EV Maker VinFast Files for US IPO: Reuters

• Vietnam-based electric vehicle maker VinFast’s Singapore-based holding company had filed for an initial public offering (IPO) with U.S. securities regulators, Reuters reported.
• VinFast looks to raise about $2 billion from the offering.
• The company first launched in 2017 and became Vietnam’s first domestic car manufacturer when its gas-powered models reached consumers in 2019.
• VinFast is planning to build its first U.S. factory in North Carolina and spend $4 billion for the same.
• The report noted that the company is betting big on the U.S. market, hoping to compete with legacy automakers and startups with electric SUVs and a battery leasing model.