VinFast is going public via a $27bn SPAC merger with Black Spade Acquisition Co, making it the third-largest SPAC merger in history. The company has built a state-of-the-art manufacturing facility with the capacity to produce 300,000 electric vehicles per year and plans to expand its market reach to Europe “soon” while also making waves in Vietnam and North America with its EV models.
Well, folks, it’s time to grab your popcorn and kick back while Vietnam’s very own electric vehicle (EV) prodigy, VinFast, struts its stuff on the public stage. That’s right, VinFast is going public via a Special Purpose Acquisition Company (SPAC) merger with Black Spade Acquisition Co BSAQ, an impeccable move considering the company’s previous flirtations with a U.S. initial public offering. This marriage of convenience values VinFast at a jaw-dropping $27 billion, making it the third-largest SPAC merger in history. Quite the accomplishment for a company that started as a humble electric scooter manufacturer in 2017.
You may be wondering how VinFast managed to earn such a hefty price tag. Well, it seems the company’s been trying to impress, having built a state-of-the-art manufacturing facility with the capacity to churn out up to 300,000 electric vehicles per year. That’s a whole lot of EVs, folks. It’s no wonder that Black Spade Acquisition Co-CEO Dennis Tam gushed about VinFast’s “execution excellence” and their beautifully designed, high-quality EVs in just a few short years. Talk about a modern-day Cinderella story.
But VinFast isn’t content to rest on its laurels. With eyes set firmly on the future, the company plans to expand its market reach to Europe “soon” and continue making waves in Vietnam and North America. As the proud parent of four EV models already delivered to Vietnamese customers and its first North American delivery, the VF 8 model, VinFast is eager to show off its progeny to the world. The company’s commitment to going all-in on electric vehicles after halting internal combustion engine production in 2022 is truly a testament to its dedication to a brighter, greener future.
So, what does this mean for VinFast’s competitors like Tesla, you ask? Well, there’s a new kid on the block, and its name is the VF 8 electric SUV. This feisty newcomer is seen as a potential rival to Tesla’s Model Y, one of the bestselling vehicles globally. With a U.S. headquarters in Los Angeles and showrooms in California, VinFast is making itself cozy in Tesla’s backyard while also maintaining a foothold in the cutthroat Asian market. Tesla’s recent price cuts to gain market share may signal that the bigwigs are taking notice of this up-and-coming contender.
As we eagerly anticipate VinFast’s merger completion in the second half of 2023, it’s hard not to marvel at the company’s rapid growth and ambitious plans. A proposed manufacturing facility in North Carolina is set to break ground, further solidifying the company’s North American presence and aspirations. VinFast Auto Global CEO Madame Thuy Le cited the partnership with Black Spade and the U.S. listing as the “perfect capital raising avenue” for VinFast’s global ambitions. Like a proud parent, they’re preparing to watch their EV brainchild soar to new heights.
In conclusion, VinFast’s foray into the public arena seems to be garnering quite a bit of attention, and with good reason. This high-flying EV company is poised to become a major player in the industry, thanks to its impressive production capabilities and aggressive expansion plans. Tesla and other competitors should keep a weather eye on the horizon as VinFast revs its engines, ready to take on the world. As for us, the spectators, all that’s left to do is sit back, enjoy the show, and perhaps ponder the potential of a VinFast vehicle gracing our driveways in the not-too-distant future.