A VinFast VF7 electric vehicle is seen at the 2023 Canadian International Auto Show in Toronto, Canada, February 17, 2023.
Zou Zheng | Xinhua News Agency | Getty Images
Vietnamese electric car maker VinFast is expected to list on New York’s tech-heavy Nasdaq on Tuesday morning after complete the merger US public special purpose acquisition company Acquisition in Spades.
SPACs are shell companies that raise money through an initial public offering and use the cash to merge with a private company in order to take it public, usually within two years.
on Monday, VinFast said in a joint statement Black Spade Acquisition will start trading on August 15th.
The deal values VinFast at about $23 billion, according to one firm Filing in June with the SEC.
Following the merger, Black Spade will become a wholly owned subsidiary of VinFast and is expected to be delisted from the New York Stock Exchange, the joint statement said.
VinFast CEO Le Thi Thu Thuy told CNBC on Tuesday morning Asia time: “Listing in the US is an important milestone for us, and this listing will open the door for us to enter the capital market in the future.”
VinFast, the automotive subsidiary of Vietnamese conglomerate Vingroup, was established in 2017.
The electric car maker has been expanding in the U.S. to compete with other companies tesla And BYD, as well as traditional automakers are increasingly focusing on hybrid and electric vehicles.
On whether VinFast is generally under pressure to cut prices, Le said the company’s strategy is to “provide high-quality products at affordable prices with excellent after-sales service”.
“We’ve always priced our products very competitively compared to other similar products. But when you drill down into our products, we have more features and more technology. So, I think consumers are starting to recognize The value that our product brings,” he said. Le.
“We try to be competitive in every market we are in in terms of profitability. I think that will be combined with volume. For now, we will stick to our strategy.”