VinFast completes SPAC merger, scheduled to begin trading on NASDAQ

Vietnamese electric car maker VinFast is expected to list on the tech-focused Nasdaq on Tuesday morning in New York, after which completion of its merger With the US-listed special purpose acquisition company Black Spade Acquisition.

SPACs are shell companies that raise capital in an initial public offering and use the cash to merge with a private company in order to go public, usually within two years.

on monday, VinFast said in a joint statement With Black Spade Acquisition which will start trading on August 1st. 15.

The deal values ​​VinFast at about $23 billion, according to June deposit With the US Securities and Exchange Commission.

Following the merger, Black Spade has become a wholly owned subsidiary of VinFast and is expected to be delisted from the New York Stock Exchange, according to the joint statement.

“It is a big milestone for us to be listed in the US. The listing will open up access for us to capital markets in the future,” VinFast CEO Le Thi Thu Thuy told CNBC Tuesday morning Asia time.

VinFast, the automotive arm of the Vietnamese Vingroup, was established in 2017.

The electric automaker is expanding in the US, taking on the likes of Tesla and BYD, as well as traditional automakers increasingly focused on hybrids and electric vehicles.

On whether VinFast is under pressure to lower prices in general, Lu said the company’s strategy is to “provide high-quality products at reasonable prices with excellent after-sales service.”

“We always price our products very competitively compared to other similar products. But when you look deeper into our products, we’re loaded with more features and more technology. So I think consumers are starting to recognize the values ​​that we bring with our products,” he said.

“We’re trying to stay competitive in every market we’re in in terms of profitability. I think it’s going to match volume. For now, we’re going to stay true to our strategy.”

By comparison, VinFast’s 5-seater VF8 The price starts at $46,000, while the base Tesla is a 5-seater Y model From $47,740.