WinFast’s initial public offering (IPO) in the United States may be delayed until next year due to ongoing market uncertainty.
Speaking at the company’s annual general meeting, Vinggroup chairman Pham Nut Vuong said the IPO was currently scheduled for the fourth quarter of this year but acknowledged that it could be delayed. To allay fears among potential investors, he noted that the IPO would go ahead, “no matter how uncertain the market may be.”
Read more: Vietnamese EV Automaker Winfast Building Production Plant in North Carolina
“We are looking at a Q4 IPO, but now there is a lot of uncertainty in the ongoing market … if necessary we can delay it next year,” said Wuong. “IPOs are not just for raising funds. It’s also about marketing and claiming WinFest’s position globally.
Winfast has big plans in the United States. The most significant of these plans is the installation of a large assembly plant in Chatham County, North Carolina, which was confirmed in late March. The Vietnamese carmaker will invest $ 4 billion in the United States and create 7,500 jobs in the factory. The current goal is to start production in the fourth quarter of 2024.
Before VinFast begins production of the VF 8 and VF 9 SUV in the United States, it will export from their existing plant in Vietnam and begin selling in the states later this year. Vuong says Reuters Winfast expects to sell 750,000 cars in 2026, of which 150,000 will come from its North Carolina plant and the rest from its Vietnam plant.
Speaking at the annual general meeting, Wuong added that car manufacturers are facing some supply problems.
“Chip factories in Shanghai are closed – so chip supplies are disrupted and the same story for other parts,” he said.