VinFast's Market Cap Surges Past Ford and GM as EV Stock Soars
VinFast, the Vietnamese electric vehicle (EV) manufacturer, has made waves in the global stock market. Its market capitalization surged to USD 85 billion, outpacing both Ford and General Motors. The company's shares skyrocketed in their Nasdaq debut, opening at USD 22 and closing at USD 37.06.
VinFast's rapid growth is evident in its vehicle sales. Despite not yet posting a profit, the company has shipped nearly 3,000 vehicles to North America since late last year. It's entering competitive stock market today, with its VF8 priced at USD 46,000 in California.
The company's expansion plans are ambitious. It's building a USD 4 billion plant in North Carolina and aims to launch the VF9 EV in the US stock market later this year. VinFast also plans to raise funds from global investors within 18 months, considering a hybrid distribution model involving dealers.
VinFast's impressive stock market performance and market capitalization indicate strong investor confidence. However, the company faces challenges, including a significant first-quarter revenue drop and net loss. Potential investors, as revealed by CFO David Mansfield, include sovereign wealth funds, global private equity firms, and major institutional investors. VinFast's ability to navigate these challenges and execute its expansion plans will be crucial for its future success in the stock market.
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