Vietnam's conglomerate Vingroup plans to list its VinFast e-car division on the US stock exchange in the second half of 2022 and thereby raise at least three billion dollars. The company is also aiming to sell three times as many electric cars in the coming year as previously planned.

Reuters reports this, citing a statement from the group. According to the report, VinFast had already indicated in April that it was preparing to go public with a valuation of $ 60 billion and expected revenues of at least $ 3 billion. This is equivalent to 53 billion or just under 2.7 billion euros.

Specifically, parent company Vingroup has now founded a Singapore-based holding company to drive the IPO. "The new company, VinFast Singapore, is a step to transform VinFast into a global company and to prepare for the IPO in the USA," Reuters quoted from a statement by the company. "Vingroup will be a major shareholder in VinFast Singapore."

There is also new information that VinFast is aiming for worldwide sales of 42,000 electric vehicles in the next year - instead of the previously planned 15,000 copies. VinFast has been selling vehicles since 2019, but the first models still have an internal combustion engine. However, the company is planning international expansion with electric cars: In the coming year , two E-SUVs are to be brought onto the market, the medium-sized VF e35 and the seven-seater VF e36. As the company had confirmed in September, the two models will also be sold in Europe - Germany is one of the first three markets.

Capital-intensive is the current development stage of the company also because the Vingroup later this year with the construction of a battery cell factory for VinFast in Vietnamese Ha Tinh province is expected to start . According to a Reuters report from October, the plant is expected to start production in the third quarter of 2022, initially with an annual capacity of 3 GWh. An expansion to 5 GWh per year is planned by 2025.

According to information from Reuters, the company plans to invest 387 million dollars (332 million euros) in the facility on a 12.6 hectare site in the centrally located province. The location was probably not chosen by the Vingroup by chance: Reuters had already reported in April that a second VinFast vehicle plant was to be built in the region.

When it comes to batteries, VinFast is pursuing a multi-pronged strategy: On the one hand, it is planning its own battery plants, but these cannot yet meet current requirements - so cells still have to be purchased. In addition, the company has long stretched its feelers in the direction of companies researching new battery technologies. Including Gotion High-Tech , ProLogium and StoreDot .