First Made-in-Vietnam VinFast car – Lux SA2.0 off the production line, marking the success of the “Made-in Vietnam” commercial automobile test production cycle. Billionaire Pham Nhat Vuong immediately gained $348 million from the upsurge of VIC shares today.
Yesterday, in Haiphong, the first VinFast Lux SA2.0 was assembled. This event proves that the VinFast factory is ready for operation, only 18 months after announcing its automotive plans. Vietnam Investment Review reports.
The car is equipped with a DOHC 2.0L engine with a maximum of 228 horsepower, 350Nm torque, an 8-speed automatic gearbox, as well as numerous outstanding safety functions.
According to Le Thi Thu Thuy, vice chairwoman of Vingroup cum chairwoman of VinFast, the company confirmed that all segments of the manufacturing line are operational, ready for trial manufacturing before replication.
“We are consistently striving to create premium products, enabling the Vietnamese spirit and brands to reach the international level, as well as contributing to the development of the industry and automobile manufacturing in the country,” said Thuy.
With this success, VinFast is going to be the first automobile manufacturer in Vietnam having a closed, synchronous, and complete production cycle. Thereby, VinFast not only maintains its initiative, but also significantly increases localization rate, contributing to the development of supporting industries.
Additionally, the Haiphong facility’s painting workshop, stamping workshop, and welding workshop are also very modern and automated to guarantee absolute accuracy and international standards.
The first cars during the trial period will be delivered to numerous countries like Austria, Australia, South Korea, and others to verify their quality against the high standards of Europe.
VinFast’s Fadil and Lux are expected to be handed over to customers from the second and third quarter of this year.
Chairman Pham Nhat Vuong also took the new car for a ride and swore to use the SUV in the future instead of his Lexus 570.
After the launching of the first VinFast car in Haiphong, all shares associated with Vingroup have increased sharply this morning. Specifically, in addition to slight increases in VRE, VJC, VNM, and VHM rose by VND2,200 and VIC increased by VND4,300 to VND122,000 ($5.3).
At this price, VIC has climbed to a new peak and raised the value of Vingroup’s chairman Pham Nhat Vuong’s assets by $348.7 million in a single day to $9.9 billion.
According to the financial statement of Vingroup, as of the end of 2018, the total assets of the group increased by 35 per cent over the previous year to $12.57 billion, with equity rising 88 per cent to $4.3 billion.
Vingroup’s net revenue hit $5.33 billion last year, increasing by 37 per cent and exceeding the plan by gaining $600 million in pre-tax profit (up 52 per cent) and $263.5 million in after-tax profit (up 7 per cent).