Vietnamese electric automaker VinFast stirred the automotive industry with its successful listing on the Nasdaq Global Select Market with the ticker symbol “VFS.”
What’s even more remarkable is its announced equity value of more than US$23 billion. It also ultimately surpassed the market valuation of reputable brands, including Ford, General Motors, Rivian, and Lucid, at over $78 billion.
Tesla North indicated that Black Spade Acquisition Co aided VinFast’s successful public listing on August 14, 2023.
VinFast celebrated the milestone by participating in the long-time practice of bell tolling at the Nasdaq Stock LLC.
Black Spade to provide business advice and engage with investors
The Vietnamese EV maker will remain “VinFast Auto Ltd.” under Global CEO Madame Thuy Le’s leadership.
On the other hand, Black Spade will offer the company constant business advisory aid. It will also engage with potential investors for the company’s growth and development.
CEO Thuy highlighted the company’s goal to promote the broad adoption of electric vehicles. She expects the public listing to aid the company in its efforts to facilitate sustainable mobility. Moreover, she urged co-Vietnamese automakers to penetrate the global industry.
VFS shares are currently trading at $29.30, indicating a notable increase from just $22/share at the opening.
VinFast’s footprint in the EV industry
VinFast has reportedly sold about 19,000 electric cars as of June. The mix includes the following: VF e34, VF 5, VF 8, and VF 9.
It aims to launch another three new EVs in Vietnam and global markets, including the VF 3, VF 6, and VF 7.
The automaker has also started establishing its charging network throughout 63 cities and provinces in Vietnam. It also plans to further increase the current number of its EV charging stations.
Moreover, it has also erected more than 122 stores worldwide under its retail and service network.
See Also:
- VinFast to break ground in its first US factory on July 8
- VinFast launches its Special Aftersales Policy for its global customers
- VinFast introduces a mass-market EV, a Suzuki Jimny look-alike
- VinFast recalls first batch of US-shipped EVs over security risks
- VinFast secures $2.5 billion fund for its global expansion
VinFast’s aggressive efforts in globally expanding its business are indeed remarkable. It has apparently penetrated North America, Europe, and Southeast Asia as it aims to grow its customer base.
