BANGKOK, THAILAND – MAY 18, 2023: VinFast showcases its vehicles at Future Energy Asia 2023 at Queen Sirikit National Convention Centre.

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VinFast’s shares have risen about 270% since its U.S. listing, and its combined market capitalization exceeds that of some of the world’s largest automakers, such as ford, General Motors, BMW and Volkswagen.

The Vietnamese electric car maker listed on Nasdaq on Tuesday complete the merger Partnered with Black Spade Acquisition, a US-listed special purpose acquisition company. A SPAC is a shell company that raises capital through an initial public offering to acquire an existing operating company.

VinFast stock It closed at $37.06 on Tuesday, up 270% from the previous month Black Spade Acquisition IPOs at $10. Shares were down 10% before the market opened on Wednesday.

According to CNBC calculations, VinFast is currently valued at $85 billion after its listing.VinFast was previously valued at around $23 billion based on the SPAC merger Filing in June with U.S. securities regulators.

Meanwhile, BMW and VW are each worth about $69 billion, Ford is worth $48 billion and GM is worth $46 billion, according to Refinitiv data.

By market value, tesla BYD remains the world’s largest automaker with a $739 billion valuation, while Chinese rival BYD is fourth at $93 billion.

VinFast is the car manufacturing arm of Vietnamese conglomerate Vingroup, established in 2017.

SPACs ‘just a way for us to go public’

VinFast CEO: SPAC is just a way for us to go public in the US

“We are ready to do a traditional IPO. We have explored this path for almost two years, but the market has been challenging, so we have decided to decouple the listing from the capital raising. We have the financial support of our parent company and we continue to VinFast CEO Lê Thị Thu Thủy said in an interview with CNBC on Tuesday.

According to Vingroup, VinFast gets $2.5 billion boost In April, Vingroup and Vingroup chairman Pham Nhat Vuong funded its global expansion.

Asked about the company’s decision to go public through a SPAC amid unfavorable market conditions, Lê said it was “just a way to go public.”

“You saw the market reaction when we opened today, right? I think it was just a way for us to go public in the U.S., and we didn’t take into account the reputation of the SPAC,” Lê said.

VinFast’s U.S. expansion has hit snags, including delays in deliveries to its first customers due to software issues.

The company, which is not yet profitable, finally delivered the vehicles to its first U.S. buyers in March, just months away from its December target.

VinFast is building a plant in North Carolina to compete in the U.S. market with electric carmakers Tesla and BYD, as well as traditional automakers increasingly focused on hybrid and electric vehicles.The automaker said the facility could Production of 150,000 vehicles per year in the first phase.

The plant is expected to start operating in 2025, a year later than the original 2024 target.

Responding to how VinFast plans to compete with big players in a highly competitive market like the US, Lê said each company has enough market share.

“As the world, and especially the United States, shifts from internal combustion engines to electric vehicles, there is room for everyone.”


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