VinFast Ranks as Third Most Valuable Automaker

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【Summary】Vietnamese car brand VinFast has become the third-most valuable automaker globally, with a market value of $160 billion. The company's stock surged 21% recently, following a rally that quadrupled its market value. VinFast is now behind only Tesla and Toyota in terms of market value. However, with only 1.3 million publicly available shares, the stock has been volatile. VinFast plans to start delivering its VF 9 SUV in the US later this year and is also building a factory in North Carolina.

FutureCar Staff Aug 31, 2023 6:31 AM PT

VinFast Ranks as Third Most Valuable Automaker

VinFast, the Vietnamese car brand, has become the third-most valuable automaker in the world. The company's stock surged 21 percent, extending a rally from last week that quadrupled its market value to $160 billion. This puts VinFast behind only Tesla and Toyota in terms of market value.

Despite its rapid growth, VinFast's stock has been prone to volatility due to the small amount of publicly available shares. In the past 12 trading sessions, the price has fluctuated more than 14 percent 11 times.

VinFast made its debut on the Nasdaq stock market on August 15 after completing a SPAC merger with Black Spade Acquisition Company. The company's founder, Pham Nhat Vuong, controls roughly 99 percent of VinFast, making the majority of shares unavailable to investors.

The Vietnamese automaker 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. Despite experiencing delivery delays and recalls in the first half of the year, VinFast has begun delivering its US-bound vehicles. However, only 151 EVs were delivered in the first six months.

In addition to its US operations, VinFast has plans to build a factory in North Carolina. The groundbreaking ceremony took place last month, and production is scheduled to begin in 2025.