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VinFast has signed a memorandum of understanding (MoU) with a group of investors led by the Emirates Driving Company (EDC), it has said in a statement.
The Emirates Driving Company is a provider of education in Abu Dhabi, and VinFast is set to receive ‘at least’ US$1 billion (RM4.4 billion) from the group in the non-binding agreement, according to Bloomberg. Meanwhile, Reuters reported that there was no clear timeframe for disbursement from the group.
In addition to access to the funding under the agreement, VinFast stands to benefit from the expertise by EDC in driver training and road safety, as well as support of the development of a comprehensive electric vehicle ecosystem, VinFast said. This comes as VinFast launched in the Middle Eastern market towards the end of October.
VinFast aims to “enhance global electric vehicle production, meet the growing demand for green transportation, increase road safety awareness,” and to reaffirm the Emirates Driving Company’s commitment to addressing environmental and climate challenges in the Middle East, the statement continued.
“EDC now aspires to be a leader in the mobility sector as a whole and play a pivotal role in disrupting this industry, positioning itself at the forefront of smart mobility, and vehicle electrification and autonomy. We recognise the immense potential of electric transportation worldwide, and we are particularly optimistic about VinFast’s prospects in the Middle East,” EDC chief executive Khaled Al Shemeili said.
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