VinFast to start handover of cars in US this month

“We are currently signing sales contracts with our customers and will hand over vehicles in January,” Bloomberg quoted the subsidiary of private conglomerate Vingroup as saying.

It is also tying up with banks to provide loans to buyers.

In late November VinFast shipped its first batch of 999 cars to the U.S., capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.

CEO Le Thi Thu Thuy said some of the VF 8 electric SUVs shipped in November are meant for U.S. car subscription service Autonomy but the majority would go to retail buyers who have ordered the vehicle.

VinFast expects to sell 750,000 vehicles a year globally by 2026.

It has filed for an initial public offering in the U.S. to list on Nasdaq to fund its expansion with a $2-billion plant it plans to build in North Carolina State in the U.S.

For the IPO, it would convert into a Singapore public limited company and be known as VinFast Auto Ltd, but the number of shares to be offered and the price range have not been determined yet, Reuters reported.