VinFast was listed on the Nasdaq stock exchange on Tuesday, with stocks opening at US$22 (RM102.23), which then surged further to close at US$37.06 (RM172.22), Reuters reported.
This values the Vietnamese carmaker at US$85 billion (RM395 billion), placing it above Ford which has a market capitalisation of US$48 billion (RM223 billion) and General Motors which has US$46 billion (RM214 billion) in stock market value, according to the report.
The Nasdaq listing comes after VinFast merged with special purpose acquisition company Black Spade Acquisition, which had initially valued the Vietnamese carmaker at US$23 billion (RM107 billion). About US$185 million (RM860 million) in VinFast shares were exchanged, according to Reuters citing data from Refinitiv.
VinFast founder Pham Nhat Vuong holds 99% of the carmakers 2.3 billion ordinary shares, following the merger through his company and affiliates, the report wrote. “We have a number of strategic investors and institutional investors lined up. We expect to formulate some kind of capital raising over the next 18 months, for sure,” VinFast CFO David Mansfield told Reuters.
The news site reported that VinFast had shipped almost 3,000 vehicles to North America since last last year, though just 137 VinFast EVs were registered in the United States in June, according to S&P Global Mobility.
VinFast is changing its distribution model from the direct-to-consumer approach as used by Tesla, and is expected to partner with dealers in the future. “We are switching to a hybrid model where we have our own showrooms, as well as talking to dealers to open dealer showrooms,” VinFast CEO Le Thi Thu Thuy told Reuters.
The Vietnamese carmaker will enter American and European markets at a time of highly competitive EV pricing, notably with the Tesla Model Y starting at US$47,740 (RM221,847) before a US$7,500 (RM34,852) federal tax credit. The VinFast VF8 is priced from US$46,000 (RM213,762) in California.
In March last year, VinFast announced that its first North American EV manufacturing plant will be in Chatham County, North Carolina, where the VF8 and VF9 SUVs will be produced beginning July 2024.
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Anyone into stock trading can short this stock. The quality is one of the worst and guys at wallstreetbets are unlike come to rescue.
short it lah…, shorting is way out of my risk appetite.
Bitter fact: Vinfast > Proton
This piece of news just makes that one company look very bad.
I know you mean P1 and P2.
Yes, even after decades of existence, still rebadging and increasing car prices without value. Their very existence is a curse to average malaysians.
Even china “cheap” car makers like GWM and Cherry has been improving in just a few short years.
Protectionist do its best. Only benefitting few elites and oligarchs but rakyat suffers. Yet still there are those people hella proud with p1 and p2 existence
You’d believe that as much as you’d believe a stock market that values Twitter for billions of dollars when they have no assets nor tangible value.
Good news now you can migrate to vietnam since you dont want to go back to tongsan…for sure kerajaan madani under anwar and led by dap as the decision maker dont want people like you here…
you’ve been posting rubbish and racism since 2013 pak cik, yet you never change your ways. gi taubat
I want kahwin 4 and have virgins waiting in heaven when I die. only PAS can bring me this wish come true. I blame Chinese Indian and non-muslims for everything else that is bad in my life. I’m a failure.
When Kominis money dihalalkan by Uncle Sam.All becuz they hate China more than their exoverlords.
Short it now!!!
Wow imagine that VinFast was only founded in 2017 (6 years today) while our own is just Zzzzzz run by mis……. Well however in comparison Ford was founded in 1903 (120 years today) and GM motor in 1908 (115 years today).
The worst reviewed new car in USA is a Vinfast. Wanna bet the company value will drop very soon?
Winnie is proud of WinFaster
I love Vinfast and how it n ice startup story but in all honesty, this car is fugly. Sure fail especially since Chinese EVs are way ahead in the game. Sorry to break it to MR Pham Nhat Vuong, but VinFast will collapse VeliFast
P1 and P2 also create crappy rebagde with high price tags, but still not dead. Its up to Thai government to keep these companies alive
It’s Vietnamese…
Incorrect headline. The Vietnamese automaker is not WORTH so much…. it is merely VALUED so much. Due to inefficiency in the market. That might just seem like semantics, but the distinction is critical when it comes to “little details” like deciding to invest in it.
Damnnnn.. Vinfast not winning anyone’s heart as the list of failures in their vehicle is mind boggling as how did they pass inspection in the first place.. as for the value of the company..wa pu chi tau
This is another demonstration that stock market exchange company valuations are not a true reflection of economic activities. On over 80% share redemption. These prices aren’t gonna hold for long.
comedy
Beautiful cars designed by vietnamese
One of worst carmaker brand.. pls check Donut youtube channel, they reviewed one of vinfast EV model .. it’s a total worst and unreliable.
have u heard faraday?? they got into ipo like this to challenge tesla. now they’re bankruptc
Vietnamese best selling beef soup ho fan on the streets. Go form a noodle soup company and list in Nasdaq, I am more confident it will succeed than this alien look VinfastFailure!