1 Min Read
(Reuters) -Vietnamese automaker VinFast said on Thursday that a Singapore-based holding company that owns a stake in it had confidentially filed for an initial public offering (IPO) with U.S. securities regulators.
VinFast, which is a unit of Vietnam's biggest conglomerate Vingroup JSC, said it had not determined the size and price range for the IPO. []
The company said last week that it signed a preliminary deal to initially invest $2 billion to build a factory in North Carolina to make electric buses, sport utility vehicles and batteries for electric vehicles.
VinFast is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with affordable electric SUVs and a battery leasing model.
Reporting by Akanksha Khushi in Bengaluru; Editing by Arun Koyyur, Robert Birsel
