VinFast Ranks Third in Global Automaker Valuation

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【Summary】Vietnamese automaker VinFast has become the world's third-most valuable automaker, with a market value of $160 billion. The surge in stock price, which has more than quadrupled its value, puts VinFast behind Tesla and Toyota. However, the limited number of publicly available shares has made the stock volatile. The company, founded by Vietnam's wealthiest man, plans to expand its presence in the US and has started deliveries of its electric SUVs.

FutureCar Staff Sep 03, 2023 9:45 AM PT

VinFast Ranks Third in Global Automaker Valuation

VinFast, the Vietnamese car brand, has seen a surge in its stock price, making it the third-most valuable automaker in the world. Its market value has quadrupled to $160 billion, trailing only Tesla and Toyota in terms of market value.

However, the small number of publicly available shares has made VinFast's stock prone to volatility, with significant price fluctuations in recent trading sessions.

The Southeast Asian carmaker made its debut on the Nasdaq stock market in August after completing a SPAC merger. The company's founder, Pham Nhat Vuong, controls nearly all of VinFast's shares, 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 launch its 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 its vehicles in the US.

Despite its recent success, VinFast delivered only 151 EVs in the US in the first six months of the year, according to Experian. The company has plans to build a factory in North Carolina, with production expected to begin in 2025.