Hyperdrive
Vietnamese EV Maker VinFast Surges in Nasdaq Trading Debut
- Company valued at over $85 billion, more than Ford or GM
- The carmaker will begin operations at its US plant in 2025
VinFast electric vehicles bound for shipment at a port in Haiphong, Vietnam, in 2022.
Photographer: Linh Pham/BloombergThis article is for subscribers only.
VinFast Auto Ltd. soared in its first day of trading as the Vietnamese electric-vehicle maker looks to raise its profile and take on established car manufacturers.
The company’s shares gained an eye-popping 255% Tuesday in New York, giving it a market value in excess of $85 billion. That’s well above US auto giants such as Ford Motor Co. and General Motors Co.