WinFast announced Thursday that it has registered with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The automaker’s announcement did not include the size of the offer, which WinFast previously said it plans to launch in the second half of this year. Bloomberg A $ 2 billion valuation estimates that it would be the largest for a Vietnamese company.
Winfast is the autonomous unit of the Vietnamese conglomerate Vinggroup JSC. It was introduced with vehicles based on the hand-me-down BMW platform, but quickly moved to electric vehicles – some of which will be manufactured and sold in the United States.
Winfast at the 2022 Consumer Electronics Show
The IPO announcement comes shortly after WinFest announced plans for an EV plant in North Carolina, which will begin vehicle production in 2024. The plant will have an annual production capacity of 150,000 vehicles, Winfast said.
Winfast aims to start selling cars in the United States by the end of 2022. The first two models will be the VF 8 and VF 9 electric SUVs, which were first shown as prototypes in the form of VF E35 and VF E36 at the 2021 Los Angeles Auto Show. As of February, the automaker has not finalized specifications for both models, though. WinFast plans to make both models at the North Carolina factory once it launches.
At the 2022 Consumer Electronics Show, the automaker has unveiled three more EVs – VF 5, VF 6, and VF 7 – but it is unclear what their launch timeline will be. WinFast is currently making reservations for the VF 8 and VF 9, however, with prices starting at $ 41,000 and $ 59,000, respectively. Pricing does not include battery costs; Customers need to lease batteries from the company.