(Dan Tri) - Mr. Pham Nhat Vuong donated 99.8% of VinES - a member company of the Vingroup ecosystem with a total legal capital investment of 6,500 billion VND - to VinFast.
According to an announcement from Vingroup, the Chairman of the Board of Directors of this group - Mr. Pham Nhat Vuong - announced to donate 99.8% of VinES Energy Solutions Joint Stock Company to VinFast Company.
After the merger, VinFast will be self-sufficient in battery technology - an important component of electric vehicles - and at the same time master the production chain, increasing its competitive advantage in the market.
Accordingly, VinES will be merged into VinFast to proactively use technology and focus resources to enhance research and development of batteries for VinFast electric vehicles.
VinES has a total legal capital investment of 6,500 billion VND (Photo: Vingroup).
VinES is a member company of the Vingroup ecosystem with a total legal capital of VND 6,500 billion. The company operates in the field of research, development and production of high-quality lithium-ion batteries for electric vehicles, energy storage systems and other applications.
After the merger, VinFast will inherit all battery cell patents, battery packs, factories, technologies, partnerships, as well as contracts with suppliers of VinES.
Ms. Le Thi Thu Thuy - Vice President of Vingroup and General Director of VinFast Global - said: "The merger of VinES into VinFast helps us to be proactive in battery technology and battery supply for electric vehicles, optimize costs and increase technology content for VinFast vehicles. This is also an important step in developing and controlling the supply chain and integrated production line, further enhancing the competitive advantage of VinFast electric vehicles".
Previously, at the end of April, Mr. Pham Nhat Vuong announced a donation of 1 billion USD to VinFast from his personal assets. Along with Mr. Vuong, Vingroup Corporation, which he founded, also announced a non-refundable grant of 500 million USD and a loan of 1 billion USD for a maximum period of 5 years to increase resources for VinFast's global growth goals.
As for VinFast, this company was listed on the Nasdaq, USA in mid-August. At the close of trading on October 11, VinFast's VFS shares increased by 8.41% to 8.12 USD. Accordingly, VinFast's market capitalization was at 18.93 billion USD, ranking 22nd in the list of the world's largest automobile companies.
According to the independent financial report just announced by VinFast, in the second quarter, the car company achieved 7,488 billion VND in car sales revenue (equivalent to 314.6 million USD), up 147% over the same period and up 387.3% over the first quarter. Thereby, bringing the total revenue in the second quarter to 7,953 billion VND (equivalent to 334.1 million USD), up 131.2% over the same period and up 303.3% over the first quarter. Total revenue mainly comes from sales of electric cars.
Billionaire Pham Nhat Vuong's car company recorded a gross operating loss of VND715 billion (equivalent to USD114.1 million). This figure increased by 7.5% compared to the second quarter of last year and decreased by 28.7% compared to the first quarter. As a result, the gross profit margin improved to -34.1% in the second quarter compared to -73.4% in the second quarter of 2022 and -193.2% in the first quarter.
VinFast also announced a loss from business operations of VND230 billion (USD387.8 million), a decrease of 20% compared to the second quarter of 2022 and a decrease of 17.2% compared to the first quarter. The loss decreased mainly due to strong revenue growth and improved profit margin compared to previous quarters.
In the second quarter, the company's net loss decreased by 8.2% compared to the same period last year and decreased by 11.2% compared to the first quarter, at VND12,535 billion (US$526.7 million). Total assets reached VND116,828 billion (US$4.91 billion) as of June 30.
Dantri.com.vn
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