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Vingroup tapping global investors for car unit's $1 bln funding: sources

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Attendees view VinFast's E36 SUV at the 2021 LA Auto Show in Los Angeles, California, U.S. November 17, 2021. Photo by Reuters/Mike Blake

 

Vietnam's largest conglomerate Vingroup is in talks with investors, including Qatar's sovereign fund and BlackRock, to raise about $1 billion in equity for its car unit, three sources aware of the matter said.

 

The fundraising exercise comes as VinFast, Vingroup's automobile arm, is betting big on the U.S. market, where it hopes that its electric SUVs and a battery leasing model will be enough to woo consumers away from the likes of Tesla and General Motors.

 

If successful, it is likely to end up as Vietnam's largest private fundraising, underscoring heightened investor interest in Southeast Asia, a region where ride-hailing and delivery giants Grab and GoTo have raised billions of dollars.

 

Full Story: https://e.vnexpress.net/news/business/vingroup-tapping-global-investors-for-car-unit-s-1-bln-funding-sources-4396937.html

 

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-- © Copyright VN Express 2021-12-01

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