VinFast, the Vietnamese Tesla, aims for an IPO in the US.

Electric cars no longer make Wall Street dream, traders are betting on the decline of specialist companies. However, the Vietnamese producer VinFast submitted an application for an IPO in the US on Tuesday 6 December. If the documents are validated, the shares will be indexed per Nasdaq under the label ” VFS ยป.

VinFast will compete with Tesla

VinFast, nicknamed the Vietnamese Tesla, was founded in 2017 before actually starting operations in 2019. For its IPO, will develop into a Singapore Limited Company. Details regarding the number of shares and the price range have not yet been published.. The date of the operation was planned for the fourth quarter of this year, but will ultimately be pushed back to next year. To differentiate itself from other start-ups in the automotive sector, Vinfast did not seek to merge with another company in order to successfully enter the Nasdaq. To convince investors, the company already produces and ships its vehicles to Uncle Sam.

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This arrival of the startup in the US market is quite recent. During the summer, the company began construction a $2 billion plant in North Carolina. She hopes to be able to produce there 150,000 vehicles per year by July 2024. Last month, the electric car maker showcased four SUVs at the LA AutoShow in Los Angeles. She took the opportunity to also announce the shipment of her first batch of 999 vehicles in the country.

Vinfast wants to quickly position itself in the American car market with its strategy: to sell cars similar to Tesla’s for less. For this, it offers monthly rental of car batteries. To quickly convince potential customers, the company offers $7,500 to all buyers nationwide.

VinFast also wants to invest in the car market on the old continent. This week, the manufacturer opened two sales points in Paris and Cologne in Germany. The Vietnamese company said it was just the beginning of a plan to invest in all European metropolises in particular Marseille, Berlin or even Amsterdam.

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