Winfast has filed confidentially for an initial public offering as Vietnamese automaker Winggroup EV continues its fast-and-furious plan to expand into the US and European markets.
The filing is the latest example of a boom in electric vehicle startups in the public markets – either through a traditional IPO or merger with a dedicated acquisition company – with the aim of achieving the same Tesla success and the capital needed to raise huge sums. Win the development and production of cars. Rivian has taken the traditional IPO route, while Canoo, Faraday Future Intelligent Electric, Fisker, Lordstown Motors and Lucid Group have gone public with a blank check or merged with a dedicated acquisition company.
Winfast Trading and Investment Ltd., a Singapore-listed subsidiary of Winggroup Joint Stock Company, has filed a draft registration with the US Securities and Exchange Commission, the company said in a statement on its website. proposed offer. Not yet decided.
The company said the IPO is expected to take place after the SEC completes its review process.
Winfast is not exactly a big name in America, but it wants to be. The company was first launched in 2017 and became the first domestic automaker in Vietnam when its gas models reached consumers in 2019. The company has since committed to producing only electric vehicles by the end of 2022.
Last month, the company launched its first US launch in North Carolina. Plans for the construction of production have been announced. Winfast said it will spend about $2 billion on the first phase of building its 1,976-acre plant in North Carolina and will continue to invest in subsequent phases. The first phase, which will produce 150,000 vehicles per year, is expected to be completed by July 2024.
The plant will be used to produce two all-electric SUVs, as well as electric buses, electric vehicle batteries and supplier support businesses.