Is VinFast the Next Fisker?
The global automotive industry is challenging, competitive, and expensive, and the market is filled with consumers loyal to brands that have been around for at least a century. It's not easy to break into this industry as a new automaker, and that's why some young companies, such as Fisker, won't make it for the long haul and have closed their doors.
The good news for those intrigued by the young Vietnamese electric vehicle (EV) maker, VinFast Auto, (NASDAQ: VFS) is it has one very massive difference from Fisker -- a massively wealthy backer.
First, it's important that we briefly cover why VinFast is unique. While VinFast is a pure play EV manufacturer with a dominant position in Vietnam and global expansion ambitions, it's a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, with its hands in technology, real estate, retail, healthcare, among other industries. Vingroup not only has interest in its subsidiary VinFast succeeding, it also cross-sells products such as VinFast vehicles to its sister business that operates fleets of EV taxis.
Source Fool.com
