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Could 01, 2024
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The corporate’s CEO, who can also be chairman of the board of its holding firm, will make the funding from his private fortune.
Vietnamese billionaire Pham Nhat Vuong has introduced that he plans to speculate $1 billion from his private fortune into electrical automotive maker VinFast. The announcement got here throughout a shareholder assembly of Vingroup, the father or mother firm of VinFast. Vuong is chairman of the board and he owns 18 p.c of the corporate’s shares.
VinFast has been working at a loss. As of This autumn 2023, Vingroup had invested $11.4 billion within the EV maker. VinFast, which is traded on Nasdaq, has misplaced 75 p.c of its share worth because it’s providing in August 2023, when it started buying and selling at $10; within the months since, the share value has dropped to $2.50.
The corporate has failed to fulfill gross sales targets, which has led to the losses. VinFast bought some 35,000 automobiles in 2023; of these, 70 p.c went to taxi firm GSM, which is owned by Vuong. One other 10 p.c of the EVs VinFast bought went to models inside Vingroup.
Along with making EVs, VinFast additionally presents an e-bike, the Drgnfly. We will’t assist however marvel if with this large money infusion to VinFast Vuong will earmark a few of that for the e-bike division. With only one mannequin bought in VinFast’s showrooms, the corporate’s e-bike presence is skinny. With such an infinite funding, the corporate would have the assets to increase manufacturing in addition to develop new fashions, to not point out provide on-line gross sales.
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