Another piece of information related to the Vietnamese EV maker VinFast. As the company celebrated its listing on the Nasdaq exchange under the ticker “VFS recently on Tuesday. When talking about its market cap then it easily surpassed Ford and GM, while it’s worth more than both of them combined.
VinFast stock ascend during the US market debut
Immediately after its business merger with a special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ) was approved by shareholders last week. VinFast disclosed recently that it had completed the combination.
Also, its shares start trading at approx $22 yesterday. This is more than double the $10 set stock price agreed upon with BSAQ at a value of $23 billion respectively. While the investors were frequently accumulating, its share prices little fell during afternoon trading hours. It ends its day at $37 per share. This is up by a whopping 270% from its planned IPO price.
At $37 per share, VinFast’s market would be over $85 billion. The amount is substantially higher than that of Ford which is at $48 billion as well as General Motors which lies at $46 billion.
VinFast VF 7, VF 8, and VF 9 electric models
Additionally, the shipping of its first slot of VF 8 electric SUV to the US in November. Alongside the EV maker has deported approx 3,000 models overseas. The recent report estimates that VinFast has sold about 850 EVs in the US market so far this year. Whereas 11,300 EVs globally, out of the same 740 of the sales happened in the second quarter.
According to VinFast, it will put up to $2 billion during Phase 1 with an area spread over nearly 1,800 acres. Also, the plant will be split into five main production areas. This consists of the body shop, general assembly, press shop, paint shop, and energy center.
In starting phase, the EV maker will tend their focus on creating VinFast VF 7, VF 8, and VF 9 electric models. This has an annual production capacity of over 150,000, once running in full fledge mode. The production is forecasted to start in 2025.
The company’s chief financial officer, David Mansfield, told Reuters, “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.”
Mansfield added, “We don’t need more equity capital, but if an opportunity is presented, we’ll obviously take advantage of that while we can.”
