Vietnamese automaker VinFast is going public in the United States, announcing it has officially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) on Tuesday.
The filing comes just a few weeks before VinFast is expected to make its first deliveries of the VF8 SUV in the US.
According to VinFast they will list on the NASDAQ stock exchange under the ticker VFS after converting to a Singapore public limited company that will be known as VinFast Auto Ltd. The exact details on the numbers of shares that will be offered and the price range for the offering has not yet been determined, the company said in a press release.
VinFast is a relative newcomer in the automotive world, having only been formed as an internal combustion engine (ICE) vehicle maker in 2019. The company has now shifted to become an all-electric automaker after ending production of its lineup of ICE cars last November.
The first two EVs it will offer in Canada and the US are the VF8 and VF9 SUVs. The first shipment of VF8 vehicles are currently on their way to California after departing Vietnam last last month.
The automaker is adopting a different pricing strategy than others, giving customers the choice to buy the EV without the battery, and instead pay a monthly fee for it.
The VF8 starts at $54,990,in Canada and $42,200, while the battery subscription adds another $249 every month for Canadian customers or $169 for those in the US.
You can read all the details on VinFast’s pricing structure here.