VinFast, the Asian automotive company, is planning to build electric vehicle production factories in both India and Indonesia in an attempt to expand its reach to 50 markets by the end of 2024. This comes at a time when the organization anticipates a $1.2 billion influx of cash from its founder (Pham Nhat Vuong) and other Nasdaq-listed EV producers, according to Nikkei Asia.
Vuong controls over 2 billion shares of the privately-held company. However, over the next six months, he is planning to sell 46 million shares to raise $700 million for the company, according to an October 12 securities filing.
The securities filing said that VinFast had "optimized its capital expenditure plan" for EV manufacturing, enabling the company to save about $400 million.
"These savings are expected to be used toward building CKD (completely knocked down) factories in Indonesia, the most populous country in Southeast Asia, and India, the third largest auto market in the world, according to Nikkei Asia," the company said.
Last month, VinFast said that Vuong had supplied the business with $291 million. The organization is expecting to receive another $500 million grant from its parent company VinGroup.
Prior to this, VinFast announced plans to sell its EVs in Southeast Asia, Europe and Canada in May. VinFast said that it sold 10,027 EVs during the third quarter of 2023, a slight increase from the 9,535 vehicles the company delivered during the previous quarter.
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