Winfast CEO: SPAC was just a way for us to list in US

Vietnamese electric vehicle maker shares winfast After this trading started on Nasdaq on Tuesday completion of its merger With US-listed special purpose acquisition company black spade takeover,

WinFast’s new US shares opened at $22 on Tuesday and ended the day at $37.06, up more than 68%. Shares of Black Spade Acquisitions closed at $10.45 on Monday.

SPAC Shell companies are those that raise capital in an IPO and use the cash to merge with a private company to make it public, usually within two years.

WinFast’s deal with Black Spade was valued at around $23 billion, according to one june filing with the US Securities and Exchange Commission.

A Vinfast VF7 electric vehicle is seen during the 2023 Canadian International Auto Show on February 17, 2023 in Toronto, Canada.

Xue Zheng | Xinhua News Agency | Getty Images

“Listing in the US is a big milestone for us. The listing is going to open up access to capital markets for us in the future,” said Lee Thu Thu Thu, CEO of Winfast, who uses the name Madame Thu in English. told CNBC’s “Squawk Box Asia” Tuesday morning.

Vinfast, the automobile arm of Vietnamese conglomerate Vingroup, was founded in 2017. It has so far imported about 2,100 of its EVs from Vietnam into the US, and brought about 800 more to Canada.

The company made its first US delivery in March, but it still has a long way to go to compete with the giants Tesla and Detroit automakers.

We strive to remain competitive in each market in terms of profitability. I think it will come with volume. For now, we’ll stick to our strategy.

le thu thu thu

Vinfast CEO

On whether Vinfast is under pressure to cut prices in general, the following is series of price cuts By Tesla and other EV rivals earlier this year, Le said the company’s strategy is to “offer premium quality products at an affordable price with excellent after-sales service.”

“We always price our products quite competitively as compared to other similar products. But when you look deep into our products, we are packed with more features and more technology. So I think consumers have accepted those prices. have started to recognize the value that we bring with our products,” he said. Take.

“We try to stay competitive in every market in terms of profitability. I think that will come with volume. For now, we’ll stick to our strategy.”

In comparison, the Vinfast 5-seater VF 8 starts at $46,000, while the base Tesla 5-Seater model y Price is $47,740.

Tesla passenger vehicles are eligible for a $7,500 federal tax credit in the US, while Vinfast vehicles are not currently eligible for tax savings because they are not made in the US

Vietnam's Vinfast EV brand is new, unknown and taking on the US

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