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EV-Maker VinFast announces IPO

New electric vehicle IPO announcement in horizon from Vietnam! 

VinFast cars at a port in Vietnam in November. The company this week filed publicly for a planned U.S. initial public offering.

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It has been a slow year for initial public offerings, but there has been one clear bright spot: autos.

VinFast Auto, a Vietnamese electric-vehicle maker, looks set to keep the engines running next year, after filing on Tuesday for a Nasdaq listing. It wants to raise as much as $2 billion from the deal, according to people familiar with the matter.

The company, which makes electric cars, scooters and buses, is attempting to expand in the U.S., where it would be in direct competition with Tesla and others. VinFast opened its first U.S. showrooms in July.

Global IPO volumes are down 72% this year, according to Dealogic. But the roughly $23 billion raised by auto and truck companies this year is almost exactly in line with what they raised in 2021. Several new-energy vehicle makers and others in the EV supply chain, such as battery makers, have gone public this year, while Porsche has also undertaken a blockbuster IPO.