Image: Reuters Berita 24 English - According to the firm, Credit Suisse (Singapore) Ltd. and Citigroup Global Markets Inc. have signed frame...
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| Image: Reuters |
Berita 24 English - According to the firm, Credit Suisse (Singapore) Ltd. and Citigroup Global Markets Inc. have signed framework agreements with VinFast, a Vietnamese automaker, to raise at least $4 billion for the construction of an electric vehicle facility in North Carolina.
The declaration follows its parent company Vingroup JSC's May statement that VinFast's initial public offering (IPO) would be postponed until next year owing to market uncertainties.
The type of debt the corporation might issue is unknown. Requests for comment from Credit Suisse and Citi were not immediately fulfilled.
VinFast, which began operations in 2019, has staked a lot on the American market. With two all-electric SUVs and a battery lease plan that would lower the purchase price, it expects to compete with established manufacturers and startups.
According to the manufacturer, the 800 hectare North Carolina factory will initially produce 150,000 electric vehicles annually.
VinFast stated its intention to begin production by 2024 and pledged to create 7,500 employment at the facility.
The business announced that it would soon open its first abroad showrooms in California, including a flagship location in Santa Monica.
The administration of U.S. President Joe Biden has been contacted by the North Carolina manufacturer regarding prospective funding through a fund for advanced-technology automobiles.
Additionally, VinFast has applied for an IPO in the US through a Singaporean shell company that now legitimately owns practically all of the assets of the startup automaker.
By market capitalization, Vingroup, which operates in the retail, real estate, and resort industries, is the largest publicly traded corporation in Vietnam. In order to develop conventional combustion-engine vehicles before focusing only on EVs in 2021, it established VinFast in 2019.
VinFast has gained backing from suppliers, certain analysts, and the Biden administration despite its slow start in an increasingly saturated EV industry, in part because of the notion that it is an emerging national champion in Vietnam.
VinFast's recently announced U.S. investment plans were "the latest illustration of my economic approach at work," Biden wrote in a tweet from the end of March.
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