VinFast Ranks Third in Global Automaker Valuation

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【Summary】Vietnamese automaker VinFast has become the third-most valuable automaker in the world, with a market value of $160 billion. Its 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, the small number of publicly available shares has made its stock volatile. VinFast currently sells all-electric SUVs in the US and plans to start deliveries of its three-row SUV later this year.

FutureCar Staff Aug 29, 2023 6:18 AM PT

VinFast Ranks Third in Global Automaker Valuation

VinFast, the Vietnamese car brand, has become the third-most valuable automaker in the world. Its 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, surpassing giants like Volkswagen, Ford, and General Motors.

However, the small number of publicly available shares (1.3 million) has made VinFast's stock prone to volatility. The price has fluctuated more than 14 percent in 11 of the past 12 trading sessions.

The Southeast Asian carmaker debuted 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 and reached $82.35 yesterday.

Pham Nhat Vuong, the company's founder and Vietnam's wealthiest man, controls approximately 99 percent of VinFast. The vast majority of shares are not available to investors, making him the biggest winner from the recent stock surge.

VinFast 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 some delivery delays in the first half of the year, the company has begun delivering its US-bound vehicles. However, only 151 EVs were delivered in this region in the first six months, according to Experian.

In addition, VinFast has plans to build a factory in North Carolina. A groundbreaking ceremony was held last month, and production is expected to begin in 2025.