Electric vehicle (EV) company. VinFast goes public in a transaction announced Friday morning via the SPAC merger. Here are the key details.
The SPAC deal: VinFast announced a SPAC merger Black Spade Acquisition Co BSAQ. The deal comes off as before with VinFast applied for an IPO in the United States
VinFast expects the merger to be completed in the second half of 2023. The company’s existing shareholders will own approximately 99% of the combined company after the merger.
“VinFast has demonstrated excellence in execution by building a maximum production facility of up to 300,000 EVs per year in just a few years and having a full line of beautifully designed, high-quality EVs,” says Black Spade Acquisition Co-CEO Dennis Tam called.
About VinFast: VinFast was founded in 2017 and is a member of the Vietnamese conglomerate Vingroup. The company started with an electric scooter model in 2018 before expanding to traditional automobiles in 2019.
The production of internal combustion engine vehicles was stopped at the end of 2022, as VinFast switched completely to electric vehicles.
The company has a portfolio that includes electric SUVs, electric scooters and electric buses. The company exports its products throughout Vietnam and North America and plans to expand to Europe “soon”.
“VinFast has already demonstrated the ability to reach international markets quickly. “The partnership with Black Spade and the listing of VinFast in the US represents the perfect raising opportunity for our future global ambitions and is also a major achievement for Vingroup,” said the CEO of VinFast Auto Global Madame Thuy Le called.
The company has delivered four EV models to customers in Vietnam and shipped its first units to North America earlier this year with the VF 8 model.