Vietnam EV maker VinFast aims to list in U.S. via SPAC – Nikkei Asia
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Lossmaking Vingroup auto division valued at $23bn under deal
VinFast displays vehicles in Ho Chi Minh City, Vietnam, where it began selling cars in 2019. It plans to enter the electric car markets in North America and Europe. (Photo by Lien Hoang)
LIEN HOANG, Nikkei staff writerMay 12, 2023 22:55 JST | Vietnam
HO CHI MINH CITY — VinFast announced plans to merge with a New York Stock Exchange-listed special purpose acquisition company (SPAC), bringing the Vietnamese electric vehicle maker closer to a long-sought public offering in the U.S.
The automaker run by Vietnam’s richest man said Friday the deal with Black Spade Acquisition Co. would value it at $23 billion. EV startups listed in the U.S. like Rivian and Lucid have market capitalizations of about $13 billion.
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Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.