February 23, 2024

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EV maker VinFast, led by Vietnam’s richest man, to take a position $2 billion in India

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The agency appointed Pham Nhat Vuong, founder and chairman of mum or dad firm Vingroup Joint Inventory Firm, as the brand new chief govt officer, the corporate mentioned in a press release as reported by Bloomberg on Saturday.

Present CEO Le Thi Thu Thuy will grow to be head of the board of administrators. The corporate additionally named Nguyen Thi Lan Anh as chief monetary officer, changing David Mansfield.

Vuong, Vietnam’s richest man, will now straight oversee the operations of VinFast, together with international manufacturing, gross sales, and advertising. VinFast, which went public within the US in August by merging with blank-check firm Black Spade Acquisition Co., reported a wider loss within the third quarter.

Building of the power is focused to start out this 12 months, the corporate mentioned. The challenge could have an annual capability of as a lot as 150,000 models, it mentioned.

The corporate, which is establishing a $2 billion manufacturing complicated in North Carolina and planning a manufacturing unit in Indonesia, seeks to aggressively transfer into Southeast Asian markets and needs to finally elevate “plenty of capital” to gas international growth, Thuy informed Bloomberg in October.

VinFast went public within the US in August by merging with blank-check firm Black Spade Acquisition Co., and reported a wider loss within the third quarter.

The automaker started promoting EVs within the US in early 2023 and deliberate its first European deliveries within the fourth quarter of final 12 months.

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