VinFast Ranks as Third-Highest Valued Carmaker Worldwide

author: FutureCar Staff    

VinFast, the Vietnamese car brand, has skyrocketed in value and is now the third-most valuable automaker globally. Its stock surged 21 percent, extending a rally from last week that quadrupled its market value to $160 billion, according to Reuters.

Established just six years ago, VinFast is now trailing behind only Tesla and Toyota in terms of market value, leaving giants like Volkswagen, Ford, and General Motors in its wake.

However, due to the small number of publicly available shares (1.3 million), VinFast's stock is prone to volatility, with the price fluctuating more than 14 percent in 11 of the past 12 trading sessions, as noted by Reuters.

The Southeast Asian automaker made its debut on the Nasdaq stock market on August 15 after completing a SPAC merger with Black Spade Acquisition Company. VinFast's shares closed at $37.06 on the first day of trading and closed at $82.35 yesterday.

The founder of VinFast, Pham Nhat Vuong, who is Vietnam's wealthiest man, controls approximately 99 percent of the company. This means that the majority of shares are not available to investors, with the founder being the biggest beneficiary of the recent stock surge.

VinFast, headquartered in Singapore, currently sells the VF 8 five-seat all-electric crossover in the US and plans to start deliveries of its three-row VF 9 SUV later this year. While the company faced delivery delays and recalls in the first half of the year, it eventually began delivering its vehicles to the US market.

However, VinFast's sales in the US have been modest, with only 151 EVs delivered in the first six months of this year, according to Experian.

The automaker also has plans to build a factory in North Carolina, and a groundbreaking ceremony was held last month. Production at the new factory is expected to commence in 2025.

FutureCar Staff