Toronto, Ontario — This week, VinFast gets approval to list on Nasdaq; auto parts manufacturer Martinrea doubles its adjusted net earnings compared to Q2 2022; and Linamar posts record revenues.
Go for VinFast
Vietnamese electric vehicle manufacturer VinFast will soon trade on the Nasdaq, following the approval of its merger into a special purchase acquisition company (SPAC) was approved last week.
Shareholders of Black Spade Acquisition, a Hong-Kong-based blank-check company, approved the merger with VinFast last Thursday, and the automaker anticipates its listing will go live “on or around Aug. 15.”
The merger values VinFast, which brought its first cars to Canada last spring, at approximately $23 billion.
VinFast will be listed under the ticker symbol VFS.
Mega quarter for Martinrea
Ontario-based auto parts supplier Martinrea delivered record revenues and adjusted earnings for Q2 2023, the company announced last week.
The company marked $1.36 billion in sales for Q2 2023, up from $1.1 billion in Q2 2022.
Adjusted net earnings were almost double that of Q2 2022 at 62 cents per share in Q2 2023.
Company CEO Pat D’Eramo credited the “strong” results to continued improvement in the auto sector.
The company also noted that new business partnerships with automakers General Motors, Daimler, Volvo and “others”, will represent $150 million in annualized sales “at mature volumes.”
D’Eramo also said the company is “making progress on [its] commercial activity, working to offset inflationary costs and volume instability [it] continues to face.”
Martinrea maintains its 2023 outlook, which anticipates annual total sales between $4.8 and $5 billion.
Leap at Linamar
Linamar also reported record revenues for Q2 2023, with total sales of $2.55 billion, up from $1.98 billion in the same quarter last year.
CEO Linda Hasenfratz said that margins are “trend[ing] upwards” compared to production levels in late 2021 during the microchip shortage.
The company expects to keep momentum going, shooting for double-digit growth in sales, primarily driven by parts for EVs and hybrid vehicles.
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