Reuters
EV maker VinFast to acquire its battery maker sibling
VinFast, which was backed by Vietnam’s largest conglomerate Vingroup, said the strategic acquisition of VinES, also a member in the Vingroup ecosystem, would help it secure the supply of batteries as the EV maker sought to save 5% to 7% on battery costs. Founded in 2017 and starting to make EVs from 2021, VinFast has continuously received financial support from its founder, also Vietnam’s richest man. In a filing with the U.S. securities regulator, VinFast said it would acquire VinES for no consideration other than assuming debt of around $462 million with Vuong willing to provide grants to the EV maker for all interest payments relating to existing VinES borrowings up to 2027.