Loss-making EV firm VinFast to get $3.4 billion more funding from founder, parent company

📆 12/11/2024 12:19:00
📰 ChannelNewsAsia

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Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth 85 trillion dong ($3.35 billion) from its founder and its parent firm, Vingroup by 2026, when it expects to break even.

FILE PHOTO: The VinFast VF3 eSUV is displayed at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 9, 2024. REUTERS/Steve Marcus/File PhotoNasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth 85 trillion dong from its founder and its parent firm, Vingroup by 2026, when it expects to break even.

Vingroup, one of Vietnam's largest conglomerates, intends to lend up to $1.38 billion to VinFast by the end of 2026 through its activities, dividends, and possible divestment, which it said may be conducted at an acceptable price if necessary. "VinFast remains committed to raising independent capital to meet its financial needs. The support from Vingroup and Vuong will be utilised only if these independent efforts fall short," VinFast said in the statement.

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