VinFast seeks EV creation web site in Germany

BERLIN — Vietnamese automaker VinFast and the economic advertising agency Germany Trade and Invest (GTAI) are functioning together to enable the company locate a spot for an electrical-vehicle plant in Germany.

The manufacturing facility would develop Vinfast electrical cars and trucks and buses, the automaker reported in a statement. The firm did not give a goal day for when the factory would open up.

VinFast CEO Le Thi Thu Thuy mentioned Europe will be a person of the most essential marketplaces for the automaker. “The era of delivery vehicles close to the earth is in excess of, in particular due to the fact there is COVID-19,” she reported in the statement. “You have to have the factories close to the markets to definitely bring in customers.”

VinFast became Vietnam’s first totally fledged domestic automaker when its gasoline-powered types went on sale in 2019. It began promoting EVs in Vietnam at the conclude of last calendar year.

“VinFast wants to offer higher-quality e-autos and a exclusive customer knowledge at reasonably priced selling prices,” Thuy said. “We are self-confident we can uncover a place in the European industry, in particular since the shift to e-autos in Europe is crystal clear.”

Thuy, who is vice chairwoman of VinFast mum or dad, Vingroup, took on the VinFast CEO role previous thirty day period when German govt Michael Lohscheller, formerly head of Opel, unexpectedly stepped down for particular reasons.

The manufacturing unit could make up to 250,000 automobiles a calendar year, with output starting off close to 2025.

Lohscheller developed a quick-checklist of 5 destinations for the plant before he give up the automaker, Thuy advised Automotive News Europe sister publication Automobilwoche.

“Of people, two are nevertheless in the functioning,” she reported, devoid of disclosing which ones they ended up.

A Vinfast delegation experienced frequented a person of the potential websites, Thuy mentioned.

VinFast programs to launch income of full-electric powered vehicles imported from its manufacturing unit in Hai Phong, Vietnam in Germany, France and the Netherlands in the spring. It will use a distribution model related to Tesla’s that does not count on franchised dealers but sells on the web and through enterprise-owned retailers.

“We congratulate VinFast on its determination to arrive to Europe’s major economic system and the automotive heartland of the continent,” GTAI CEO Robert Hermann claimed in the assertion. “Mobility is shifting significantly in Germany and is expected to do so even additional beneath the new governing administration. We are delighted to help VinFast in getting its excellent location and placing up shop in Germany,” he reported.

VinFast introduced its complete EV fleet at the CES in Las Vegas on Wednesday together with two electric powered SUVs, the VF 8 and VF 9 (beforehand VF e35 and VF e36). The two were made by Italy’s Pininfarina.

The corporation stated it has opened pre-orders for VF 8 and VF 9. U.S. pricing for the VF 8 commences at $41,000 excluding the battery, which have to be leased. Pricing for the 3-row

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Rivian, the Amazon-backed electric vehicle maker, seeks to raise $8.4 billion in IPO

Amazon-backed electric car maker Rivian is seeking a valuation that would place it among the world’s most valuable automotive companies when it goes public in the coming days, according to an amended S-1 filing on Monday.

Rivian said it expects to offer 135 million shares of its Class A common stock priced between $57 and $62 per share. An additional 20.25 million shares will be made available to the IPO’s underwriters. Rivian could raise as much as $8.4 billion when it debuts if shares trade at the high end of its range, or a total of more than $9.6 billion if underwriters exercise their options.

The California-based company’s filing indicates a targeted valuation of more than $53 billion based on outstanding shares, though that number could change based on investor demand and market conditions. The Wall Street Journal reported Rivian is seeking a valuation of more than $60 billion.


Electric truck maker Rivian Automotive, which currently sources batteries from South Korean supplier Samsung SDI (006400.KS), plans to build battery cells in-house, its filing for a U.S. initial public offering showed on Friday. (Photo by Michael Bro

Rivian said it would make a portion of its shares available to retail investors through SoFi’s online brokerage platform. The company will trade on the NASDAQ exchange under the stock symbol “RIVN.” Rivian is expected to begin public trading next week.

RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., unveils the R1T electric pickup truck, left, and R1S electric sports utility vehicle (SUV) during a reveal event at AutoMobility LA ahead of the Los Angeles Auto Show in Los (Getty Images)

With a strong debut, Rivian could earn a higher valuation than Honda, which is currently valued at roughly $53 billion. Ford Motor Company, which holds a stake in Rivian, is currently valued at roughly $71 billion, while General Motors is valued at roughly $80 billion.

Rivian said it expects to deliver approximately 1,000 of its R1T electric pickup trucks by the end of the year. Last month, the company said it lost nearly $1 billion through the first six months of the year.



Last month, Amazon disclosed it holds an approximately 20% stake in Rivian. The e-commerce giant has already contracted Rivian to provide 100,000 electric delivery vans by 2030.… Read More...

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