Vietnamese EV automaker VinFast is getting a $2.5 billion injection of capital because it pursues an formidable plan to woo U.S. customers with a slate of electrical SUVs and crossovers.

Billionaire Pham Nhat Vuong, who based VinFast’s mother or father firm Vingroup, dedicated Wednesday to take a position $1 billion of his private wealth through a grant within the EV firm. Vingroup, the nation’s largest conglomerate, will make investments $500 million. The mother or father firm has additionally agreed to mortgage VinFast a further $1 billion with a maturity of as much as 5 years.

A consultant of Vuong’s stated in a press release that he’s donating a few of his private property to “energize VinFast in the course of the pivotal acceleration interval to create a mark of Vietnam on the planet’s electrical automobile market.”

“The expansion potential of VinFast has been demonstrated previously 5 years,” Vingroup CEO Nguyen Viet Quang stated in a ready assertion. “It is a pivotal interval for VinFast to speed up in direction of a strong aggressive place on the planet’s electrical automobile market.”

The capital commitments come as VinFast takes purpose at the USA, one of many largest automobile markets on the planet.

VinFast’s grand ambitions materialized not lengthy after its formation in 2017. The corporate debuted its first inside combustion engine automobiles on the 2018 Paris Motor Present and later added a spread of e-scooters and automobiles for the Vietnamese market. The corporate has stated that inside a 12 months of launching, its automobiles grew to become the fastest-selling in Vietnam.

VinFast then made a pivot to a pure EV firm, and whereas it continued to make inroads in Vietnam, it additionally set its sights on the U.S. market. VinFast stated it has launched six EV fashions, one electrical bus mannequin and 9 electrical motorbikes. About 3,000 electrical vehicles have been exported to overseas markets.

VinFast’s aspirations prolong nicely past a number of thousand exported automobiles. The corporate, which showcased 4 SUVs offered on the 2022 LA Auto Present, has plans to construct a manufacturing unit in North Carolina and arrange showrooms and providers facilities all through the U.S. The corporate acquired $1.2 billion in incentives to construct the manufacturing unit in North Carolina.

The corporate additionally filed for an preliminary public providing in the USA, though that appears to have fizzled or at the least delayed. The corporate has but to reveal the variety of shares to be supplied or the value vary and a date has not been set for the IPO.