Vinfast reveals first-quarter revenue after “going to the US”, updates information on the merger process with Black Spade

Previously, in May, VinFast and Black Spade announced a business merger agreement. After the transaction, VinFast has a valuation of more than 23 billion USD and continues to plan to list on the US stock exchange.

VinFast’s valuation is based on Black Spade’s decision that VinFast is comparable to electric vehicle maker Lucid (LCID.O) “due to similarities in revenue size and a common global target market with a focus on focus. short-term is sales in the United States.”

VinFast founder and billionaire Pham Nhat Vuong last month told Vingroup shareholders that VinFast could break even by the end of 2024.

Vuong said Vinfast expects to sell 50,000 units this year, nearly seven times more than in 2022 as it increases exports to North America and begins shipping to Europe.

VinFast started operations in 2019 and has a factory in Vietnam and is planning a second one in North Carolina. Vinfast has already shipped around 3,000 electric vehicles to North America and is expected to deliver the further range of the VF 8 SUV to customers this month.

In the first full reporting period since the start of exporting to the US, ie the first quarter of 2023, VinFast’s revenue decreased by 49%.

Vinfast attributed the quarterly revenue drop to nearly $84 million, due to lower selling prices and Vinfast’s orientation to become a pure electric vehicle manufacturer.