The move is part of VinFast’s increasing efforts to expand its overseas footprint, while for India its a boost for the country's efforts to get EV makers to manufacture at home

The Vietnamese automaker saw Q3 earnings jump 159%, year-on-year, but saw its net loss stretch 33.7% to $623 million

Shares of the still loss-making automaker have rallied more than 333% over the past five days, reaching a valuation of roughly $190 billion

The moves followed reports that South Korea's Star Group Industrial, which supplies magnets to VinFast and Hyundai, is investing $80 million in a new factory in Vietnam

The cash-burning company is currently worth $35 billion, down from $85 billion in its Wall Street debut, that valued the carmaker twice as much as Ford and General Motors

The automaker remains far behind its sales targets and faces tough competition in an industry where an increasing number of players are burning cash and facing an intense price war

Analysts say the price tag on VinFast's planned merger is not realistic given that the EV-maker continues to burn cash and is in very early stages of its US business

The Vietnamese EV-maker said it was not aware of any incidents, and that it was issuing the recall "out of an abundance of caution"

VinFast could hit break even as soon as the end of 2024, the company's founder Pham Nhat Vuong told investors

The planned merger with Black Spade Acquisition Co will have an enterprise value of about $27 billion

The country’s sole EV maker is gearing up to expand into the United States, where it hopes its two electric SUV models will compete with legacy American brands

The Vietnamese auto firm had sent 999 vehicles to California in November but then had to stall deliveries for two months