Vietnamese electrical automobile maker VinFast is predicted to record on the tech-focused Nasdaq on Tuesday morning in New York, following completion of its merger with the U.S.-listed particular function acquisition firm Black Spade Acquisition.

SPACs are shell firms that elevate capital in an IPO and use the money to merge with a non-public firm so as to take it public, normally inside two years.

On Monday, VinFast stated in a joint assertion with Black Spade Acquisition that it will start buying and selling on Aug. 15.

The deal values VinFast at roughly $23 billion, in line with a June submitting with the U.S. Securities and Alternate Fee.

Following the merger, Black Spade grew to become an entirely owned subsidiary of VinFast and is predicted to delist from the New York Inventory Alternate, stated the joint assertion.

“It is a massive milestone for us to be listed within the U.S. The itemizing goes to open entry to the capital markets for us sooner or later,” VinFast CEO Le Thi Thu Thuy informed CNBC Tuesday morning Asia time.

VinFast, the car arm of Vietnamese conglomerate Vingroup, was based in 2017.

The EV maker has been increasing within the U.S., going up towards the likes of Tesla and and BYD, in addition to conventional automakers more and more specializing in hybrids and electrical automobiles.

On whether or not VinFast is underneath the strain to chop costs on the whole, Le stated the corporate’s technique is “providing premium high quality merchandise at reasonably priced pricing with wonderful after gross sales service.”

“We all the time value our merchandise fairly competitively in comparison with different related merchandise. However while you look deeply into our merchandise, we’re loaded with extra options and extra expertise. So I feel customers began recognizing the values that we convey with our merchandise,” stated Le.

“We attempt to keep aggressive in each market that we’re in when it comes to profitability. I feel it can come along with the amount. For now, we’ll keep true to our technique.”

As a comparability, VinFast’s 5-seater VF 8 begins from $46,000 whereas the fundamental Tesla 5-seater Mannequin Y is priced from $47,740.

Tesla passenger automobiles are eligible for a $7,500 federal tax credit score within the U.S., whereas VinFast automobiles do not at the moment qualify for the tax financial savings as they don’t seem to be constructed within the U.S.

To compete with manufacturers within the U.S. market, VinFast is constructing a manufacturing facility in North Carolina. The automaker stated the 1,800-acre facility is designed to produce as much as 150,000 automobiles a yr within the first section.

The manufacturing facility is anticipated to start out operations in 2025 — a yr later than its preliminary goal of 2024.

“With the North Carolina plant, we count on that we would be able to considerably scale back the prices and [offer] the merchandise at reasonably priced pricing to the shoppers within the U.S.,” Le stated Tuesday.