Vietnam EV maker Vinfast expects to break even by end-2024

VIETNAM’S electric automaker VinFast expects to break even by the end of 2024, its founder said on Wednesday (May 17).

The company will also launch an electric vehicle (EV) pickup truck and a city or “mini car” as future models, Pham Nhat Vuong, the chairman of conglomerate Vingroup and founder of its auto unit VinFast, told investors at the company’s annual general meeting.

VinFast said earlier this month that it would list in the United States via a merger with a special purpose acquisition company (Spac) Black Spade Acquisition.

Black Spade is a Hong Kong-based Spac, which was listed on the New York Stock Exchange in July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website.

VinFast, which is looking to break into the US and European markets for electric cars, had earlier received funding pledges of US$2.5 billion from Vingroup, Vietnam’s largest conglomerate, and its founder, Vuong, Vietnam’s first billionaire.

VinFast’s Spac deal is expected to close in the second half of 2023. REUTERS