Electric-vehicle maker VinFast Auto files for U.S. IPO

By Kathryn Hardison

VinFast Auto Ltd. has filed for an initial public offering.

VinFast Auto is a mobility platform focused on designing and manufacturing electric vehicles, electric scooters and electric buses, it said in a Tuesday filing with the Securities and Exchange Commission.

The company’s initial product line, which began production last year, is a range of fully electric SUVs, it said. VinFast plans to sell its line of electric SUVs in North America and Europe, in addition to its existing market in Vietnam.

VinFast Auto didn’t disclose how many shares it plans to offer or the offering price per share.

Net proceeds will be used to partially or fully repay outstanding share acquisition notes and to make investments in the development of its manufacturing facilities, research and development, and sales and marketing. Proceeds will also be used for working capital and general corporate purposes.

It intends to list its shares on the Nasdaq under the symbol VFS.

For the nine months ended Sept. 30, VinFast reported $439.4 million in revenue and net loss of $1.45 billion. For the year that ended Dec. 31, 2021, revenue was $670.6 million and net loss was $1.35 billion, it said.

Write to Kathryn Hardison at [email protected]

-Kathryn Hardison

(END) Dow Jones Newswires

12-07-22 0252ET