Shares of VinFast, the Vietnamese electric vehicle maker that went public in a red-hot Wall Street debut last week, enjoyed another stunning rally again Tuesday.
The stock more than doubled in price in New York, soaring 109% to close at $36.7 as small investors buzzed about the startup automaker. The strong market performance could make it easier for VinFast to raise more money from investors, a move CEO Thuy Le told CNN the company was considering. A similar story played out last week, when VinFast began trading on the Nasdaq. Its shares surged more than 250%, making it worth more than much larger automakers, at least on paper.
” In 2022, VinFast sold 24,000 cars globally, a tiny fraction of the deliveries made by the Volkswagen Group and Ford, which sold 8.3 million and 4.2 million, respectively. The 6-year-old company startup is not profitable yet — it posted a loss of $1.4 billion for the nine months through last September — and is still in the early days of scaling a multinational business. That modest track record doesn’t seem to be deterring stock traders.
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