Vietnamese billionaire Pham Nhat Vuong has announced plans to inject an additional $1 billion from his personal wealth into the Nasdaq-listed electric vehicle (EV) manufacturer VinFast Auto Ltd NASDAQ: VFS). What Happened: At a shareholders’ meeting of Vingroup, the conglomerate he chairs, Vuong, who directly owns 18% of its shares, expressed his intention to further bolster the investments in VinFast, which has been running at a loss, reported Reuters. “I plan to give VinFast $1 billion from my own pocket,” Vuong said. He and Vingroup have already injected $11.4 billion into the company by the end of the previous year. Vuong, who also serves as the CEO of VinFast, holds a 97% stake in the company through direct ownership and companies under his control. Despite the company’s stock price plummeting from $10 to $2.5 since its initial listing in August, Vuong remains optimistic about the EV market’s future. He stated, “The electric vehicle market will continue to grow, surpassing combustion engine cars. I will not give up on VinFast.” VinFast’s sales challenges have been well-documented, with the company failing to meet its sales targets last year and reporting significant losses. The company’s financial troubles have been exacerbated by its reliance on sales to ...