VinFast Auto Ltd., a Vietnamese electric vehicle manufacturer, made its public debut on Tuesday. Following its listing in New York, the company's share price rose by a whopping 175 per cent, adding $30.3 billion to the net worth of chairman Pham Nhat Vuong.

With the latest surge in his wealth, Vuong, already Vietnam's richest man and sole billionaire, is estimated to be over $37 billion.&nbsp;

Vuong possesses 99 percent of the company's outstanding shares, primarily through his parent company, Vingroup JSC. Vingroup's diverse business operations encompass real estate, resorts, schools, shopping malls, and more.

However, this concentrated ownership structure presents a challenge as it restricts investor participation, leading to potential liquidity concerns and significant market fluctuations.

VinFast's entry into the market was facilitated through a Special Purpose Acquisition Company (SPAC) listing, which enables companies to raise capital via an IPO for the purpose of acquiring or merging with an existing entity.

For the same, Vinfast agreed to merge with a blank-check company, Black Spade Acquisition Co., founded by Casino Mogul Lawrence Ho, and scraped&nbsp;the plan of raising capital through a normal IPO as investors in the market have been quite underconfident to invest in startups that are not churning profit.

Moreover, the automotive company anticipates sales to range between 45,000 and 50,000 units this year. Adding to its expansion endeavors, the company recently began constructing a factory in the US state of North Carolina.

If VinFast can maintain its gains, it will be in a somewhat unique position as other EV makers --&nbsp;Lordstown Motors Corp., Nikola Corp., and Faraday Future Intelligent Electric Inc -- have fared poorly after listing on the New York Stock Exchange via SPAC. These companies have lost more than 90 per cent of their market value since going public.

(Inputs from Bloomberg)

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VinFast Auto Ltd., a Vietnamese electric vehicle manufacturer, made its public debut on Tuesday. Following its listing in New York, the company's share price rose by a whopping 175 per cent, adding $30.

VinFast Auto Ltd., a Vietnamese electric vehicle manufacturer, made its public debut on Tuesday. Following its listing in New York, the company's share price rose by a whopping 175 per cent, adding $30.3 billion to the net worth of chairman Pham Nhat Vuong. With the latest surge in his wealth, Vuong, already Vietnam's richest man and sole billionaire, is estimated to be over $37 billion. Vuong possesses 99 percent of the company's outstanding shares, primarily through his parent company, Vingroup JSC. Vingroup's diverse business operations encompass real estate, resorts, schools, shopping malls, and more. However, this concentrated ownership structure presents a challenge as it restricts investor participation, leading to potential liquidity concerns and significant market fluctuations. VinFast's entry into the market was facilitated through a Special Purpose Acquisition Company (SPAC) listing, which enables companies to raise capital via an IPO for the purpose of acquiring or merging with an existing entity. For the same, Vinfast agreed to merge with a blank-check company, Black Spade Acquisition Co., founded by Casino Mogul Lawrence Ho, and scraped the plan of raising capital through a normal IPO as investors in the market have been quite underconfident to invest in startups that are not churning profit. Moreover, the automotive company anticipates sales to range between 45,000 and 50,000 units this year. Adding to its expansion endeavors, the company recently began constructing a factory in the US state of North Carolina. If VinFast can maintain its gains, it will be in a somewhat unique position as other EV makers -- Lordstown Motors Corp., Nikola Corp., and Faraday Future Intelligent Electric Inc -- have fared poorly after listing on the New York Stock Exchange via SPAC. These companies have lost more than 90 per cent of their market value since going public. (Inputs from Bloomberg) WATCH WION LIVE HERE

Vietnam’s richest man gains $30 billion after his EV company goes public

With increasing incidents of electric two-wheelers catching fire across India, including one that led to the death of an 80-year-old man, Union minister Nitin Gadkari on Thursday said an expert committee would probe the matter while warning the companies that they will be heavily penalised for negligence.

In a series of tweets, Gadkari said, "We have constituted an expert committee to enquire into these incidents and make recommendations on remedial steps.

Also read |&nbsp;<a href="https://www.wionews.com/india/isro-chairman-dr-s-somanath-recalls-his-early-days-at-isro-what-it-takes-to-be-a-space-scientist-472764">ISRO Chairman Dr. S. Somanath recalls his early days at ISRO, what it takes to be a space scientist</a>

"Based on the reports, we will issue necessary orders on the defaulting companies," the road transport and highways minister said.

The transport minister said that the government will soon issue quality-centric guidelines for electric vehicles.

Watch |&nbsp;Gravitas: Kartarpur Pilgrimage under scanner

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Gadkari has asked the companies to recall all defective batches of vehicles immediately, adding, "If any company is found negligent in their processes, a heavy penalty will be imposed."

"Under the leadership of PM Shri @narendramodi ji, our government is committed to ensure safety of each and every commuter," he tweeted.

Also read |&nbsp;<a href="https://www.wionews.com/india/home-guard-snatches-citizens-vehicle-for-cm-gets-suspended-472680">Home guard snatches citizen's vehicle 'for CM', gets suspended by chief minister</a>

The government had ordered a probe last month after an e-scooter launched by ride-hailing operator Ola's electric mobility arm caught fire in Pune.

The Centre for Fire Explosive and Environment Safety (CFEES) had been asked to probe the circumstances that led to the incident and also suggest remedial measures, according to the road transport ministry. The ministry had also asked CFEES to share the findings along with its suggestions on measures to prevent such incidents.

So far, three incidents have come to the fore where Pure EV, one Ola, two Okinawa, and 20 Jitendra EV scooters have caught fire.

With increasing incidents of electric two-wheelers catching fire across India, including one that led to the death of an 80-year-old man, Union minister Nitin Gadkari on Thursday said an expert committee would probe the matter while warning the companies that they will be heavily penalised for negligence.

With increasing incidents of electric two-wheelers catching fire across India, including one that led to the death of an 80-year-old man, Union minister Nitin Gadkari on Thursday said an expert committee would probe the matter while warning the companies that they will be heavily penalised for negligence. In a series of tweets, Gadkari said, "We have constituted an expert committee to enquire into these incidents and make recommendations on remedial steps. Also read | ISRO Chairman Dr. S. Somanath recalls his early days at ISRO, what it takes to be a space scientist "Based on the reports, we will issue necessary orders on the defaulting companies," the road transport and highways minister said. The transport minister said that the government will soon issue quality-centric guidelines for electric vehicles. Watch | Gravitas: Kartarpur Pilgrimage under scanner Gadkari has asked the companies to recall all defective batches of vehicles immediately, adding, "If any company is found negligent in their processes, a heavy penalty will be imposed." "Under the leadership of PM Shri @narendramodi ji, our government is committed to ensure safety of each and every commuter," he tweeted. Also read | Home guard snatches citizen's vehicle 'for CM', gets suspended by chief minister The government had ordered a probe last month after an e-scooter launched by ride-hailing operator Ola's electric mobility arm caught fire in Pune. The Centre for Fire Explosive and Environment Safety (CFEES) had been asked to probe the circumstances that led to the incident and also suggest remedial measures, according to the road transport ministry. The ministry had also asked CFEES to share the findings along with its suggestions on measures to prevent such incidents. So far, three incidents have come to the fore where Pure EV, one Ola, two Okinawa, and 20 Jitendra EV scooters have caught fire.

After EV battery explosion claims 1 life, Indian minister takes tough stand on companies

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Vietnam’s richest man gains $30 billion after his EV company goes public

After EV battery explosion claims 1 life, Indian minister takes tough stand on companies