VinFast becomes 3rd biggest EV maker globally
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VinFast has become the third most valuable electric vehicle maker behind Tesla and BYD with a market cap of US$85 billion.
Its shares listed on the U.S.’s Nasdaq stock exchange Tuesday at $22 and closed at over $37 billion.
VinFast’s market cap is higher than all EV startups in the U.S. combined.
It also exceeds that of Ford Motor, GM, BMW, Volkswagen, and Mercedes-Benz.
American company Tesla leads the industry with a market cap of $738 billion followed by China’s BYD with $87 billion.
VinFast is followed by another Chinese company, Li Auto, with $40 billion.
But data from Bloomberg shows that shares of EV companies that listed through special-purpose acquisition companies, like VinFast, have plummeted after listing.
U.S. firms Lordstown Motors lost 99% of its value since its listing in October 2020 and Faraday Future 98% since July 2021.
Questions & Answers
Q.How did VinFast's market capitalisation compare to other automotive companies on its listing day?
How did VinFast's market capitalisation compare to other automotive companies on its listing day?
On its listing day, VinFast's market cap of US$85 billion exceeded that of Ford Motor, GM, BMW, Volkswagen, and Mercedes-Benz. It was also higher than all other U.S. EV startups combined.
Q.Which companies are the top three electric vehicle makers globally, according to the article?
Which companies are the top three electric vehicle makers globally, according to the article?
The article states that Tesla leads with a market cap of $738 billion, followed by BYD with $87 billion. VinFast is the third largest, with a market capitalisation of $85 billion.
Q.What trend has been observed with other EV companies that listed via special-purpose acquisition companies?
What trend has been observed with other EV companies that listed via special-purpose acquisition companies?
Bloomberg data indicates that shares of EV companies listing through special-purpose acquisition companies have generally plummeted after listing. Lordstown Motors lost 99% and Faraday Future 98% of their value.
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Is VinFast's $85bn valuation sustainable?
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