VinFast listed on Nasdaq – Vietnam carmaker now valued at RM395 billion, more than Ford and GM

VinFast listed on Nasdaq – Vietnam carmaker now valued at RM395 billion, more than Ford and GM

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.

VinFast listed on Nasdaq – Vietnam carmaker now valued at RM395 billion, more than Ford and GM

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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Mick Chan

Open roads and closed circuits hold great allure for Mick Chan. Driving heaven to him is exercising a playful chassis on twisty paths; prizes ergonomics and involvement over gadgetry. Spent three years at a motoring newspaper and short stint with a magazine prior to joining this website.

 

Comments

  • Anyone into stock trading can short this stock. The quality is one of the worst and guys at wallstreetbets are unlike come to rescue.

    Like or Dislike: Thumb up 19 Thumb down 1
  • Laugh on Aug 17, 2023 at 2:07 pm

    This piece of news just makes that one company look very bad.

    Like or Dislike: Thumb up 9 Thumb down 1
    • Perman on Aug 17, 2023 at 2:25 pm

      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.

      Like or Dislike: Thumb up 17 Thumb down 8
      • Husmainem on Aug 17, 2023 at 5:29 pm

        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

        Like or Dislike: Thumb up 4 Thumb down 4
        • Western Star on Aug 17, 2023 at 6:13 pm

          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.

          Like or Dislike: Thumb up 1 Thumb down 1
    • AutoFrenz (the original) on Aug 17, 2023 at 5:35 pm

      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…

      Like or Dislike: Thumb up 4 Thumb down 19
      • AutoFrenz on Aug 17, 2023 at 9:09 pm

        you’ve been posting rubbish and racism since 2013 pak cik, yet you never change your ways. gi taubat

        Like or Dislike: Thumb up 8 Thumb down 0
      • AutoFrenz (the original) on Aug 18, 2023 at 8:56 am

        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.

        Like or Dislike: Thumb up 5 Thumb down 2
    • History Bender on Aug 17, 2023 at 6:10 pm

      When Kominis money dihalalkan by Uncle Sam.All becuz they hate China more than their exoverlords.

      Like or Dislike: Thumb up 0 Thumb down 0
  • Vedder on Aug 17, 2023 at 2:29 pm

    Short it now!!!

    Like or Dislike: Thumb up 6 Thumb down 1
  • Bob Mal on Aug 17, 2023 at 3:13 pm

    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).

    Like or Dislike: Thumb up 9 Thumb down 4
    • OnlyTheSurface on Aug 17, 2023 at 7:08 pm

      The worst reviewed new car in USA is a Vinfast. Wanna bet the company value will drop very soon?

      Like or Dislike: Thumb up 12 Thumb down 0
  • Tiger Woo on Aug 17, 2023 at 4:06 pm

    Winnie is proud of WinFaster

    Like or Dislike: Thumb up 5 Thumb down 1
  • Jujur on Aug 17, 2023 at 4:10 pm

    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

    Like or Dislike: Thumb up 17 Thumb down 2
    • Honest on Aug 17, 2023 at 4:45 pm

      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

      Like or Dislike: Thumb up 1 Thumb down 9
  • The Formula Man on Aug 17, 2023 at 4:32 pm

    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.

    Like or Dislike: Thumb up 11 Thumb down 1
  • @NotBruceWayne on Aug 17, 2023 at 5:07 pm

    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

    Like or Dislike: Thumb up 6 Thumb down 1
  • Winnie The Poh on Aug 17, 2023 at 5:54 pm

    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.

    Like or Dislike: Thumb up 4 Thumb down 0
  • ROTI CANAI on Aug 17, 2023 at 8:43 pm

    comedy

    Like or Dislike: Thumb up 3 Thumb down 1
  • Qween on Aug 17, 2023 at 9:14 pm

    Beautiful cars designed by vietnamese

    Like or Dislike: Thumb up 4 Thumb down 2
  • Sharan on Aug 18, 2023 at 12:30 am

    One of worst carmaker brand.. pls check Donut youtube channel, they reviewed one of vinfast EV model .. it’s a total worst and unreliable.

    Like or Dislike: Thumb up 1 Thumb down 1
  • ahmadjr on Aug 18, 2023 at 1:56 am

    have u heard faraday?? they got into ipo like this to challenge tesla. now they’re bankruptc

    Like or Dislike: Thumb up 1 Thumb down 1
  • HoChiMin on Aug 18, 2023 at 6:22 am

    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!

    Like or Dislike: Thumb up 2 Thumb down 0
 

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