-seater Model Y is priced from $47,740.

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