Vietnamese electric-vehicle maker VinFast Auto Ltd is set to receive at least US$1 billion of investments from a group of investors led by Emirates Driving Co, a person with direct knowledge of the deal said.

The infusion is part of an agreement with the UAE company announced Tuesday, the person said, asking not to be identified because the investment amount isn’t public. Emirates Driving will also provide VinFast with its expertise in driver training and road safety, and the development of an EV ecosystem, the companies said.

A representative for VinFast declined to comment on the investment figure, while Emirates Driving didn’t respond to an email seeking comment.

VinFast shares have dropped about 53% year-to-date. The Vietnamese automaker posted a net loss of 18.76 trillion dong in the second quarter of this year, compared with a loss of about 13.4 trillion dong a year earlier.

VinFast’s billionaire founder and chief executive officer Pham Nhat Vuong said in an interview with Bloomberg TV in June that he was willing to bet all his money on the company’s growth.

The EV maker expects to open an India factory in the first half of next year and broke ground on an assembly plant in Indonesia in July. VinFast has delayed the opening of a factory in North Carolina by three years to 2028.

  - Bloomberg