VinFast Ranks as the Third Largest Global Electric Vehicle Manufacturer
VinFast has achieved a significant milestone, positioning itself as the third most valuable electric vehicle (EV) maker worldwide, trailing only Tesla and BYD. With a market capitalization of $85 billion, VinFast’s shares debuted on the Nasdaq stock exchange at $22 and closed at over $37. Notably, VinFast’s market cap surpasses the combined value of all EV startups in the United States. It also exceeds the market caps of renowned automotive giants such as Ford Motor Company, General Motors, BMW Group, Volkswagen, and Mercedes-Benz AG.
Leading the industry, American company Tesla maintains its dominant position with a market cap of $738 billion, followed by China’s BYD with $87 billion. VinFast follows closely in third place with a market cap of $85 billion, while another Chinese company, Li Auto, holds the fourth position with $40 billion. However, Bloomberg data reveals a significant decline in the share prices of EV companies that have gone public through special-purpose acquisition companies (SPACs), similar to VinFast’s listing.
This downward trend is exemplified by U.S. firms Lordstown Motors, which has lost 99% of its value since its listing in October 2020, and Faraday Future, which has experienced a 98% decline since July 2021.