Vietnamese EV maker VinFast’s debut Tuesday on the Nasdaq public exchange was nothing short of remarkable. The automaker, which went public via a merger with special purpose acquisition company Black Spade Acquisition, saw shares catapult 68% to close at $37.06 — giving it a valuation of $86 billion, a figure far above Ford, GM and Stellantis.
But the real stunner came Wednesday. Even after VinFast’s stock price plummeted 18.75% and closed at $30.11, the company was still holding onto a market cap that put it well ahead of other established automakers.
It’s an eyebrow-raising
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EV maker Vinfast still worth more than Ford and GM after stock tanks 19%
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