Vietnamese EV maker VinFast's debut Tuesday on the Nasdaq public exchange was nothing short of remarkable. The automaker, which went public via a merger with special purpose acquisition company Black Spade Acquisition, saw shares catapult 68% to close at $37.06 ' giving it a valuation of $86 billion, a figure far above Ford, GM and Stellantis. But the real stunner came Wednesday. Even after VinFast's stock price plummeted 18.75% and closed at $30.11, the company was still holding onto a market cap that put it well ahead of other established automakers. It's an eyebrow-raising valuation for a young EV upstart that delivered just 11,300 vehicles in the first half of 2023. And its fundamentals show a company with costly ambitions that far outweigh revenue. VinFast wants to break into the U.S. marketplace on the retail and production fronts, a plan that includes building a $2 billion EV factory in North Carolina and opening up showrooms in California and other states. So what's driving...
learn more
Ratings & Reviews
Entrepreneur & Investor
YOU MIGHT ALSO LIKE