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Vietnamese EV maker Vinfast saw its shares soar 21% Monday, following a robust Wall Street debut, making it the third-largest automaker by market value, behind only Tesla and Toyota.
Vinfast's remarkable rise has propelled it to become the third-most valuable automaker globally, trailing only behind industry giants Tesla and Toyota. However, due to the limited number of publicly available shares, Vinfast's stock has shown signs of volatility. In the past 12 trading sessions, shares have exhibited significant fluctuations, with jumps or slumps exceeding 14% in 11 sessions.
Should the current trajectory continue, Vinfast is anticipated to add approximately $33.6 billion to its market capitalization, based on a share price of $83.33. Retail investors have been closely monitoring Vinfast's shares, making it one of the most actively followed stocks on the popular website Stocktwits.
Vinfast, primarily controlled by Vietnam's richest individual and Vingroup conglomerate founder Pham Nhat Vuong, holds a staggering 99.7% stake in the company, as indicated by the latest filing.
Despite the market's enthusiastic response to Vinfast, the company has a long path ahead before rivaling Tesla and other established automakers investing heavily in the electric vehicle (EV) market.
As of June, only 137 Vinfast EVs were registered in the United States, according to S&P Global Mobility reports. Additionally, Vinfast's entry into the US and European markets coincides with slowing demand for EVs and intensified competition triggered by Tesla's aggressive pricing strategy.
Vinfast departs from Tesla's direct-to-consumer model to drive sales and resort to traditional dealerships. Moreover, the company is constructing a $4 billion factory in North Carolina to solidify its presence in the market.
Vinfast has projected sales of up to 50,000 electric vehicles this year, significantly lower than Tesla's estimated delivery of 1.8 million cars. Despite the challenges, Vinfast remains determined to establish a meaningful position in the fiercely competitive EV industry.
