“Can VinFast run a marathon and sacrifice the short term for the long term?” asked Alexander Vuving, a professor who specialises in power politics and Vietnam at the Honolulu-based Asia-Pacific Centre for Security Studies. VinFast will need to spend heavily to familiarise Americans with its brand and set up networks for distribution and retailing vehicles, not to mention overcome the growing pains Musk endured when trying to mass-manufacture cars. What’s still unclear is how quickly those SUVs will catch on in what is an increasingly cutthroat EV market, with Tesla slashing prices and putting pressure on incumbents that have been around for more than a century. This month, the company plans to start delivering longer-range versions of its VF8 sport-utility vehicles (SUVs) to American customers. Vuong has only doubled down, lining up another US$2.5bil (RM11.1bil) for VinFast, US$1bil (RM4.44bil) of which will come from him personally. VinFast sold just 93,000 vehicles and 162,000 e-scooters. The return on all that investment has been meagre. Vingroup JSC, Vuong’s conglomerate spanning homes, hotels, hospitals and shopping malls, and its affiliates and lenders have deployed a staggering US$8.2bil (RM36.4bil) to fund the car company’s operating expenses and capital expenditures over the last six years. VinFast, his automaker that filed for an initial public offering (IPO) a year ago, has delayed plans to list in the United States. And Hui’s China Evergrande New Energy Vehicle Group Ltd is struggling to survive.
Jia’s Faraday Future Intelligent Electric Inc is staring down a potential Nasdaq delisting. The odds that any of these players will ride out the inferno as Tesla did are looking increasingly long.ĭyson pulled the plug on his EV venture in 2019. Other examples include James Dyson, the household appliance billionaire, Jia Yueting, the founder of Netflix in China and Hui Ka Yan, the embattled property tycoon behind China Evergrande Group. Pham Nhat Vuong is among the latest to take after Elon Musk, the PayPal man who made it through what he famously described as Tesla Inc’s “production hell”. A business mogul parlayed much of his fortune into a massive bet on electric vehicles (EVs), only to fall on hard times.
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