Industry News - VinFast Global Community

VINFAST ENTERS INTO STANDBY EQUITY SUBSCRIPTION AGREEMENT OF UP TO $1.0 BILLION WITH YORKVILLE ADVISORS

October 20, 2023 – VinFast Auto Ltd. (the “Company” or “VinFast”) (NASDAQ: VFS) today announced that it has entered into a standby equity subscription agreement (“Subscription Agreement”) with YA II PN, Ltd. (“Yorkville”). Subscription Agreement Highlights: • VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion of ordinary shares in VinFast at any time during the term of the Subscription Agreement, subject to certain conditions and limitations • The Subscription Agreement has a term of 36 months Mr. David Mansfield, CFO of VinFast, said: “This new source of equity funding provides us with valuable optionality and access to capital to continue to expand our business on a global scale. While we are under no obligation to draw on the full amount, the transaction aligns with our goals of opportunistic capital raising while adding liquidity to our shares over time. In addition to existing funding commitments, it provides financial flexibility to fund our growth. We will continue to evaluate other capital markets transactions and sources of fundraising as VinFast continues to grow.” Mark Angelo, Founder and President of Yorkville, commented: “VinFast is a true leader in EVs. We are excited for this…

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1 year, 1 month ago

Top ten innovations influencing the switch to electric vehicles

Here are 10 technological advancements that will have a major impact on the adoption of electric vehicles in the next years as cars continue to advance. We must acknowledge the transition to electric cars (EVs) as more than just a sustainability measure; it is also a victory for the auto industry if we are to fully appreciate how far automotive has gone. This switch from fossil fuel-powered to electric vehicles is mostly due to technology, which makes the transfer between models easier. Here are 10 technologies that have and continue to promote the decarbonization of mobility as the industry continues to adapt to the electric mode of transportation. Composite materials Composite materials can be used to make a vehicle lighter and more sustainable, as demonstrated by AEHRA, one of the most innovative companies and vehicles in the EV market. For its SUV model, the business is maximizing the use of an endlessly recyclable material by using sheet-moulded carbon. The advanced driving assistance system Advanced driver assistance technologies are now in use, opening up new options and paving the road for more advanced autonomous capabilities. These options, which range in complexity, not only give EV drivers greater comfort and convenience while…

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1 year, 2 months ago

Here’s how the EV tax credit will change to an instant dealership reimbursement in 2024.

The U.S. Treasury Department announced in a press release on Friday that the federal EV tax credit will change to a point-of-sale dealership refund in 2024, providing customers immediate access to the benefit. Currently, customers must wait to submit their taxes before claiming the credit, which is up to $7,500 for new cars and $4,000 for used cars. As part of the overhaul of the EV tax credit under the Inflation Reduction Act (IRA), EV purchasers will be able to collect their credit at the dealership beginning on Jan. 1, 2024. The Inflation Reduction Act, according to Laurel Blatchford, chief implementation officer for the IRA, “allows consumers to reduce the upfront cost of a clean vehicle for the first time.” “The IRS has focused on streaming this process for car dealers as part of its commitment to improving service and helping taxpayers claim the credits they are eligible for.” To be qualified to offer the credit at the point of sale, merchants must first register with the IRS. Additionally, buyers must certify that they fall under the IRA’s income restrictions; otherwise, they will be required to repay the credit the following year when they submit their taxes. For married couples…

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1 year, 2 months ago 1 Bình luận

Electric vehicles save you money – View average savings in your City in California

Electric vehicles are less expensive to fuel than their gasoline-powered equivalents nationwide, regardless of where you plug them in. In the 50 largest US cities, every power supplier offers a pricing plan that makes using electricity less expensive than using gasoline, resulting in a median annual savings of almost $770. You may save money on maintenance by driving an electric car. Battery electric vehicles (battery EVs) do not have gasoline engines, require no normal maintenance, and do not require replacement of timing belts, spark plugs, or oil. When compared to a gasoline-powered equivalent of their vehicle, these lower maintenance costs can save an EV owner over $1,500 over the course of the vehicle’s lifetime. Below is specific information about average savings in some major cities in California. Findings Depending on the electricity provider, the electricity rate plan selected, and the local gas prices, the annual savings can range from $440 to over $1,070. Many electricity providers provide cost-effective off-peak, time-of-use options for EV users. Most EV owners charge their cars overnight while they are parked at home, which frequently coincides with periods of decreased total electricity demand. During these periods, several utilities provide discounted rates. Off-peak, time-of-use rates range from…

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1 year, 2 months ago

Powering Up Californians Act Is Signed Into Law

The Powering Up Californians Act, proposed by State Senator Josh Becker (D-13), has been approved by Governor Gavin Newsom and removes a significant obstacle to the state of California reaching its climate, air quality, and equity goals. California has to electrify automobiles and buildings in order to achieve these goals and to comply with state and federal legislation. To do this, the state must modernize its electric distribution system in some areas and shorten the time it takes to connect to the grid. The efforts to clean up the air are being undermined by delays in powering buildings and constructing EV charging stations. Affordable housing units in San Francisco are vacant, and because of energization delays, electric big rigs like those shown below that could be replacing harmful diesel pollutants are idle. What Does The Powering Up Californians Act Do? SB 410 (Senate Bill 410): Declares it to be the policy of the state that utilities must modernize the grid “in time to accomplish the state’s decarbonization goals and implement federal, state, regional, and local air quality and decarbonization standards, plans, and laws”; Mandates utilities to report on their compliance with those timelines, explain any noncompliances and how those will…

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1 year, 2 months ago

The Value of Smart Electrification

A crucial step in the worldwide effort to fight climate change and cut greenhouse gas emissions is the switch to electric cars (EVs). The capacity of our power systems to handle the growing demand for electricity, particularly from renewable sources, is one of the issues presented by this transformation. We must embrace the idea of smart electrification if we are to address this issue and fully utilize EVs’ potential to reduce the carbon footprint of transportation. Smart Electrification: A Must Implementing measures that improve the integration of renewable energy sources into the electrical grid while concurrently lowering peak demands and grid congestion is known as smart electrification. It includes a range of operational advantages, such as improved adaptability and capacity for energy storage. These advantages are essential for minimizing operational costs, limiting the curtailment of fluctuating renewable energy supply, and reducing greenhouse gas emissions. What a Smart Charger Does Smart charging is a key element of smart electrification. Unlike traditional uncontrolled charging, smart charging relies on intelligent algorithms to optimize the charging process. These algorithms take into account factors such as electricity prices, renewable energy availability, local grid congestion, and battery health. By doing so, smart charging minimizes the need…

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1 year, 2 months ago

US Government Announces Plan to Replace Federal Vehicle Fleet with Electric Vehicles

The federal government is planning to spend $770 million on zero-emission vehicles and charging stations in fiscal 2023 as agencies begin ramping up to meet President Biden’s ambitious timeline to phase out gas-guzzling cars and trucks. Agencies plan to buy 9,500 ZEVs in fiscal 2023, according to a Government Accountability Office report, which federal fleet offices project will cost $470 million. That marks a $200 million increase over what it would cost agencies to buy the cheapest available vehicles. They will spend another $300 million on 8,500 charging stations, provided they have the funding to do so. In fiscal 2022, agencies fell short of their ZEV goals in part due to inadequate funding. Meeting targets is also contingent on the availability of mission-appropriate vehicles from manufacturers. The Transportation Department, for example, has run into issues with limited quantities of electric vehicles available. It had hoped to purchase 430 EVs in fiscal 2022, but only received 292 after manufacturers canceled some of the orders. The Energy Department estimated one-in-four EV orders by federal agencies in fiscal 2022 were canceled. Other agencies, such as Customs and Border Protection, said no current electric vehicle technology can support its needs in extreme environments at…

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1 year, 2 months ago

US advances in EV preparedness, Norway and China take the lead

China maintains its dominating lead in the most recent EY Electric Vehicle Country Readiness Index, with Norway not far behind. Notably, the United States has advanced significantly to take the third position, demonstrating the speeding up of the switch to electric mobility globally. China holds its position as the top country ready for an electric future and continues to drive the global electric vehicle (EV) boom. The massive investment in battery manufacture (which will account for 74% of all worldwide investment in 2022), skyrocketing consumer demand (58% of Chinese customers want to purchase an EV in the near future), and robust charging infrastructure are the main forces behind this supremacy. The world’s largest EV market by volume is still China. Norway, a pioneer in EV adoption, continues to rank as the country with the second-highest level of EV readiness. Due to significant subsidies and a high GDP per capita, the nation has an astounding 81% adoption rate of EVs, making them accessible to the general public. In addition, between 2022 and 2027, 83% of new cars in Norway will be electric. The United States moved up to third place, jumping from eighth. This quick rise is linked to advancements in…

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1 year, 2 months ago

EVs at the forefront of Fortune’s ‘Change the World’ list

Fortune’s ‘Change the World’ list places extra weight on how corporations are addressing social issues and cutting down on their environmental impact.And this year, EV is in the forefront. It demonstrates the increasing recognition of electric vehicles (EVs) as a significant force in driving positive change. Being featured on Fortune’s “Change the World” list is a testament to the transformative potential of EVs and their impact on various aspects of society. The prominence of EVs on this list signifies their ability to address pressing environmental concerns such as mitigating climate change and reducing air pollution. With zero tailpipe emissions, EVs offer a cleaner alternative to traditional combustion engine vehicles, helping to combat global warming and improve air quality in urban areas. Moreover, EVs contribute to sustainable development by reducing reliance on fossil fuels. By embracing renewable energy sources, EV owners can maximize their positive impact on the environment and transition towards a greener and more sustainable transportation ecosystem. Furthermore, the growing popularity of EVs stimulates innovation, job creation, and economic growth. The shift towards electric mobility has led to advancements in battery technology, charging infrastructure, and related industries. As a result, it fosters new business opportunities and employment prospects in…

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1 year, 2 months ago

The US needs 100x more EVs to reach net zero by 2050 – report

The US achieving net zero by 2050 is possible, and a new report released today maps how it can get there with EV adoption at scale. The ICF Climate Center, a climate and environment research arm within global consulting firm ICF, released a new report today, “Zeroing in on Climate Change,” that asserts the US can achieve net zero through three “super solutions”: EVs, building decarbonization, and clean energy. ICF is among the world’s oldest and largest climate consultancies – it’s worked with the Environmental Protection Agency and the US Department of Energy from their inception. The report’s researchers found that US federal agencies, state and local governments, and utilities will need to work together to increase EVs by 100x the current number of EVs on the road, install more than 1 billion decarbonization measures in buildings, and increase renewable energy to 85% of total electricity generation to meet US climate goals. The report also modeled the impact of the Biden administration’s Bipartisan Infrastructure Law (BIL) and the Inflation Reduction Act (IRA), and found that the two laws alone could reduce enough greenhouse gas emissions to get the US halfway to its climate goals. You can read the full…

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1 year, 2 months ago