Vietnamese EV hopeful’s Spac listing brings big multiple, little cash

Vietnamese EV start-up VinFast plans to list on the NYSE later this year via a merger with a special purpose acquisition vehicle (Spac) at a valuation that is seven times that of Tesla, but in a deal that brings little of the cash it needs to meet production targets.

Following the merger with Black Spade Acquisition Co., the new entity will have an enterprise value of c.$27bn, 42 times 2022 sales. That’s a multiple seven-times larger than Tesla and twice that of fellow pretender to the Tesla throne Lucid Motors.