VinFast's Market Cap Skyrockets With 20% Stock Surge, Securing Third Position After Tesla And Toyota

Vietnamese EV manufacturer VinFast VFS becomes the third largest automaker by market capitalization globally, following closely those of Tesla TSLA and Toyota TOYOF, Nikkei Asia reported.

VinFast’s shares soared 20% in the U.S. market on Monday, pushing its market capitalization to $191.2 billion. Despite its U.S. operations not being fully operational, the EV boom has prompted a buying frenzy among individual investors.

Data from FactSet reveals that, as of Aug. 25, Tesla leads the pack with a market cap of $760 billion, followed by Toyota at $270 billion. 

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VinFast, established in 2017 and operational in the EV market since 2022, was listed on the Nasdaq in mid-August. On its first trading day, its market cap overtook that of automobile veterans General Motors GM and Ford Motor F.

The company, despite posting a net loss for 2022, has made strides in its EV business. It has plans to construct a plant in North Carolina. However, its share price is potentially volatile as approximately 99% of its shares are held by three companies, including parent conglomerate Vingroup.

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