VinFast, the Vietnamese electric vehicle startup destined for North Carolina, is currently the world’s third-largest automaker by market capitalization as its blistering Wall Street debut continues to surprise. At market close Monday, a share of VinFast stock sold for $82.35 a share — up from $22 per share on Aug. 15, its first day as a public company. VinFast currently has a market value above $191 billion. For comparison, the market value of Ford, General Motors, and Honda combined is only $145 billion. Tesla is the world’s most valuable car company, with a market cap around $750 billion, and Toyota is second with a market cap of approximately $225 billion. Both automakers are profitable and have sold millions of cars. In contrast, VinFast has only delivered tens of thousands of vehicles and still registers steep losses
BY BRIAN GORDON, (Raleigh News & Observer)
Tesla. Toyota. VinFast. VinFast.
The Vietnamese electric vehicle startup destined for North Carolina, is currently the world’s third-largest automaker by market capitalization as its blistering Wall Street debut continues to surprise.
At market close Monday, a share of VinFast stock sold for $82.35 a share — up from $22 per share on Aug. 15, its first day as a public company. VinFast currently has a market value above $191 billion. For comparison, the market value of Ford, General Motors, and Honda combined is only $145 billion. Tesla is the world’s most valuable car company, with a market cap around $750 billion, and Toyota is second with a market cap of approximately $225 billion. Both automakers are profitable and have sold millions of cars. In contrast, VinFast has only delivered tens of thousands of vehicles and still registers steep losses.
On Monday, VinFast was among the market’s most searched and actively traded companies. According to the platform Stock Analysis, it was the day’s top trending company by a wide margin based on page views, attracting more interest than Amazon, Microsoft, Tesla, and Apple. As of 1:30 p.m. Tuesday, VinFast stock was down 35% on the day, but the company was still the market’s third-most valuable automaker. Having arrived to the NASDAQ exchange earlier this month after merging with a special purpose acquisition company, or SPAC, VinFast turned heads on its first day as a publicly traded company. Its share price jumped 68% to finish at more than $37 a share, which has since more than doubled.
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