Vietnam EV maker Vinfast expects to break even by end-2024 – founder


HANOI (Reuters) – Vietnam’s electric automaker VinFast expects to break even by the end of 2024, its founder said on Wednesday.

Vinfast will also launch an EV-pickup truck and a city or “mini car” as future models, Pham Nhat Vuong, chairman of conglomerate Vingroup and founder of its auto unit VinFast, told investors at the company’s annual general meeting.

VinFast said earlier this month that it would list in the United States via a merger with a special purpose acquisition company (SPAC) Black Spade Acquisition Co.

Black Spade is a Hong Kong-based SPAC, which listed on the NYSE in July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website.

VinFast, which is looking to break into the U.S. and European markets for electric cars, had earlier received funding pleges of $2.5 billion from Vingroup, Vietnam’s largest conglomerate, and its founder, Vuong, Vietnam’s first billionaire.


VinFast’s SPAC deal is expected to close in the second half of 2023.

(Reporting by Phuong Nguyen in Hanoi and Kevin Krolicki in Singapore; Editing by Martin Petty and Sherry Jacob-Phillips)