Ford delivers 100 new Transits to RAM
RAM Hand-to-Hand Couriers added 100 new Transit vans to its fleet, which already consists of 578 Ford vehicles.
- Industry News
- 31 July 2025
It was reported on 26 April that Vietnamese electric vehicle manufacturer, VinFast, has received further funding pledges to the value of $2.5 billion.
This might signal another delay to the company’s intended listing in the US.
Two people familiar with the matter had previously told Reuters that VinFast's planned US Initial Public Offering (IPO) may be further delayed, with one saying it could be pushed into next year owing to unfavourable market conditions.
"We remain committed to and focused on our listing process," VinFast said later on Wednesday without elaborating on the time frame of the planned IPO.
VinFast, which began operations in 2019, is gearing up to expand in the US market, where it hopes to build a car and battery plant to compete with legacy automakers and start-ups, although shipments of vehicles from its factory in Vietnam have so far proceeded slowly.
Of the new pledges, $1 billion will be provided as a grant within the next year from founder Pham Nhat Vuong, Vietnam's richest man, the company said in a statement.
Parent company, Vingroup , Vietnam's biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with a maturity of up to five years.
That would increase total funds raised by VinFast to $10.7 billion, based on earlier company filings.
The grants and loan will "give a push for VinFast to accelerate its development", the company said.
Vingroup has plans to raise money from the possible sale of assets from its shopping mall arm and real estate developer, Reuters exclusively reported in March.
VinFast first flagged a US IPO in April 2021, aiming to raise $2 billion with a valuation of about $60 billion.
The listing was initially planned for the second half of last year, and a number of bankers have since said the IPO was expected this year. However, there was no updated timeline in the company's latest filing to US authorities in March.
The market valuation for EV start-ups has drastically cooled after some companies with sky-high valuations faced scrutiny amid the gloomy global economic outlook.
Although the company has tested one of its SUVs in South Africa as far back as 2020, it remains to be seen if and when it will make its product available on the local market.
RAM Hand-to-Hand Couriers added 100 new Transit vans to its fleet, which already consists of 578 Ford vehicles.
Absa Vehicle and Asset Finance and Foton South Africa celebrated their first anniversary with an innovative new taxi finance product.
Absa and BYD, the world’s leading electric car manufacturer, have partnered to drive sustainable vehicle finance solutions as demand for new-energy vehicles (NEVs) surges in South Africa.
Advertisement
Advertisement
Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?
George Carlin
Absa and BYD, the world’s leading electric car manufacturer, have partnered to drive sustainable vehicle finance solutions as demand for new-energy vehicles (NEVs) surges in South Africa.
Hino South Africa has extended its Hino 300 Hybrids undergoing local field trials with selected customers.
Following the launch of the all-electric EX90 seven-seater, Volvo Car South Africa (VCSA) is reiterating its commitment to the local market with the announcement of four electric vehicles, set to arrive over the coming months.