The deal could close this year. Black Spade is currently seeking an extension from investors from July 20, 2023 to July 20, 2024.
VinFast has an enterprise value of about $23 billion. VinFast's valuation is based on Black Spade's decision.
VinFast is comparable to electric carmaker Lucid due to similar revenue sizes and shared global target markets, Black Spade said, with the company now focusing on US sales in the short term.
VinFast plans to merge with an American company in 2023.
Black Spade Acquisition is a special purpose vehicle (SPAC). SPACs raise money through an IPO and use it to buy shares in other target companies. Going public through a SPAC merger is a recent trend because it allows companies to bypass the traditional Wall Street process.
VinFast, which has been operating since 2019, has a factory in Vietnam and is planning a second factory in North Carolina, U.S. The company is shipping 3,000 electric vehicles to North America and plans to offer customers the longer-range VF 8 SUV in June.
Recently, Mr. Pham Nhat Vuong - Chairman of Vingroup's Board of Directors told Vingroup shareholders that VinFast could break even by the end of 2024.
According to Mr. Pham Nhat Vuong, VinFast expects to sell 50,000 units this year, an increase of nearly 7 times compared to 2022 thanks to increased exports to North America and the start of shipping to Europe.
Cong Anh - Ngoc Vy
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