VinFast was listed on the Nasdaq stock exchange on Tuesday, with stocks opening at US$22 (RM102.23), which then surged further to close at US$37.06 (RM172.22), Reuters reported.
This values the Vietnamese carmaker at US$85 billion (RM395 billion), placing it above Ford which has a market capitalisation of US$48 billion (RM223 billion) and General Motors which has US$46 billion (RM214 billion) in stock market value, according to the report.
The Nasdaq listing comes after VinFast merged with special purpose acquisition company Black Spade Acquisition, which had initially valued the Vietnamese carmaker at US$23 billion (RM107 billion). About US$185 million (RM860 million) in VinFast shares were exchanged, according to Reuters citing data from Refinitiv.
VinFast founder Pham Nhat Vuong holds 99% of the carmakers 2.3 billion ordinary shares, following the merger through his company and affiliates, the report wrote. “We have a number of strategic investors and institutional investors lined up. We expect to formulate some kind of capital raising over the next 18 months, for sure,” VinFast CFO David Mansfield told Reuters.
The news site reported that VinFast had shipped almost 3,000 vehicles to North America since last last year, though just 137 VinFast EVs were registered in the United States in June, according to S&P Global Mobility.
VinFast is changing its distribution model from the direct-to-consumer approach as used by Tesla, and is expected to partner with dealers in the future. “We are switching to a hybrid model where we have our own showrooms, as well as talking to dealers to open dealer showrooms,” VinFast CEO Le Thi Thu Thuy told Reuters.
The Vietnamese carmaker will enter American and European markets at a time of highly competitive EV pricing, notably with the Tesla Model Y starting at US$47,740 (RM221,847) before a US$7,500 (RM34,852) federal tax credit. The VinFast VF8 is priced from US$46,000 (RM213,762) in California.
In March last year, VinFast announced that its first North American EV manufacturing plant will be in Chatham County, North Carolina, where the VF8 and VF9 SUVs will be produced beginning July 2024.
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