December 4, 2023

VinFast has hit a market capitalization that makes it the third most useful amongst automakers due to a meteoric rise within the worth of its inventory since its preliminary public providing (IPO).

The market capitalization of the electrical automobile (EV) maker, headquartered in Vietnam, hovered round $188.84 billion as of Monday afternoon. 

That determine stood decrease than Tesla and Toyota, the one two automotive producers which have bigger market caps than VinFast. The previous’s got here in at $746.03 billion, whereas the latter’s was $272.01 billion. 

Employees assemble an electrical automotive on the VinFast electrical car plant in Haiphong on April 7, 2022. (NHAC NGUYEN/AFP by way of Getty Pictures) (Getty Pictures)

VinFast had its preliminary public providing on Aug. 15, with its inventory buying and selling below the ticker image “VFS” within the practically two weeks since then. On the day of its IPO, the EV maker’s inventory value was $22 on the opening bell. 

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Thuy Le, the CEO of VinFast, stated on the time that the corporate’s buying and selling debut “not solely helps VinFast’s dedication to sustainable mobility at a world scale but in addition unlocks entry to capital markets and essential avenues for future improvement.”

From the value it opened on its IPO, VinFast shares have to this point skyrocketed over 280%. 

Ticker Safety Final Change Change %
VFS BLACK SPADE ACQUISITION CO. 83.09 +14.32 +20.82%

Reuters reported Pham Nhat Vuong owns 99% of the corporate. He has a private fortune price $66 billion, in line with Forbes. 

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VinFast has solely been round for about six years. 

The corporate has a handful of electrical automobile fashions, a lot of which aren’t presently obtainable within the U.S. 

In late July, it held a groundbreaking ceremony for its upcoming manufacturing facility in North Carolina. That plant, situated in Chatham County, is presently anticipated to start out making three varieties of VinFast autos — VF 7, VF 8 and VF 9 — roughly two years from now, in line with a press launch.

The VinFast brand is displayed on a VF5 electrical SUV throughout CES 2022 on the Las Vegas Conference Middle in Las Vegas, Nevada, U.S. January 5, 2022. (REUTERS/Steve Marcus/File Photograph / Reuters Pictures)

VinFast has made 11,300 price of auto deliveries within the first six months of the yr. It has accomplished 18,700 gross sales of EVs, in line with a July firm presentation.

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The corporate has a complete of 122 showrooms all over the world, together with in Vietnam, the U.S., Canada and some nations in Europe, in line with a doc on its web site.