Electric Vehicle

VinFast valued higher than Ford and GM in Nasdaq debut

Date: August 17, 2023. Vietnamese electric vehicle manufacturer VinFast has achieved a valuation that has surpassed Ford and General Motors (GM) in Nasdaq debut.

VinFast has rapidly gained recognition for its electric vehicles, combining cutting-edge technology and sleek designs. This meteoric rise has propelled the company to a valuation that now exceeds that of two of the most established automakers in the world – Ford and GM.

In their New York debut, VinFast shares, which have not yet turned a profit, finished above $37 (£29) per share. Thus, VinFast’s stock market valuation increased to $85 billion, much exceeding Ford’s $48 billion and GM’s $46 billion. It happens as established automakers compete with more recent ones for a piece of the expanding EV market.

This valuation milestone marks a significant moment for not only VinFast but also for the Vietnamese economy as a whole. The company’s success has led to the creation of numerous high-skilled jobs.

VinFast went public through a shell company, sometimes known as a special purpose acquisition company (Spac), as opposed to a traditional share sale.

VinFast delivered 11,300 EVs in the first half of the year. In contrast, Tesla shipped more than 889,000 cars within the same time frame.

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