VinFast valuation crosses that of General Motors, Ford Motor: Report 

The Vietnamese company, which went public after a SPAC deal, is worth about U$ 65 billion as shares held onto gains Tuesday.

Autocar Pro News Desk By Autocar Pro News Desk calendar 16 Aug 2023 Views icon2197 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
VinFast valuation crosses that of General Motors, Ford Motor: Report 

VinFast Auto, the Vietnam-based EV producer's market capitalisation has crossed that of General Motors and Ford Motor, as the company debuted on Nasdaq Global Select Market via s SPAC deal, according to Bloomberg. 

The company is worth about US$65 billion as shares held onto gains Tuesday, rising to $28.11 in New York — up nearly 190% from the SPAC’s IPO price and more than doubling the deal’s $23 billion implied equity value, Bloomnerg noted. 

The eye-popping valuation makes VinFast worth more than GM alone, and roughly the same as Ford and Rivian Automotive combined on paper in terms of market capitalisation, just lagging BMW market value.

The astounding valuation makes VinFast worth more than GM alone, and roughly the same as Ford and Rivian Automotive combined on paper in terms of market capitalisation, just lagging BMW market value, the newswire stated. 

Having seen this, it is important to note that the company has merely 1.3 million shares available for trading, post SPAC (Special Purpose Acquisition Company) redemptions, making the stock susceptible to swings. 

Regulatory filings show Pham Nhat Vuong, Vietnam’s wealthiest man and VinFast’s founder, controls about 99% of the entity, partly via shares held by his wife and Vingroup. That means the vast majority of shares are locked up and unavailable to investors who would have gained from Tuesday’s rally.


 

RELATED ARTICLES
Oshkosh Corporation invests in AI powered battery management software firm Eatron Technologies

auther Autocar Pro News Desk calendar01 Mar 2024

Oshkosh’s investment in Eatron supports its vision to leverage advanced analytics and predictive modeling for lithium-io...

Apple calls off decade long electric car project: Report

auther Autocar Pro News Desk calendar29 Feb 2024

The California-based technology company had begun work on Project Titan, ten years ago, when there was a wave of interes...

Yamaha manufactures its three-millionth performance damper

auther Autocar Pro News Desk calendar29 Feb 2024

Demand grows for the vehicle body vibration damper used in passenger cars and motorcycles and first produced in April 20...