EV maker VinFast builds $4 bln US complex, gets nod for US listing

Vietnamese electronic vehicle (EV) maker VinFast announced Friday it plans a stock market listing in the U.S. next month and broke ground the same day on its $4 billion EV and battery manufacturing complex in North Carolina.

The U.S. Securities and Exchange Commission (SEC) has given VinFast the green light to proceed with its proposed SPAC deal.

In May, VinFast announced it would go public through a business combination with special purpose acquisition company (SPAC) Black Spade Acquisition Co worth roughly $27 billion (equity value of $23 billion).

The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.

“Today represents a remarkable milestone in advancing VinFast’s presence in the U.S. as we move towards our proposed U.S. listing,” Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said in a release.

“Today we also celebrate the start of construction of our EV factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions,” she said.

Dennis Tam, chairman and co-CEO, Black Spade Acquisition Co, said: “We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena.”

Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

VinFast’s U.S. production facility

The Vietnamese EV maker announced another big milestone Friday – breaking ground on its EV and battery production complex in North Carolina with around $4 billion in total investment, and half for the first stage.

This project is the first EV manufacturing facility in the state.

North Carolina Governor Roy Cooper, Vietnamese Ambassador to the U.S. Nguyen Quoc Dung, and representatives from state and federal governments attended the event along with VinFast’s partners, customers, and industry experts.

The plant will span an area of approximately 1,800 acres (nearly 7.3 million square meters) and be divided into five main production areas: a body shop, general assembly, press shop, paint shop and an energy center, among others.

The plant is expected to commence production in 2025, creating an ecosystem of suppliers and thousands of jobs.

VinFast shipped its first batch of VF 8 electric SUVs to the US last November, arriving at the Port of Benecia in California in December. The Vietnamese startup's first customer deliveries started in March as the producer said more time was needed for a software update.

Its first batch of VF 8 SUVs arrived in Canada in May, and customer deliveries started in June.

The firm is expanding to European markets. In Israel in the Middle East, its sole distributor is B-EV Motors. Earlier this week, the Israeli car distributor introduced EVs made by VinFast in Tel Aviv ahead of official exports to be announced at a later date.