Vietnamese electric vehicle (EV) maker VinFast has achieved a major milestone, becoming the third most valuable automaker in the world. With its stock value surging since its initial public offering (IPO), the company’s market capitalization currently stands at approximately $188.84 billion. Although VinFast falls behind industry giants Tesla and Toyota, it has surpassed the market value of other prominent automakers.
VinFast went public on August 15, and since then, its stock price has experienced an astounding rise of over 280%, highlighting investor confidence in the company’s potential. Despite not currently selling its electric vehicle models in the U.S., VinFast is making significant strides towards expanding its operations internationally. The company recently held a groundbreaking ceremony for a factory in North Carolina, which is expected to begin production in approximately two years.
In terms of sales, VinFast delivered 11,300 vehicles and completed 18,700 EV sales in the first half of this year alone. The company’s growth is also evidenced by its widespread presence in the global market, with a total of 122 showrooms located in various countries such as Vietnam, the U.S., Canada, and Europe.
VinFast’s success can be attributed to its visionary owner, Pham Nhat Vuong, whose personal fortune is estimated to be worth a staggering $66 billion. With such financial backing, the company is well-positioned to invest in research and development, further fueling its commitment to sustainable mobility and future development.
Thuy Le, the CEO of VinFast, emphasizes that the company’s IPO and increased market value are testament to its dedication to sustainable mobility. As the world continues to shift towards electric vehicles, VinFast aims to play a leading role in the industry, offering innovative and eco-friendly transportation solutions.
VinFast’s rapid rise in stock value and market capitalization not only highlights the company’s potential but also signifies the growing prominence of the EV market. As the automotive industry moves towards a greener future, VinFast’s success solidifies its position as a formidable player in the electric vehicle sector.
