Vingroup To Shut VinSmart Electronics Unit To Focus on EVs: Report

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  • Vingroup said that it is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles
  • The move comes as Vingroup weighs a U.S. initial public offering for its VinFast auto unit that could raise about $2 billion

As per a report by Bloomberg, Vingroup JSC is shuttering its electronics devices unit VinSmart just months after exporting smartphones to the U.S. as it speeds up production of electric vehicles. The report added that the closure of VinSmart is to “mobilize all resources” for developing of VinFast – Vingroup’s carmaker unit, according to a statement. Vingroup said that it is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles.

Considering raising funds through a special purpose acquisition company

The move comes as Vingroup weighs a U.S. initial public offering for its VinFast auto unit that could raise about $2 billion. Vingroup has also said it is considering raising funds through a special purpose acquisition company. The report added that VinSmart will switch to provide smart solutions for vehicles and homes, and will focus on developing in-car infotainment for VinFast, according to the statement. It will also continue current research on smart city, smart homes and related IoT devices.

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The carmaker plans a rollout of electric cars in Vietnam later this year. It aims to deliver its first electric vehicles to the U.S., Canada and Europe next year and is looking to open a factory in the U.S.

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