One of Vietnam’s biggest automakers has made a big splash on its entry to Wall Street, pushing its market capitalization above that of industry giants such as Volkswagen and Ford.
VinFast, an electric vehicle maker, enjoyed a red-hot debut in New York on Tuesday after merging with a special purpose acquisition company , Black Spade Acquisition Co. Shares of the newly combined company skyrocketed 270% on the Nasdaq on their first day of trade. They opened at $22, more than double the initial price of $10, and closed at $37 apiece. The surge propelled VinFast’s market cap above $85 billion. That’s more than Volkswagen\n \n or Ford\n \n , which are valued at 63.
4 million vehicles just in the first six months of 2023, more than 321,000 of which were electric. VinFast is a household name in Vietnam, where its cars have become bestsellers and have access to an extensive charging network across more than 60 cities and provinces. But the Vietnamese newcomer has had less success in the United States, where it started delivering to customers earlier this year.
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