EV maker VinFast secures $2.5 billion in fresh funding
Of the new pledges, $1 billion will be provided as a grant within the next year from founder Pham Nhat Vuong, Vietnam's richest man, the company said in a statement.
Parent company Vingroup, Vietnam's biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with a maturity of up to five years. That would increase total funds raised by VinFast to $10.7 billion, based on earlier company filings.Vingroup has plans to raise money from possible sales of assets from its shopping mall arm and real estate developer, Reuters exclusively reported in March.
VinFast first flagged a U.S. IPO in April 2021, aiming to raise $2 billion with a valuation of about $60 billion. The listing was initially planned for the second half of last year, and a number of bankers have since said the IPO was expected this year. However, there was no updated timeline in the company's latest filing to U.S. authorities in March.
The market valuation for EV startups has drastically cooled after some companies with sky-high valuations faced scrutiny amid the gloomy global economic outlook.
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