VinFast's Billionaire Founder Refuses To Invest More Money To Keep The EV Maker Alive

Another significant investment is the planned construction of a $4 billion manufacturing facility in North Carolina for the VF 8 and larger VF 9. Official approval to begin construction is expected soon. Until then, VinFast will continue to build its EVs at its factory in Vietnam. The European launch of those two EV SUVs is expected to get underway in the coming months, bringing in some money, but not billions.

Without further investment from its billionaire founder, VinFast must sell vehicles and keep up with reservations.

Thuy noted that the company has “delivered thousands of EVs and has nearly 70,000 reservations to be produced as soon as possible.” Deposits for the recently revealed VF 5 are now being accepted, and order books for the VF 6 and VF 7 will open shortly.

The planned IPO should bring in much-needed additional funds to keep the automaker alive.