In today's video, I'll talk about the company's current state. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. Founded in 2007, Gear Patrol is the definitive buying guide for enthusiasts. Our independent experts test the best in cars, tech, home, outdoors, style and watches.
- The first car on sale is the VF8, a midsize, five-seater crossover.
- In May, VinFast recalled all of the cars it had shipped to the U.S. over a screen failure that saw the display go blank.
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- An early VF8 city edition achieved around 200 miles of range with less sophisticated battery tech.
Monday, just two weeks after its debut on the Nasdaq Global Select Market with a share price of $10 and a valuation of $23 billion following a merger with Black Spade Acquisition Co. in a special purpose acquisition company (SPAC) deal. VinFast Auto (VFS -0.80%) was worth close to $190 billion in the summer of 2023, making it the third-most valuable carmaker in the world. Since then, VinFast stock has plummeted 94% and become a forgotten name.
VinFast stock surged to a value of $82.35 on August 28th. This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started.
What To Know About Vietnamese Automaker VinFast As It Surges In Value To Compete With Tesla And Toyota
Reuters reported VinFast sold only 7,400 cars last year—all in Vietnam—but has projected sales between 40,000 and 50,000 cars this year as it expands beyond the country’s borders. VinFast’s VF8 electric SUV is the only car currently for sale in the United States, and only at 13 showrooms in California, but the company is planning to start offering its larger SUV later this year and two others next year, CNN reported. By comparison, Tesla delivered 1.3 million https://www.topforexnews.org/software-development/freight-forwarding-software/ cars in 2022 and Toyota sold 10.5 million. In May, VinFast recalled all of the cars it had shipped to the U.S. over a screen failure that saw the display go blank. VinFast lost $2.1 billion in 2022, the Guardian reported. The carmaker broke ground on its first American factory in North Carolina last month with plans to begin production at the $4 billion facility in 2025—as of June, only 137 electric vehicles by VinFast were registered on U.S. roads.
How have the reviews been for VinFast cars so far?
Motortrend called the VF8 “nowhere near ready for public consumption.” Inside EVs described riding in the VF8 as “unbearable.” These are not exactly promising signs. VinFast is also taking reservations on the VF9, a flagship, three-row, 7-seater crossover that delivers up to 330 miles of range with a starting price of $83,000. Plans are in place for smaller VF6 and VF7 crossovers to slot below the VF8 and VF9. Thanks to a wildly fluctuating stock price, you may have seen the name VinFast in the news lately.
VinFast broke ground on its North Carolina plant to build EVs in America. Per the website, the company has opened up 13 showrooms — all in California. And the VF8 is ready to order in https://www.day-trading.info/most-traded-currency-pairs-by-volume-2020/ California. VinFast says it has shipped 3,000 vehicles to North America. Initial plans called for Tesla-like direct-to-consumer sales, but VinFast is open to working with dealerships.
Electric transit buses
In case you wondered just what it is — and whether Dom Toretto is involved — here’s everything you need to know. Fleetingly the world’s third-most valuable automaker, Vietnam’s new EV manufacturer is coming to America. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Work with our award-winning creative services studio and advertising agency to bring your brand or product story to life.
And VinFast was the third-most valuable automaker in the world?
Basically, Vietnamese billionaire Pham Nhat Vuong. According to an SEC filing, his Vingroup controls 1.2 billion shares in VinFast, more than 50 percent of outstanding shares. Two of his private investment companies, Vietnamese Investment Group and Asian Star, own an additional 1.1 billion shares. Combined, the entities own about 99.7 percent of the company.
VinFast is a Vietnamese electric vehicle manufacturer. The official headquarters has moved to Singapore. However, the company’s operational center is still in Vietnam. Shares of VinFast surged 23% Monday morning, as the Vietnamese electric car manufacturer has quadrupled its market nadex scalp 1 binary options scalping system and strategy value after its initial public offering earlier this month and quickly become a rival to Tesla and Toyota — though investors are still bracing for volatility. The first car on sale is the VF8, a midsize, five-seater crossover. It offers up to 264 miles of range and 402 horsepower.
We combine hands-on testing, decades of experience and original photography to craft reports, reviews and guides. Because we believe everyone deserves the best product. VinFast's trading volume is significantly lower than its competitors and of companies with similar valuation—about 2.1 million shares of VinFast were traded last Monday, August 21, compared to 135.7 million of Tesla and 12.3 million of Comcast, which has a similar market cap. But the reviews we’ve read have been perhaps the most brutal we’ve seen for a modern car.
An early VF8 city edition achieved around 200 miles of range with less sophisticated battery tech. However, VinFast does not appear to be selling many vehicles so far. The company recently revealed that 7,100 of its 11,300 global sales in the first half of 2023 were to Green and Smart Mobility, a Vietnamese taxi firm controlled by Vingroup. Pham Nhat Vuong has an estimated net worth of $55.9 billion, making him the richest person in Vietnam and the 23rd richest in the world. He is the chair of Vingroup, the largest conglomerate in Vietnam, with units in the real estate development, EV, technology and retail sectors. VinFast traded at $83.16 per share as of 11 a.m.
