Dear Pro member,
Vietnamese EV manufacturer Vinfast’s stock surged by 21%, building on a recent rally that increased its market value to US$160bn.
Following a successful debut on Wall Street, the company’s valuation placed it as the third-most valuable automaker globally, trailing only Tesla and Toyota.
Despite its rapid growth, Vinfast, largely owned by Pham Nhat Vuong, Vietnam’s wealthiest individual, faces substantial challenges before it can effectively compete with Tesla and established automakers who are heavily investing in the electric vehicle market.
Vinfast’s US EV registrations were limited to 137 as of June, contrasting with its ambitious target of selling 50,000 EVs this year, compared to Tesla’s 1.8mn projection.
To boost sales, Vinfast is adopting a dealer-based approach, diverging from Tesla’s direct-to-consumer model, and is constructing a US$4bn factory in North Carolina.
The company enters the US and European markets amid slowing EV demand and Tesla’s aggressive pricing tactics.
This is the top story of today’s Ecosystem Roundup.
Take a look at all the other major news stories compiled from news sites across Southeast Asia.
Sainul,
Editor.
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Vinfast rallies on after becoming world’s third-most valuable automaker
Shares surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to US$160B; Debuted on Wall Street this month, the EV maker quickly grew in valuation to become the third-most valuable automaker – only behind Tesla and Toyota.
Vietnamese financial services startup MFast nets US$6M Series A
The investors include Wavemaker, Finnoventure Fund I, Headline Asia, Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures; MFast users fulfil the role of all-in-one agents, serving the community’s demands for finance, banking and insurance products.
Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia
Geo can increase its investment for up to an additional US$36M to become the majority shareholder in the firm; It has developed three motorcycle models and delivered 1,000+ motorcycles in Indonesia, Malaysia, and Vietnam.
Indonesia’s Fore Coffee set to enter Singapore in Q4
The move would follow fellow VC-funded local chain Kopi Kenangan’s own regional expansion; Kopi opened its first store in Malaysia late last year and has plans to enter Singapore.
GoTo directors acquire 1 billion shares, totaling US$140K
Neither Catherine Hindra Sutjahyo now owns 0.04% of GoTo stock, with a total of 493.7M shares purchased for US$64,766; Meanwhile, Hans Patuwo holds 0.05% of the company’s stock, equivalent to 574.8 million shares acquired for US$74,773.
Bitcoin startups remain undercapitalised as funding drought drags on
Along with increasing regulatory scrutiny and sceptical investors, capital deployment has pulled back significantly from the highs of 2021, which has left many young startups struggling to raise funds.
TikTok to ban links to external retailing platforms
This change implies that external e-commerce platforms will no longer be able to drive traffic to their individual stores and products through TikTok unless they opt to establish online stores on TikTok Shop.
Google Flights will now tell you when it’s the cheapest time to book
Rolling out this week, Google is debuting new insights that will leverage historical trend data that lets consumers see when prices have typically been lowest to their chosen destination on their selected dates.
A recap of last week’s investments by e27 Connect investors in SEA
Last week’s funding showcased prominent investors like Jungle Ventures, Antler, AppWorks, fuelling diverse startups across verticals with varying investment ranges and stages.
OpenAI launches a ChatGPT plan for enterprise customers
ChatGPT Enterprise can perform the same tasks as ChatGPT, such as writing emails, drafting essays and debugging computer code; But the new offering also adds “enterprise-grade” privacy and data analysis capabilities.
Uber Eats’s new AI chatbot to offer recommendations, speed up ordering
The chatbot will ask users about their budget, food preferences and then help them place an order; It’s unknown when Uber plans to launch the chatbot publicly.
How Tokopedia shifts user acquisition, product strategy to tackle contemporary challenges
Tokopedia recognises that for SMEs, as competition becomes fiercer, they might require more support to improve their chances.
Blockchain beyond borders: A dive into global collaboration and innovation
As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.
How hyper-personal, AI tech can transform the US$1.5T wellness industry
The wellness industry in Singapore was worth US$12 billion and has constantly been on the lookout for hyper-personalised solutions.
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The post Ecosystem Roundup: Vinfast shares surge, becomes third-most valuable automaker; MFast nets US$6M Series A appeared first on e27.