VinFast-Backed Taxi Firm GSM Expands into US and Europe Ahead of Hong Kong IPO
Green and Smart Mobility (GSM), the electric taxi operator backed by VinFast Auto Ltd. (NASDAQ:VFS) and its founder Pham Nhat Vuong, plans to expand operations in the U.S., Sweden, and the Netherlands by year-end with further European expansion expected in 2027. The move is part of GSM's strategy ahead of a planned Hong Kong IPO targeting a $20 billion valuation. This comes amid VinFast suspending its India EV assembly plans and facing legal challenges over delays at a U.S.-based subsidized plant. GSM’s fleet model, which involves owning all vehicles and employing drivers directly, could provide a stable sales channel for VinFast as it expands globally. The company reported strong delivery growth in Q2 2026 with global EV deliveries reaching 70,085 units, up 96% year-over-year. However, GSM’s expansion strategy requires significant capital investment and faces challenges from established ride-hailing platforms like Uber. The potential IPO of GSM could validate VinFast's ecosystem-driven growth model but also highlights the company's ongoing financial pressures as it continues to operate at a loss while expanding internationally.
Tickers: $VFS
Topics: Electric Vehicles Expansion GSM IPO VinFast