VinFast's valuation reflects the growing interest of investors in the EV ecosystem.
"VinFast has accelerated the global electric vehicle revolution by making smart, safe, and environmentally friendly EVs accessible to everyone. Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development," said Madame Thuy Le, Global CEO of VinFast Auto Ltd, in a mediaThere's a catch to the story.
Due to it, the number of shares available for trading was limited, which could have caused considerable price variation on opening day trade. The total transaction value of its shares traded on August 14 was roughly $185 million.market worldwide has helped the Vietnamese firm's cause. The valuation also positively reacts to VinFast's vision of constructing a sustainable future through electric transportation.
The company is, however, struggling to meet its sales target of 50,000 cars globally. In the first half of 2023, VinFast only delivered 11,300 EVs. The automaker could only sell 128 vehicles in the US after five months of sale. The company just sold 7,400 cars in the previous year. In comparison, Tesla delivered almost 889,000 automobiles within the same period.
Coming to the firm's balance sheet, the firm recorded a $2.1 billion loss in 2022. As of the end of the first quarter, it had lost $598 million, up from $411 million in the same period last year. According to the firm, it is working to strengthen its position in the global EV market by leveraging new partnerships with distributors and dealers in select markets, including North America, Europe, Vietnam, and Southeast Asia.
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