VinFast, an Vietnamese electric vehicle (EV) maker VinFast, gained ane valuation surpassing that of US automakers Ford and General Motors (GM) on its first day of trading on NASDAQ yesterday (Aug. 15).
VinFast started out with gasoline-powered models then moved over to EVs a couple years ago. In 2022 it started to ship autos abroad.
The stock opened at $22, more than double the $10 per share agreed with VinFast’s SPAC partner Black Spade Acquisition that had valued VinFast at $23 billion.
It surged further during the session, ending at $37.06 and valuing the EV maker, which has not posted a profit, at $85 billion, more than Ford’s market capitalization at $48 billion and General Motors’ $46 billion stock market value.
At the time of this posting, shares of VinFast Auto are down more than 20%, a day after their offering on the NASDAQ.
