VinFast Founder Commits $1 Billion as EV Maker Bleeds Cash (1)

Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.

The move marks his strongest backing yet for the Vingroup JSC unit touted as a possible challenger to Tesla Inc.

“We will put all our resources into VinFast,” Vuong told a meeting of shareholders in Hanoi, without giving a timing for the cash infusion. He described VinFast as the future of Vingroup, and said there’s no question of letting the company go.

VinFast, which forayed into ...