Hyperdrive
VinFast Tycoon to Inject $2 Billion Into Struggling EV Maker
- Parent Vingroup also commits to invest as much as $1.4 billion
- VinFast faces headwinds in goal to be global EV brand
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Vietnamese billionaire Pham Nhat Vuong pledged to invest about $2 billion into VinFast Auto Ltd., another major capital infusion from his personal wealth for the struggling electric vehicle maker.
Parent company Vingroup JSC also promised to loan VinFast as much as $1.38 billion, according to a company statement. Vingroup is also converting its existing loans to VinFast Vietnam, about 80 trillion dong, into preferred shares entitled to dividends to alleviate short-term financial pressure on the EV maker, according to the statement.