VinFast, a Vietnamese electric vehicle (EV) manufacturer, has initiated a recall of its initial shipment of vehicles to the United States due to safety concerns raised by U.S. authorities.
The recall was prompted by the U.S. National Highway Traffic Safety Administration (NHTSA), which reported that 999 units of VinFast’s VF 8 vehicles had a software glitch in the dashboard display. This error prevented critical safety information from being shown and could potentially lead to an increased risk of accidents.
Out of the 999 affected units, over 700 remain in VinFast’s possession and have not yet been delivered to customers or fleet services, according to the NHTSA’s estimates.
In response to these findings, VinFast has issued a voluntary safety recall for the VF 8 City Edition, where the dashboard screen can go blank while the vehicle is in motion or stationary. VinFast clarified that it has not received any reports of incidents related to this issue and is conducting the recall as a precautionary measure.
The announcement of the recall comes shortly after VinFast’s announcement of its intention to go public in the United States through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co. The projected equity value of the new entity, assuming no Black Spade shareholders decide to cash out, is estimated at $23 billion.
Earlier this year, VinFast recalled 2,781 VF 8 vehicles sold domestically in Vietnam due to a front brake problem in certain models.
VinFast, which was established in 2017 and recently commenced EV sales in California, has shipped two batches of VF 8 vehicles to the United States, totaling 2,097 units. The company is also preparing to send its first vehicles to Europe in July.
According to documents filed with the NHTSA, VinFast became aware of the dashboard issue on April 27 through customer feedback. The safety agency has documented this problem on 18 occasions. VinFast plans to address the issue by releasing a software update, scheduled to be implemented on May 25. Owners will receive notification letters regarding the update by May 29.
In a recent development, VinFast secured $2.5 billion in fresh funding commitments from its parent company Vingroup JSC (VIC.HM), Vietnam’s largest conglomerate, and Pham Nhat Vuong, the founder of VinFast and Vietnam’s first billionaire, further strengthening its financial position.
In a recent report released by the World Bank, East Asia and Pacific (EAP) economies are showcased as beacons of growth, surpassing global averages. However, the region faces impending headwinds, notably from China, casting a shadow over its growth trajectory for 2024.
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In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.
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An Illinois jury has delivered a significant verdict in a case involving Mead Johnson’s Enfamil baby formula, ordering the company to pay $60 million to the mother of a premature baby who died from an intestinal disease after consuming the formula.
In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.
When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.
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