VinFast Ranks Third in Global Automaker Valuation

author: FutureCar Staff    

VinFast, the Vietnamese car brand, has become the third-most valuable automaker globally. The company's stock surged 21 percent, leading to a market value of $160 billion. This places VinFast behind only Tesla and Toyota in terms of market value.

Despite being established just six years ago, VinFast has quickly risen in prominence. It started selling cars in the United States earlier this year and has already surpassed giants like Volkswagen, Ford, and General Motors in market value.

However, VinFast's stock has been volatile due to the limited number of publicly available shares. With only 1.3 million shares available, the price has fluctuated significantly in recent trading sessions.

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 shares closed at $37.06 on the first day of trading and reached $82.35 yesterday.

The founder of VinFast, Pham Nhat Vuong, controls approximately 99 percent of the company. Most of the shares are not available to investors, making him 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. The company faced delivery delays in the first half of the year but has since started delivering vehicles in the US.

In the first six months of this year, VinFast delivered only 151 EVs in the US, according to Experian. Despite this, the company has ambitious plans for expansion, including the construction of a factory in North Carolina, with production expected to begin in 2025.

FutureCar Staff