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The company’s CEO, who is also chairman of the board of its holding company, will make the investment from his personal fortune.
VinFast has been operating at a loss. As of Q4 2023, Vingroup had invested $11.4 billion in the EV maker. VinFast, which is traded on Nasdaq, has lost 75 percent of its share value since it’s offering in August 2023, when it began trading at $10; in the months since, the share price has dropped to $2.50.
The company has failed to meet sales targets, which has led to the losses. VinFast sold some 35,000 cars in 2023; of those, 70 percent went to taxi company GSM, which is owned by Vuong. Another 10 percent of the EVs VinFast sold went to units within Vingroup.
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