Aug 16, 2023

VinFast: Vietnam EV maker valued at more than Ford or GM

Vietnamese electric vehicle maker VinFast's stock market valuation has soared above Ford and General Motors on its first day of trading. Instead of a conventional share sale, VinFast went public using a shell company, or special purpose acquisition company. Several EV makers - including Lordstown Motors and Faraday Future - have gone public using Spacs in the last three years. In the first half of the year VinFast delivered 11,300 EVs, according to a company presentation. Last year, the company lost more than $2bn..

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