VinFast Auto (VFS), the Vietnamese upstart EV brand that began trading on the US stock market less than month ago, is already seeing its share price
VinFast stock gained more than 400% following its listing. At its height, the company was worth more than the market cap of Goldman Sachs., the Vietnamese upstart EV brand that began trading on the US stock market less than month ago, is already seeing its share price succumb to reality. After blowing up in its first two weeks, VFS stock has tanked by more than 80% from its all-time high on August 28.
traded as high as $93 on August 28 and was worth more than most established car companies and even, momentarily, more than the venerableAt the end of June 30, based on its filings, the company had produced more than 19,000 vehicles in the six years since being founded. Excitement stems from the fact that at that time it already had another 26,000 in reservations waiting to be delivered.
VinFast CEO Le Thi Thu Thuy has already broken ground in North Carolina on a new automotive plant to serve the North American market. The company got a $1.2 billion package to locate its factory in North Carolina’s Chatham County and aims to produce up to 150,000 vehicles annually there.
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