Vietnamese electric vehicle (EV) maker VinFast’s stock market valuation has soared above Ford and General Motors (GM) on its first day of trading.
Shares in the firm, which has yet to make a profit, closed above $37 (£29) each in their New York’s debut.
That gave VinFast a stock market valuation of $85bn, much higher than Ford’s $48bn and GM’s $46bn.
That gave VinFast a stock market valuation of $85bn, much higher than Ford’s $48bn and GM’s $46bn.
The listing added around $39bn to the wealth of VinFast’s chairman and founder Pham Nhat Vuong, who was already Vietnam’s richest man.
Regulatory filings show he controls 99% of the firm’s outstanding shares, mostly through Vietnam’s largest conglomerate, Vingroup JSC.
That limits the number of shares available for other investors to trade, which can lead to large price swings.
Trading in VinFast was relatively thin on Tuesday, with around $185m worth of its shares changing hands.
“Investors are continuing to believe that the future is in electric and that a low-cost East Asian country will emerge as a competitor in the US,” said Bill Russo, Founder and CEO of Shanghai-based Automobility.
Vietnamese electric vehicle (EV) maker VinFast’s stock market valuation has soared above Ford and General Motors (GM) on its first day of trading.
That gave VinFast a stock market valuation of $85bn, much higher than Ford’s $48bn and GM’s $46bn.
Shares in the firm, which has yet to make a profit, closed above $37 (£29) each in their New York’s debut.
The listing added around $39bn to the wealth of VinFast’s chairman and founder Pham Nhat Vuong, who was already Vietnam’s richest man.
That gave VinFast a stock market valuation of $85bn, much higher than Ford’s $48bn and GM’s $46bn.
That gave VinFast a stock market valuation of $85bn, much higher than Ford’s $48bn and GM’s $46bn.
The listing added around $39bn to the wealth of VinFast’s chairman and founder Pham Nhat Vuong, who was already Vietnam’s richest man.
Regulatory filings show he controls 99% of the firm’s outstanding shares, mostly through Vietnam’s largest conglomerate, Vingroup JSC.
That limits the number of shares available for other investors to trade, which can lead to large price swings.
Trading in VinFast was relatively thin on Tuesday, with around $185m worth of its shares changing hands.
“Investors are continuing to believe that the future is in electric and that a low-cost East Asian country will emerge as a competitor in the US,” said Bill Russo, Founder and CEO of Shanghai-based Automobility.
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