VinFast's market cap exceeds $100B

By Minh Son   August 24, 2023 | 07:48 pm PT
VinFast’s market cap has shot up to US$113 billion, making it the second biggest electric vehicle maker globally behind Tesla.

Its shares closed on the Nasdaq stock market in the U.S. at $49 Thursday after soaring by 32% to a new high after listing on August 15 at $22.

Its market cap is higher than those of Chinese companies BYD ($90.8 billion) and Li Auto ($38.67 billion).

Tesla remains the biggest EV maker in the world at $730 billion.

The surge took the net worth of Pham Nhat Vuong, chairman of Vingroup, Vinfast’s parent company, to $41.4 billion, making him the 28th richest person in the world.

But some investors are concerned that the sudden rise might not reflect the true value of the company.

Famed short seller Jim Chanos called the stock’s valuation "insane," Bloomberg reported.

Maybank analyst Tyler Manh Dung Nguyen said shorting the stock might look logical at first glance but it is "not the best trading strategy" at this point.

VinFast reported accumulated losses of nearly $6 billion as of the end of the first quarter.

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