VinFast Ranks Third in Global Automaker Rankings

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【Summary】Vietnamese automaker VinFast has become the world's third-most valuable automaker, with a market value of $160 billion. Its stock surged 21% recently, following a rally that quadrupled its market value. VinFast is now behind Tesla and Toyota in terms of market value. However, the volatility of its stock, limited publicly available shares, and founder Pham Nhat Vuong's control over the company have been noted. VinFast currently sells electric SUVs in the US and plans to expand its product lineup.

FutureCar Staff Sep 03, 2023 4:31 PM PT

VinFast Ranks Third in Global Automaker Rankings

VinFast, the Vietnamese car brand, has seen a significant surge in its stock, making it the third-most valuable automaker in the world. The stock rose by 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, surpassing giants like Volkswagen, Ford, and General Motors.

However, due to the small number of publicly available shares, VinFast's stock has been 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 carmaker 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 reached $82.35 yesterday.

Pham Nhat Vuong, the founder of VinFast and 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 currently sells the VF 8 five-seat all-electric crossover in the US and plans to introduce the three-row VF 9 SUV later this year. Despite experiencing delivery delays and recalls in the first half of the year, the company has started delivering its vehicles in the US.

In the first six months, VinFast delivered only 151 EVs in the US, according to Experian. However, the company has plans to expand its operations by building a factory in North Carolina, with production set to commence in 2025.