Hyperdrive
VinFast Founder Commits $1 Billion as EV Maker Bleeds Cash
- VinFast parent Vingroup to list resort unit by the end of 2024
- Company committing ‘all’ resources to VinFast, founder says
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Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
The move marks his strongest backing yet for the Vingroup JSC unit touted as a possible challenger to Tesla Inc.