According to Bloomberg, VinFast, a Vietnamese manufacturer of electric vehicles, has merged with special purpose acquisition company Black Spade Acquisition Co and plans to list on the Nasdaq Global Select Market.
By the time the deal closes on July 20, VinFast will be worth about US $23 billion.
VinFast, which Pham Nhat Vuong founded in 2017, is growing its global presence as EV demand rises. According to a previous report, the company has already sent its first batch of electric cars to the US in March and plans to send its first vehicles to Europe in July.
VinFast initially submitted a traditional IPO application in the US, but earlier this year it switched to a SPAC merger.
According to the company’s most recent earnings report, revenue for the first quarter of 2023 fell by 49% year over year, and net losses increased to US $598 million. The company lost 2.1 billion US dollars last year.
VinFast attributed the decline in sales to its decision to stop producing internal combustion engines and focus exclusively on making electric vehicles. A manufacturing facility owned by the company is located in Hai Phong, Vietnam, and has a maximum annual production capacity of 250,000 cars, which it plans to increase to 950,000 by 2026.