Vietnamese electric vehicle (EV) maker VinFast has filed for an initial public offering (IPO) in the U.S., according to a news release on Tuesday.
The news comes after the company — which has drawn comparisons to Elon Musk’s Tesla — shipped 999 units of its VF 8 model to California to mark its global expansion. The SUVs, which come in two versions, are expected to arrive at the end of the month.
Citigroup Global Markets, Credit Suisse, J.P. Morgan Securities and Morgan Stanley are the lead bankers on the offering, Bloomberg reported. Shares will trade under the ticker symbol “VFS” on the Nasdaq.
Neither the listing date nor the size of the fundraising has been confirmed. However, VinFast previously stated that the IPO was slated for the fourth quarter, according to Reuters, while its parent company VinGroup said it could be delayed to 2023.
VinFast, Vietnam’s lone domestic automaker, traces its origin to manufacturing internal combustion vehicles in 2019. Today, it focuses solely on electric vehicles.
VinFast currently offers the midsize VF 8 and the larger VF 9, which are all made in its factory in Haiphong. The company plans to open a $2 billion U.S. plant in North Carolina in July 2024.
On Thursday, VinFast announced that T-Mobile will be the exclusive connectivity provider for its electric vehicles in North America and Europe. The automaker called the agreement a “long-term, multi-million-dollar deal.”
Under the deal, T-Mobile will provide connectivity for the VF 6, VF 7, VF 8 and VF 9 models, which will come with “built-in capabilities that power connected services such as remote vehicle services; streaming media and gaming on-the-go; safety features, including live traffic information; Wi-Fi hotspot data on select models, to help passengers stay connected; as well as over the air firmware and software updates.”
“VinFast’s goal is to turn our smart electric vehicles into a platform that connects every aspect of life,” said Vice Chairwoman of Vingroup and Chairwoman of VinFast Le Thi Thu Thuy. “Through our partnership with world-leading partners like T-Mobile, we’re delivering advanced features and functionality designed to make the journey safe, efficient and more enjoyable.”
The partnership will also grant VinFast access to T-Mobile’s IoT platform. This will allow the EV maker to oversee the service and maintenance of its vehicles worldwide based on near real-time data, performance monitoring and remote notifications.
“Both T-Mobile and VinFast are driven by a customer-first mindset, so it’s inspiring and motivating to support their innovation and the needs of their customers,” said T-Mobile Business Group President Callie Field. “Electric vehicles are rapidly evolving from a mere mode of transportation to a companion that offers productivity, entertainment and safety features throughout the journey — and we can’t wait to help VinFast customers experience this, no matter where the road takes them.”