EV maker VinFast to buy majority stakes in its battery maker sibling

, said the strategic acquisition of VinES, also a member in the Vingroup ecosystem, would help it secure the supply of batteries as the EV maker sought to save 5% to 7% on battery costs.

In a filing with the U.S. securities regulator, VinFast said it would acquire VinES for no consideration other than assuming debt of around $462 million with Vuong willing to provide grants to the EV maker for all interest payments relating to existing VinES borrowings up to 2027. In the short term, however, VinFast's costs are expected to increase for battery R&D and factory operations, the automaker said. After the acquisition, VinFast will acquire all rights and obligations over VinES' assets.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBS upgrades electric-vehicle maker Rivian to buy, stock risesSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Source: MarketWatch - 🏆 3. / 97 Read more »

Mazda hints at electric MX-5 in revised EV strategyJapanese maker announces £9bn investment in future electric cars and shows new sports-oriented concept
Source: autocar - 🏆 93. / 67 Read more »

Subaru teases electric sports car ahead of Tokyo revealSubaru has teased the Sport Mobility concept, a battery-electric sports coupe, ahead of its reveal at the 2023 Tokyo Mobility Show.
Source: therealautoblog - 🏆 528. / 51 Read more »