Battery Power Boost: Tesla's Vietnamese Rival VinFast Snaps Up Battery Firm VinES
Portfolio Pulse from Nabaparna Bhattacharya
Vietnam-based EV maker VinFast Auto Ltd. (NASDAQ:VFS) plans to acquire a 99.8% stake in VinES Energy Solutions for approximately $462 million. The acquisition is expected to save 5%-7% on battery costs for the combined business and boost VinFast's competitiveness in the global electric vehicle market. VinFast's shares are trading higher by 4.14% to $7.80.
October 11, 2023 | 3:25 pm
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VinFast's acquisition of VinES Energy Solutions is expected to save on battery costs and boost its competitiveness, which could positively impact its stock price.
The acquisition of VinES Energy Solutions by VinFast is a strategic move that could lead to cost savings and increased competitiveness in the EV market. This could lead to increased investor confidence and a potential rise in VinFast's stock price.
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