All major European and US equity indices closed higher, while
APAC markets were mixed. US government bonds closed sharply lower,
while most benchmark European bonds were modestly higher on the
day. CDX-NA and European iTraxx closed tighter across IG and high
yield. The US dollar, oil, and copper closed higher, while natural
gas, gold, and silver closed lower on the day.
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Americas
- All major US equity indices closed higher; Russell 2000 +2.1%,
DJIA +1.9%, S&P 500 +1.2%, and Nasdaq +0.9%.
- 10yr US govt bonds closed +8bps/1.44% yield and 30yr bonds
+9bps/1.77% yield.
- CDX-NAHY closed -2bps/56bps and CDX-NAHY -11bps/318bps.
- DXY US dollar index closed +0.2%/96.33.
- Gold closed -0.2%/$1,780 per troy oz, silver -1.0%/$22.26 per
troy oz, and copper +1.7%/$4.34 per pound.
- Crude oil closed +4.9%/$69.49 per barrel and natural gas closed
-11.5%/$3.66 per mmbtu.
- Averaged over the last seven days, the count of seated diners
on the OpenTable platform was 11.3% below the comparable period in
2019. This is in line with what has been a flat trend for several
months. Meanwhile, box-office revenues last week were 45.3% below
the comparable week in 2019. This is below recent averages,
indicating continued difficulty getting moviegoers back in
theaters. (IHS Markit Economists Ben
Herzon and Joel
Prakken)

- The US recorded strong increases in main fresh vegetable
imports in January-September 2021 while the average import prices
went down from last year. Mexico and Canada are the main suppliers
in this period. (IHS Markit Food and Agricultural Commodities' Hope Lee)
- Fresh tomatoes were the most imported vegetable in the first
nine months of 2021, with 1.5 million tons imported, 8% up y/y.
Tomatoes are also the most valuable imported vegetables. Mexico
accounted for over 90% of total shipments, followed by Canada.
Canada increased its shipments to the US by 13% y/y, at an average
price of $2,260 per ton, 14% down y/y. Mexico's prices were also
reduced by 8% y/y to $1,370/ton. The USDA report (June 2021)
estimated Mexico's 2021 calendar year production is 3.3 million
tons, 2% up from 2020.
- US pepper imports climbed by 14% y/y to breach one million
tons, of which chili peppers grew by 19% y/y to 371,000 tons. Among
top 10 vegetables, peppers ranked second in both volume and value.
Mexico accounted for about 86% of total volumes. Greenhouse-grown
organic bell peppers saw an import price fall of 18% y/y to
$2,950/ton, but, still the highest among all varieties.
Greenhouse-grown conventional bell peppers were priced at
$2,400/ton, 12% down y/y. Open-field grown organic bell pepper's
prices went up by 10% y/y to $2,880/ton.
- Lettuces imports outpaced main vegetables at +29% y/y to
232,000 tons in January-September 2021. Mexico made up over 94% of
total imports, followed by Canada; prices from both suppliers fell
5% y/y and 11% y/y, respectively.
- Fresh asparagus ranked fourth by import value to $573 million,
5% up y/y. The import volume increased by 12% y/y to 231,000 tons.
Mexico (70%) and Peru (29%) are the main suppliers. The average
import price was $2,470/ton, 7% down y/y; asparagus has the highest
import price among main vegetables. Mexico's average price was
$2,000/ton compared to Peru's $3,370/ton.
- Pumpkins and squash noted a sharp fall of 22% y/y in import
value to $294 million, despite a 4% y/y increase in volumes. The
category's import price decreased by 25% y/y to $770/ton, the
biggest fall among main vegetables. Most varieties saw price
decreases; organic squash registered the biggest fall of 25% y/y to
$950/ton.
- For a reference point, the US imported over 10 million tons of
fruits and nuts (fresh, dried and frozen) from January-September
2021, 4% up y/y. The average price of the products under one HS
code 08 was $1,440 per ton, 9% up y/y.

- The US is proposing incentives for the purchase of electric
vehicles (EVs 0 produced in the US; recently both Canada and Mexico
have expressed concerns over the potential incentive, relative to
the US-Mexico-Canada Free Trade Agreement (USMCA). The proposed
credit is structured to provide a higher incentive for vehicles
produced in the US, and another level if that production is at a
union-represented plant (see United States: 13 September 2021: US
House proposes tax credits for EVs − report and United States: 28
May 2021: US lawmakers advance bill proposing clean-energy tax
credits, EV incentives). Mexico's Economy Minister Tatiana
Clouthier has called the credit "discriminatory", and says Mexico
is reviewing possible legal actions to respond. Clouthier is quoted
as saying, "In the past we have imposed tariffs and we would have
to do or propose something very important and strategic for those
products, in those places where it hurts them… so that the
consequences can be felt." The minister also said that tariffs were
"not a desirable" course of action, while indicating that Mexico
would do everything in its power to safeguard its automotive
industry. According to Automotive News, the minister called the
proposed US measure "totally contrary to free trade" and said, "The
effect on our auto exports would have a very large impact on this
sector that creates a lot of jobs… and could even generate
additional migratory pressures." In addition, Automotive News
Canada has reported that Canada's Trade Minister, Mary Ng, has
raised a number of trade disputes with the US, including the
proposed tax credit for EVs. Ng took the position that the proposal
is counter to the terms of the USMCA. (IHS Markit
AutoIntelligence's Stephanie
Brinley)
- Electric vehicle (EV) startup Lucid Motors says reservations
for the Air sedan have surpassed 17,000 units, although these are
not guaranteed sales, reports Automotive News. According to the
report, Lucid's senior director of sales and services, Zak Edson,
said, "Demand is in great shape, so a lot of what we're doing is
executing our plan and ensuring that cars are coming out in
sufficient volumes and quality to satisfy that demand." The company
is building first the limited-run USD169,000 Dream Edition of the
Air sedan and then a USD139,000 Grand Touring version. In 2022, the
company plans to add a USD95,000 Touring version and a USD77,400
Pure version. Edson said that the reservations so far are for a mix
of trim levels, saying, "We see a strong demand for the Grand
Touring. It's definitely not a case where everyone is coming in at
the low end." The report highlighted earlier remarks from Lucid CEO
Peter Rawlinson, who suggested the company potentially could create
a smaller model, given the Air Grand Touring has range of 516 miles
with a 112-kilowatt-hour battery pack. Lucid is planning the
Gravity sport utility vehicle (SUV) in 2023, production of which is
to be at the company's plant in Arizona, United States. According
to reports, Lucid says its production capacity will be 34,000
vehicles per year in the current phase and it plans to expand this
to 90,000 units when phase two of the plant is completed in 2023.
Eventually, Lucid plans a production capacity of 365,000 units per
annum at the Arizona plant. (IHS Markit AutoIntelligence's Stephanie
Brinley)
- Further to a foundations contract award earlier in October,
joint venture partners Ørsted and Eversource have begun
construction on a new facility in ProvPort, Rhode Island, United
States, to produce advanced foundation components. The partners are
investing USD40 million in total and have a Project Labor Agreement
in place with the Rhode Island Building and Construction Trades
Council, and Dimeo Construction, the project's general contractor,
to ensure that all work is undertaken by the unionized local
workforce. Earlier in October, the JV partners signed a USD86
million contract with Riggs Distler & Company, a fully owned
subsidiary of Centuri Group, for the supply of wind turbine
foundations for the Sunrise Wind project in New York. Riggs Distler
will be the general contractor to build the prefabricated
foundation components at the Port of Coeymans. Sunrise Wind, being
developed by Ørsted and Eversource, is undergoing its federal
permitting process by the Bureau of Ocean Energy Management (BOEM).
The project will see up to 122 offshore wind turbines installed
with a total capacity of between 880 to 1,300 MW. (IHS Markit
Upstream Costs and Technology's Melvin Leong)
Europe/Middle East/Africa
- All major European equity indices closed higher; Spain +2.4%,
Italy +2.2%, UK/France +1.5%, and Germany +1.4%.
- Most 10yr European govt bonds closed higher except for Germany
flat; Italy -4bps, Spain -3bps, UK -2bps, and France -1bp.
- iTraxx-Europe closed -1bp/57bps and iTraxx-Europe
-2bps/280bps.
- Brent crude closed +4.6%/$73.08 per barrel.
- The UK government is said to be offering Rivian a range of
incentives to attract a European vehicle manufacturing site to the
country. Sources familiar with the negotiations have told the
Financial Times (FT) that government officials have held
discussions with representatives of the battery electric vehicle
(BEV) manufacturer in recent days with an aim for it to invest at
the Gravity business park, a 635-acre site near Bridgwater that is
being developed by the Salamanca Group. Incentives on offer include
a new junction off the M5 motorway, training facilities, and the
reinstatement of an old rail link. The UK is said to be
highlighting its "green credentials", with Rivian keen to use
electric rail links to transport parts and vehicles. The
discussions are said closely involve Prime Minister Boris Johnson,
and executives from key shareholder Amazon. The final investment by
Rivian could comprise both vehicle and battery manufacturing, but a
final decision has yet to be made. (IHS Markit AutoIntelligence's
Ian Fletcher)
- Mobility startup Imperium Drive has started trials of an
on-demand driverless car-hailing service, named Fetch, in Milton
Keynes (United Kingdom). Imperium Drive's car is equipped with its
remote driving software and uses 5G network for connectivity and
control. Users can book and unlock the car through the Fetch app
and the car will be delivered to the customer by a remote operator.
Users can drive the car normally to their destination, and after
completing the trip the remote operator takes control to drive the
vehicle to the next customer in line. The Fetch trial is supported
by private investment and is backed by Milton Keynes Council and
the government's '5G Create' initiative. Startup accelerator funds
Entrepreneur First and Techstars also contributed capital towards
the trial. Imperium Drive offers various cars, ranging from a
standard sedan to electric microcars. In the next 12 months, the
company plans to include public trials. It plans to launch a fully
operational remote-operated car-hailing service in the UK in the
second half of 2022 and aims to move to fully autonomous vehicles
within the next five years. (IHS Markit Automotive Mobility's
Surabhi Rajpal)
- The EU has vowed to spend billions on international development
finance with a move it compared to China's Belt and Road, but with
"the highest environmental standards." China's Belt and Road
initiative has invested in projects such as roads, power stations,
railways, airports, and ports across Eastern, Southern, and Central
Asia. (IHS Markit Net-Zero Business Daily's Cristina Brooks)
- On 1 December, the European Commission (EC) announced the new
strategy, dubbed Global Gateway, through which it will facilitate
foreign investments of up to $339 billion (€300 billion) by
2027.
- While China's environmental standards under Belt and Road have
been criticized, it recently published green standards for overseas
construction.
- The EC responded to the comparison with China by saying it is
"offering an innovative choice" and filling an infrastructure
finance gap for low- and middle-income countries estimated at over
$2.7 trillion in 2019 and worsened by the COVID-19 crisis.
- In particular, the Global Gateway will use the EU's existing
European Fund for Sustainable Development+ to offer up to $152.83
(€135 billion) of guaranteed investments for infrastructure in
countries in the EU's region and in Africa.
- It will not only provide grants, loans, and budgetary
guarantees to de-risk projects like renewables and smart grids, but
it will also support what it termed "soft infrastructure" such as
health projects, education, and research.
- Its energy investments will include growing hydrogen production
through state partnerships, to "promote the creation of competitive
markets to enable such hydrogen produced outside the EU to be
traded internationally without export restrictions or price
distortions."
- It aims these projects in countries where it has existing
development partnerships and strategic interests. For example,
China's rivals include India and Japan, with which it recently
signed pacts to cooperate on cleantech and connectivity.
- The EU will pour funds into its neighbors to the east,
including Albania, Bosnia and Herzegovina, North Macedonia,
Montenegro, Serbia, Kosovo Armenia, Azerbaijan, Belarus, Georgia,
the Republic of Moldova, and Ukraine.
- Denmark's recent offshore wind farm tender highlighted a "pay
to play" trend first seen in the UK, signaling developers' hunger
to build offshore wind. (IHS Markit Net-Zero Business Daily's
Cristina Brooks)
- German utility and developer RWE is set to build the 1 GW Thor
wind farm in the North Sea west of Nissum Fjord by December
2027.
- RWE's company Thor Wind Farm I/S won the tendered concession
after an unusual lottery process following identical bid amounts,
Danish Energy Agency said on 1 December. UK utility and developer
SSE Renewables was the other bidder at the identical amount.
- The agency said the deal marked the world's first offshore wind
farm to be constructed with revenue payments to the state, although
the UK has similarly charged for seabed leases.
- The winning bidder will have to pay some of the electricity
revenues to the state whenever the average spot price for
electricity in western Denmark rises above its near-zero bid during
the 20-year symmetrical Contract-for-Difference (CfD) contract.
After that, the wind farm will run on commercial terms for the rest
of its lifetime.
- As Holger Nikolaj Jensen, a senior manager for financial
services firm KPMG Denmark's energy advisory explained to NZBD,
this means that the concession deal both subsidizes and requires
payments.
- If the average spot price in a quarter is below the bid price
of $0.000015 per kWh (kr0.0001 per kWh), RWE receives the
difference as a subsidy until it reaches a $988 million (kr6.5
billion) cap, whereas if the average spot price is above the bid
price, RWE must pay the difference back to the state in 'negative
subsidy' until a cap of $430 million (kr2.8 billion) is reached, he
said.
- Finnish autonomous technology company Sensible 4 has partnered
with sustainable transport solution provider MOOVE GmbH, according
to a company statement. Under this partnership, Sensible 4 will
integrate its automated technology into MOOVE's PeopleMover, a
customized vehicle that can carry up to 19 passengers. In February
2022, trials with the automated PeopleMover will begin in Aachen
(Germany). The companies also plan to jointly develop a new
all-weather SAE Level 4 autonomous shuttle bus for the European
market in 2023. The shuttle bus will not require a safety driver on
board. Harri Santamala, CEO of Sensible 4, said, "We are thrilled
to announce our collaboration with MOOVE. With their strong German
manufacturer knowledge combined with our technology, we are
challenging the traditional automotive companies bringing new
competitive solutions to the market". Sensible 4 specializes in
developing autonomous technologies for harsh weather conditions. It
has developed an autonomous shuttle, the Gacha, with Japanese
lifestyle brand Muji. (IHS Markit Automotive Mobility's Surabhi
Rajpal)
- At its session on 3 December, the National Bank of Moldova
(NBM) raised the policy interest rate by another 100 basis points,
marking the fourth increase of 2021. That follows a pause at 5.5%
during the previous session on 29 October, when the NBM highlighted
the uncertainty associated with the global energy crisis and the
potential negative impact on domestic demand. (IHS Markit Economist
Sharon
Fisher)
- At the December session, the NBM also raised the interest rates
on overnight loans and deposits by 100 basis points, to 8.5% and
4.5%, respectively. The level of required reserves remains
unchanged.
- Rising inflation was the main justification for the December
interest rate hike. In October, consumer prices jumped 8.8% year on
year (y/y), boosted by double-digit growth in both food and
non-food goods prices. The NBM's inflation target currently stands
at 5.0%, with a range of +/-1.5%.
- Salary pressures in Moldova are currently very strong, with the
average monthly nominal wage up 13.6% y/y in the third quarter,
marking the fourth straight period of double-digit growth. The
sectors with the fastest y/y growth were healthcare, IT, finance,
and agriculture. In real terms, third-quarter wages jumped 8.3%
y/y, helping to support household consumption.
- In other economic news, the improved 2021 harvest is supporting
agricultural and industrial output as well as exports. In the third
quarter, agricultural production jumped 30.9% y/y, while goods
exports jumped 36.0% y/y in US dollar terms (versus import growth
of 25.6%). In September alone, soaring output of food products (up
42.5% y/y) helped drive up industrial production by 13.7% y/y.

- Turkish annual inflation - both headline and core - continued
to rise in November, exacerbating the disruption of the current
rate cutting cycle to market stability. With inflationary pressures
still building, although we still expect another rate cut on 16
December, it may be moderated from our previous expectation. Sharp
lira losses and high inflation will continue through early 2022,
particularly following the recent resignation of a trusted economic
minister. (IHS Markit Economist Andrew
Birch)
- In November 2021, annual consumer price inflation continued to
rise, to 21.3% according to data from the Turkish Statistical
Institute (TurkStat). Inflation has steadily risen for over a year,
standing more than seven percentage points higher than it had been
a year earlier.
- President Recep Tayyip Erdoǧan and Central Bank of the Republic
of Turkey (TCMB) Governor Şahap Kavcıoğlu had pointed to a modest
month-on-month (m/m) decline of inflation from September to October
as justification for the last cut of the one-week repo rate. After
that modest m/m decline from 17.0% to 16.8%, annual core inflation
re-rose in November, to 17.6%.
- TurkStat also reported annual producer price inflation of 54.6%
in November 2021, surging upwards from 46.3% the previous month.
The impact of high global commodity prices, the sharp lira losses,
and supply-chain problems has been particularly substantial on
producer price inflation, more than doubling its level over the
past 12 months.
- Sharp lira losses were extremely inflationary through the first
11 months of 2021. Through 23 September, the lira had already
depreciated by nearly 23% against the US dollar, pushing import
prices higher.
- The beginning of the current rate cutting cycle at the
September TCMB policy meeting, the lira losses were enflamed. As of
3 December, the lira had depreciated by 95.8% against the US
dollar.

- Saudi Aramco, a Saudi Arabian public petroleum and natural gas
company announced the signing of five agreements with French
companies, including an agreement to explore a hydrogen-powered
vehicle business with Gaussin, a French technology company, reports
Reuters. According to the source, "The agreement between Aramco and
Gaussin aims to establish a modern manufacturing facility for
on-road and off-road hydrogen powered vehicles in the Kingdom of
Saudi Arabia." The other agreements span the areas of carbon
capture technology, artificial intelligence and local
manufacturing. The signing of the event was held in Jeddah (Saudi
Arabia). Aramco will also sponsor a hydrogen-fueled racing truck
developed by Gaussin to compete in the 2022 Dakar Rally in Saudi
Arabia. Saudi Aramco CEO Amin Nasser said, "It represents an
opportunity to promote hydrogen as a low-carbon solution, not just
for motorsport, but eventually for mass transportation as well.
Such collaboration helps us to advance economic growth in the
Kingdom as part of the Namaat industrial investment program and
takes us a step closer to our shared vision of a more sustainable
future." Gaussin is engaged in zero-emission, smart and connected
vehicles for freight transportation and people mobility. The recent
agreement aims to establish a modern manufacturing facility for
on-road and off-road hydrogen powered vehicles in Saudi Arabia.
(IHS Markit AutoIntelligence's Tarun Thakur)
- Israel and Jordan in November signed what the countries'
governments called "the largest-ever cooperation agreement" between
the nations, which could result in a new solar PV power plant in
Jordan that will generate electricity for Israel, while Israel will
sell Jordan additional clean water from desalination plants. (IHS
Markit Net-Zero Business Daily's Keiron Greenhalgh)
- The solar PV plant will have a capacity of 600 MW. Israel will
supply up to 200 million cubic meters of desalinated water per year
to Jordan under the deal, doubling the amount of water it currently
has promised to sell to Jordan.
- For both countries, the deal helps solve climate change
problems: energy in Israel, and water in Jordan.
- Climate change is exacerbating an immense water resources
problem in Jordan, said Minister of Water and Irrigation, Mohammad
Al-Najjar at the signing event at the Dubai Expo in the United Arab
Emirates (UAE). "Climate change and the influx of refugees have
further exacerbated Jordan's water challenges, however, there are
many opportunities for regional cooperation to help increase
sustainability in the sector," he said.
- Energy ministries of both countries could not be reached by
Net-Zero Business Daily for further information on how the
power-for-water swap might work, nor any further details on a
timetable.
- "The benefit of this agreement is not only in the form of green
electricity or desalinated water, but also the strengthening of
relations with the neighbor that has the longest border with
Israel," Israel's Energy Minister Karine Elharrar said at the
signing ceremony.
- The agreement was brokered by the UAE, and a UAE firm will
build the PV plant in Jordan, she added.
Asia-Pacific
- Major APAC equity indices closed mixed; South Korea +0.2%,
Australia +0.1%, Japan -0.4%, Mainland China -0.5%, India -1.7%,
and Hong Kong -1.8%.
- The Premier Li Keqiang stated in a meeting on 3 December with
the International Monetary Fund (IMF) chief that mainland China
will cut RRR in a timely way to support the real economy,
especially small and micro firms, reports Xinhua News Agency. (IHS
Markit Economist Yating
Xu)
- The premier also said that mainland China will implement steady
economic policies and make policies more targeted and effective
while maintaining prudent monetary policy and keeping liquidity
reasonably ample. However, the central bank has not responded to
the statement and there is no specific time for the expected RRR
cut yet.
- On the same day, the Guangdong local government agreed to
parachute a team of officials into Evergrande as the developer
warned it might not be able to meet its financial obligations and
planned to restructure its offshore debt. Meanwhile, government
departments including the central bank, China Banking and Insurance
Regulatory Commission, China Securities Regulatory Commission, etc.
all expressed the determination to stabilize the financing of
developers.
- Chinese electric vehicle (EV) startup NIO has begun to provide
its customers the option of upgrading their vehicle batteries
through a monthly subscription program. Customers can upgrade the
70-kWh battery pack or the 75-kWh battery pack in their existing
NIO vehicles to the larger 100-kWh battery pack for a fee of CNY880
(USD138) per month. The 100-kWh battery was previously offered to
NIO customers through a leasing program, with a minimum
subscription period of one year. NIO's 100-kWh battery pack is
compatible with all of its models currently on the market. This
flexible battery configuration allows NIO to explore new revenue
opportunities through its battery leasing program. (IHS Markit
AutoIntelligence's Abby Chun Tu)
- Baidu has started commercial operation of autonomous buses in
Southwest China's Chongqing municipality. The company has deployed
three autonomous buses, named Robobus, which are equipped with
Level 4 automation technology and will run on a round trip of
nearly 10 km. Residents can use facial recognition, IC cards or
Alipay to take the bus, reports China Daily. Baidu has tested its
robotaxi service in five Chinese cities: Beijing, Shanghai,
Guangzhou, Changsha, and Cangzhou. To date, Baidu's Level 4
autonomous test vehicles have completed over 10 million miles, and
says its robotaxi service, Apollo Go, will be available in 65
cities by 2025 and 100 cities by 2030. It has also developed an
autonomous minibus, named Apolong, which has been in production
since 2018. The minibus has been deployed in 22 urban parks in
Chinese cities and has served 120,000 users while travelling a
total of 120,000 km. (IHS Markit Automotive Mobility's Surabhi
Rajpal)
- Japan's Suntory Group has successfully prototyped a
polyethylene terephthalate (PET) bottle made from 100% plant-based
chemicals, the company announced last Friday. (IHS Markit Chemical
Market Advisory Service's Chuan Ong)
- The company said that the prototype PET bottle uses plant-based
terephthalic acid (PTA) and monoethylene glycol (MEG), and is fully
recyclable. The PTA is produced from plant-based paraxylene (PX)
derived from wood chips, utilizing new techniques from technology
company Anellotech. Suntory used MEG derived from molasses.
- Suntory believes its prototype PET bottle is a crucial step
towards its aim of producing 100% sustainable PET bottles by 2030,
and net-zero greenhouse gas emissions across its entire value chain
by 2050. The company said the new PET technology is significant as
its PTA is produced using non-food biomass, which avoids
competition with the food chain, while its MEG is derived from
non-food grade feedstock.
- The beverage maker believes Anellotech's PX technology enjoys
process efficiency, using a single-step thermal catalytic process
by going directly from biomass to aromatics benzene, toluene and
xylene. This process generates required energy from the biomass
feedstock itself, and may allow significant reductions in
greenhouse gas emissions compared to fossil-derived PX, according
to a Suntory source.
- The South Korean government plans to increase the number of
electric vehicle (EV) chargers at highway service areas across the
country to over 1,000 by the end of 2022, reports the Yonhap News
Agency. Currently, there are 435 EV chargers at the country's
highway rest stops. The government plans to increase the number to
730 by the end of this month and then add more than 300 chargers
next year, according to the South Korean transport ministry. During
January-October, the number of highway EV charger users came to
872,000, already exceeding the 700,000 users for all of 2020, added
the ministry. The move is in line to meet growing demand for EVs
and charging infrastructure in the country. As reported earlier,
sales of alternative-powertrain vehicles in South Korea surged by
61.4% year on year (y/y) in October to 34,137 units, marking the
21st consecutive month of growth. Sales of hybrid vehicles in the
country during the month grew by 27.9% y/y to 20,413 units, plug-in
hybrid vehicle sales jumped by 93.3% y/y to 1,850 units, EV sales
surged by 204.1% y/y to 10,934 units, and fuel-cell electric
vehicle (FCEV) sales expanded by 46.9% y/y to 940 units. (IHS
Markit AutoIntelligence's Jamal Amir)
- Vietnamese conglomerate Vingroup is planning to list its car
unit, VinFast, on the US stock market in the second half of next
year, in an offering expected to raise at least USD3 billion,
reports Reuters. VinFast is currently working with leading
international investment banks to prepare for the initial public
offering (IPO). In a statement released on 3 December, Vingroup
said its board of directors approved the transfer of the entire
contributed capital (51.52%) in VinFast Trading and Production
Limited Liability Company, headquartered in Dinh Vu Economic Zone,
Vietnam to VinFast Trading and Investment Pte. Ltd., a subsidiary
of Vingroup with head office in Singapore. Following the
restructuring, Vingroup and existing VinFast Vietnam shareholders
will own 100% of the shares of VinFast Singapore, which owns 99.9%
of VinFast Vietnam, and so Vingroup continues to own 51.52% of
VinFast Vietnam. (IHS Markit AutoIntelligence's Jamal Amir)

Posted 06 December 2021 by Chris Fenske, Head of Capital Markets Research, Global Markets Group, S&P Global Market Intelligence
S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.