Thanks to a rapid growth in the value of its stock since its initial public offering (IPO), VinFast is now the third most valuable automaker in terms of market capitalization.
As of Monday afternoon, the Vietnam-based EV manufacturer had a market valuation of almost $188.84 billion.
There are only two automakers with greater market capitalization than VinFast, and they are Tesla and Toyota. Their respective totals were $746.03 and $272.01 billion.
As of a little over two weeks ago, shares of VinFast (ticker symbol: “VFS”) had their IPO on August 15. The electric vehicle manufacturer’s IPO day stock price was $22.
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VinFast’s CEO, Thuy Le, stated at the time that the company’s trading debut “not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to capital markets and important avenues for future development.”
Shares of VinFast have increased by more than 280% from their IPO opening price.
Only around six years have passed since VinFast’s inception.
Many of the company’s electric car models are not yet available in the United States.
It officially broke ground on its new North Carolina manufacturing plant in late July. A news statement states that the Chatham County plant will begin producing the VF 7, VF 8, and VF 9 models of VinFast vehicles in around two years.
In the first half of this year, VinFast delivered 11,300 vehicles. A company presentation from July claims that 18,700 EVs have been sold.
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According to a document on the website, the company operates 122 showrooms in countries all over the world, including Vietnam, the United States, Canada, and a few nations in Europe.