Vietnam-based electric vehicle maker VinFast, which is deemed as Tesla's rival, is set to aquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong to ramp up its integration in the production value chain and competitive advantage.
Filings from the U.S.Securities and Exchange Commission showed, VinFast 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.
