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Top related persons:
VinFast - 2 Le - 2 Thuy - 2 Jim Chanos - 1 Monday's - 1 Drew Dickson - 1 Dickson - 1 Pham Nhat Vuong - 1
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Service - 2 Ford - 2 General Motors - 2 Bloomberg - 2 Chrysler - 2 Chrysler Stellantis - 1 Vanda Research - 1 Albert Bridge Capital - 1

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3 mentions found


☆ Veteran short-seller Jim Chanos calls soaring electric carmaker VinFast a '$200 billion meme stock'
  + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com   time to read: +2 min
Vietnamese electric carmaker VinFast has seen its shares skyrocket since it went public on August 15. Its market capitalization now stands at over $190 billion – but some investors cannot hide their disbelief. Veteran short-seller Jim Chanos called the carmaker a "$200B meme-stock" in a post on X. Monday's close saw the market capitalization of the lossmaking EV firm hit an eye-watering $190 billion – more than Ford, General Motors, and Chrysler Stellantis combined. AdvertisementAdvertisementFor veteran short-seller Jim Chanos, however, the stock is being driven by a retail investor craze and little else.
Persons: Jim Chanos, Monday's, Drew Dickson, Dickson, VinFast, Le, Thuy Organizations: Service, Ford, General Motors, Chrysler Stellantis, Vanda Research, Bloomberg, Albert Bridge Capital, Toyota Locations: Wall, Silicon
☆ VinFast loses almost half its value as shares hit the skids after spectacular $85 billion market debut
  + stars: | 2023-08-18 | by ( Joseph Wilkins | ) www.businessinsider.com   time to read: +2 min
Shares in VinFast soared on its Spac-led debut in New York Tuesday, leaving it worth $85 billion. The Vietnamese EV carmaker has sunk since then, losing almost half its value. After the first day of trading in New York, shares in the Vietnamese electric carmaker closed at $37, leaving it worth about $85 billion – far more than Ford, General Motors, or Chrysler Stellantis. However, VinFast But has dropped sharply over the past two days, losing more than half its 255% gains on its Nasdaq Global Select Market debut. VinFast delivered just 11,300 vehicles in the first half of this year, per a company presentation.
Persons: Pham Nhat Vuong, Le, Thuy, VinFast Organizations: carmaker, Service, Ford, General Motors, Chrysler, Nasdaq, Bloomberg Locations: New York, Wall, Silicon, VinFast
☆ Magna lifts annual forecasts as results beat estimates on parts demand
  + stars: | 2023-08-04 | by ( ) www.reuters.com   time to read: +2 min
Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.
Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru
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