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☆ Loss-making EV firm VinFast to get $3.4 billion more funding from founder, parent company
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: +2 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, March 1, 2023. Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth $3.35 billion from its founder and its parent firm, Vingroup by 2026, when it expects to break even. Approximately $1.97 billion of the new funding is expected to come from VinFast's founder, tycoon Pham Nhat Vuong, according to a company statement. Since its inception in 2017 up until June this year, VinFast has received capital injections totaling $13.5 billion from Vingroup, its affiliates, and founder Vuong, according to a company filing in late October. In July, VinFast suspended its $2 billion manufacturing complex project in North Carolina until 2028 due to challenging market conditions.

Persons: VinFast, Pham Nhat Vuong, Vuong, Donald Trump Organizations: Nasdaq, Reuters Locations: Los Angeles, Vietnam, Vingroup, North America, North Carolina

One of the most shorted names in the market this week includes downbeat auto stock Vinfast Auto . Short selling is a high-risk strategy used by investors to speculate on a potential decline in a stock's price. VinFast's short interest as a percent of float jumped 26% to 4.5 million shares, or nearly 40% of float. Short interest in health-care company Cassava Sciences jumped 23% to 16.1 million shares, or about 36% of float. Short interest in the social media platform and meme stock darling fell 16%, to just 23% of float.

Persons: Kohl's Organizations: CNBC, Nasdaq, York Stock Exchange, Sciences Locations: North Carolina, Kohl's

☆ Vietnam’s VinFast looks to tiny EV, priced at less than $10,000, to change its fortunes
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.

Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia

BANGKOK (AP) — Vietnamese automaker VinFast announced Tuesday that it plans to sell its electric vehicles in Thailand and said it had tied up with auto dealers to open showrooms in the country. VinFast, which only began exporting its EVs last year, faces stiff competition in Thailand from Chinese automakers like BYD. The Thai EV market is small but growing fast, buoyed by incentives and subsidies from the government. VinFast hopes to start selling both its electric scooters and electric SUVs in the country in the next two months, Vu Dang Yen Hang, chief executive officer of VinFast Thailand, told The Associated Press. But the EV market remains small, accounting for only 0.5% of EV sales worldwide in 2022.

Persons: VinFast, Tesla, Vu Dang, Hang, Pham Nhat Vuong, EVs, Vuong Organizations: Thai EV, Associated Press, Research, EV, Green SM, Nasdaq, General Motors Corp, Ford Motor Co, AP Locations: BANGKOK, Thailand, Bangkok, Thai, EVs, Southeast Asia, Vietnam, Indonesia, Ukraine, United States, North Carolina, India, Laos, U.S

☆ VinFast loss widens in fourth quarter, confident of achieving 2024 sales goals
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Nhac Nguyen | Afp | Getty ImagesVietnamese electric vehicle, or EV, maker VinFast on Thursday said its fourth-quarter net loss deepened 3.4% from the previous three months but it aims to nearly triple vehicle sales this year as it expands into new markets. VinFast's net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022. watch nowOther automakers, in contrast, have slashed EV sales targets and curtailed investment plans due to weakening demand in major markets such as the United States. Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast's sales this year compared to its direct sales model. Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas.

Persons: VinFast, Nguyen, Le, Thuy, Pham Nhat Vuong Organizations: Afp, Getty, Reuters, Green SM, GSM Locations: United States, North America, North Carolina, India, Indonesia, Vietnam

☆ We had to learn how to make internal combustion engine vehicles before switching to EVs: VinFast
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe had to learn how to make internal combustion engine vehicles before switching to EVs: VinFastVinFast's Chairwoman Le Thi Thu Thuy says "we had to go the long way."

Persons: VinFast, Le

On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam. The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. VinFast's plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.

Persons: Joko Widodo, Widodo, GoTo, Tokopedia Tbk, Pham Nhat Vuong Organizations: Green SM, EV, VinFast’s, Group, AP Locations: HANOI, Vietnam, Indonesia, Haiphong, Vietnamese, Indonesian, North Carolina, India, Vingroup, Ukraine

☆ US DFC considers $500 mln loan to Vietnamese EV maker VinFast
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

A Vinfast electric vehicle store is shown at one of the company's retail locations in San Diego, California, U.S.,October 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Dec 4 (Reuters) - The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company's application for a $500 million loan for expansion, VinFast said on Monday. The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. DFC said on X, formerly Twitter, that it had signed the letter of interest to support VinFast's lithium-ion battery facilities in Vietnam, but did not provide details. The project will be the first in a series of initiatives actively discussed by the two parties, VinFast said.

Persons: Mike Blake, VinFast, Phuong Nguyen, Kanupriya Kapoor Organizations: REUTERS, Rights, United States International Development Finance Corporation, Vietnam's, Nasdaq, Thomson Locations: San Diego , California, U.S, Rights HANOI, Vietnam, California, Southeast Asia

☆ EV maker VinFast strikes shares deal with Yorkville for up to $1 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Vietnamese electric vehicle (EV) maker VinFast said on Friday it has entered into a share subscription of up to $1 billion with U.S.-based fund Yorkville Advisors as it seeks to fund expansion in overseas markets. VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority. VinFast so far has sold around 22,000 cars, aiming to meet this year's sale target of 40,000 to 50,000 units. Yorkville two years ago bought up to $400 mln worth of share in EV maker Lordstown. In April it said it would receive a fresh round of funding pledges worth $2.5 billion for its future development, of which $1 billion would be from its founder's pocket.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Ford, –, David Mansfield, Vuong, Mark Angelo, VinFast's, Tesla, Phuong Nguyen, Jason Neely, Martin Petty Organizations: Los Angeles Auto, REUTERS, Rights, U.S, Yorkville Advisors, Nasdaq, Yorkville, Lordstown, Thomson Locations: Los Angeles , California, U.S, Rights HANOI, Yorkville, VinFast, Vietnam

☆ VinFast expects sales to founder's taxi venture to extend into 2024
▼ + stars: | 2023-10-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

In an interview, VinFast CEO Le Thi Thu Thuy said VinFast had not provided any financing to GSM. "For the next two quarters we still see GSM having demand for our vehicles, both EVs and e-scooters," Thuy said. A VinFast survey showed riders who had experienced a ride in a VinFast taxi operated by GSM were four times more likely to buy than customers who took standard test drives, she said. GSM launched Vietnam's first pure EV taxi service earlier this year. Thuy said no deliveries had been made to Autonomy yet, and that VinFast was "working on options for contract execution."

Persons: VinFast, Pham Nhat Vuong, Le, Thuy, Nguyen Van Thanh, Thanh, VinFast's, Phuong Nguyen, Raju Gopalakrishnan Organizations: Green SM, GSM, EV, Thomson Locations: HANOI, Vietnam, Laos, India, Indonesia, United States, U.S, Autonomy

☆ EV maker VinFast to acquire its battery maker sibling
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The logo of Vinfast is pictured at the 2022 Paris Auto Show in Paris, France October 18, 2022. REUTERS/Stephane Mahe Acquire Licensing RightsOct 11 (Reuters) - Electric-vehicle maker VinFast Auto said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage. Founded in 2017 and starting to make EVs from 2021, VinFast has continuously received financial support from its founder, also Vietnam's richest man. In the short term, however, VinFast's costs are expected to increase for battery R&D and factory operations, the automaker said. After the acquisition, VinFast will acquire all rights and obligations over VinES' assets.

Persons: Stephane Mahe, VinFast Auto, Pham Nhat Vuong, VinFast, Vuong, Thuy, Thuy Le, Akash Sriram, Sriraj Kalluvila, Jonathan Oatis Organizations: REUTERS, VinFast, Vietnam's, Nasdaq, Thomson Locations: Paris, France, Indonesia, VinFast, Bengaluru, Phuong Nguyen, Hanoi

☆ Vietnamese EV maker VinFast's third-quarter revenue more than doubles
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa Baertlein/File Photo Acquire Licensing RightsOct 5 (Reuters) - Vietnamese electric-vehicle (EV) maker VinFast on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the United States. VinFast, which is backed by Vietnam's largest conglomerate Vingroup (VIC.HM), is gearing up to strengthen its foothold overseas. However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the United States. Revenue was 8.25 trillion Vietnamese dong ($338 million), while net loss widened to 15 trillion Vietnamese dong.

Persons: Lisa Baertlein, VinFast, Phuong Nguyen, Chavi Mehta, Sriraj Organizations: REUTERS, Vietnam's, Revenue, Thomson Locations: Los Angeles , California, U.S, United States, India, Hanoi, Bengaluru

☆ VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far
▼ + stars: | 2023-09-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina

She cited unpublished information from Vietnam's Ministry of Natural Resources and Environment, which did not respond to requests for comment. In recent years, Japanese investors Toyota Tsusho and Sojitz abandoned projects at Dong Pao after China ramped up supply, pummelling prices. Reuters GraphicsStill, rare earths at Dong Pao are relatively easy to access and are mostly concentrated in bastnaesite ores, according to the Hanoi University of Mining and Geology. The plant has capacity to process 5,000 tons of REO a year but the company plans to treble that to accommodate input from Dong Pao, Tuan said. The metallization process is controlled by China, which produces 90% of rare-earth metals, according to the U.S. Department of Energy.

Persons: Dong Pao, Blackstone, VTRE, Tessa Kutscher, Anh Tuan, Joe Biden, Kutscher, Sojitz, Dylan Kelly, Vingroup, Rivian, Dong, Tuan, David Merriman, John Rockhold, Dudley Kingsnorth, Francesco Guarascio @fraguarascio, Khanh, Melanie Burton, Trevor Hunnicutt, Mai Nguyen, Phuong, David Crawshaw Organizations: REUTERS, Australia's Blackstone Minerals Ltd, Vietnam's Ministry of Natural Resources, Earth JSC, U.S, . Geological Survey, Reuters, Toyota, Terra Capital, Blackstone, Hanoi University of Mining, REO, White House, Department of Commerce, U.S . Chamber of Commerce, Strategic, ASM, Reuters Graphics Reuters, U.S . Department of Energy, Western Australian School of Mines, Curtin University, Thomson Locations: Nam, Lai Chau, Vietnam, Pao, HANOI, Dong, Beijing, China, Hanoi, U.S, Dong Pao, VTRE, South, Khanh Vu, Melbourne, Seoul, Washington, Phuong Nguyen

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

☆ Vinfast's second-quarter deliveries jump over fivefold sequentially
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

People walk next to a VinFast logo on a screen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 18 (Reuters) - Vietnamese electric-vehicle maker Vinfast said on Monday it delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter. Vinfast's blockbuster debut on Wall Street in August saw its shares more than triple in value, but the company's small amount of publicly available shares has made the stock prone to volatility. Its shares have fallen about 53% since debut and lost 2.17% to $17.15 in premarket trading on Monday. Reporting by Chavi Mehta in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Vinfast, Chavi Mehta, Devika Organizations: Los Angeles Auto, REUTERS, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Deals unveiled by the White House during the trip include Vietnam Airlines' purchase of 50 Boeing 737 Max jets, in an agreement that it said was worth $7.8 billion, in line with an earlier Reuters report. The White House also announced plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. U.S. State Secretary Antony Blinken and Vietnam's investment minister Nguyen Chi Dung chaired the meeting, which was followed by discussions with Biden and Vietnam's Prime Minister Pham Minh Chinh.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Biden, Vietnam's FPT, Antony Blinken, Nguyen Chi Dung, Pham Minh Chinh, Dung, Phuong Nyugen, Nandita Bose, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, White, Max, Microsoft, Nvidia, Intel's, Honeywell, State, Vietnam's, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, chipmaking, Washington, China, Taiwan, U.S, United States

☆ Vietnam Air inks $7.8 bln deal for Boeing 737 max planes, White House says
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

An aircraft of the national flag carrier Vietnam Airlines taxis at Noi Bai airport in Hanoi, Vietnam December 23, 2020. REUTERS/Kham/file photo Acquire Licensing RightsSept 11 (Reuters) - The White House said on Monday that Vietnam Airlines' (HVN.HM) deal to buy 50 737 Max jets from U.S. planemaker Boeing (BA.N) is worth $7.8 billion. Boeing and Vietnam Airlines did not immediately respond to Reuters' requests for comment. The deal between the two companies was announced by the White House on Sunday. Boeing also has a deal with Vietnam Airlines' rival VietJet (VJC.HM) for the sale of 200 of its 737 MAX planes.

Persons: Joe Biden, Biden's, Vietnam's FPT, Shubham, Mrigank Dhaniwala Organizations: Vietnam Airlines, REUTERS, planemaker Boeing, Reuters, Vietnam Air, Boeing, White, International Air Transport Association, Microsoft, Nvidia, Thomson Locations: Noi Bai, Hanoi, Vietnam, Bengaluru

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O) and Boeing (BA.N) are attending the Vietnam-U.S. Newly unveiled deals by the White House include plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. Vietnam Airlines will also purchase 50 Boeing 737 Max jets, the White House said, in an agreement that a source told Reuters was valued at about $7.5 billion.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Antony Blinken, Nguyen Chi Dzung, Biden, Pham Minh Chinh, Vietnam's FPT, Phuong Nyugen, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, State, Vietnam's, White, Microsoft, Nvidia, Intel's, Max, Reuters, Honeywell, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, U.S, chipmaking, Washington, China, Taiwan . U.S

☆ Cramer's Lightning Round: Stay away from VinFast
▼ + stars: | 2023-09-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Norfolk Southern's year-to-date stock performance. Stock Chart Icon Stock chart icon Sofi's year-to-date stock performance. :Stock Chart Icon Stock chart icon VinFast's year-to-date stock performance. Stock Chart Icon Stock chart icon PG&E's year-to-date stock performance. Stock Chart Icon Stock chart icon Accenture's year-to-date stock performance.

Persons: I'm, Julie Sweet Organizations: Norfolk, Stock, Arrowhead Pharmaceuticals, Accenture, Alnylam Pharmaceuticals

☆ Vietnamese EV maker VinFast fails to cement meme stock status as eye-popping rally fades quickly
▼ + stars: | 2023-09-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Frantic trading in VinFast has raised eyebrows, but it's still far from becoming a meme stock. After a head-scratching six-day winning streak, VinFast has lost 60% this week, cutting its gains since its market debut to about 170%. No meme stock VinFast's short-lived rally is reminiscent of the trading frenzy last year in AMTD Digital, a little-known Hong Kong-based fintech company, where the stock was up more than 20,000% in just two weeks. The stock is now trading at $5.60 apiece, nearly 30% lower than its initial public offering price of $7.80. The SPAC market dried up over the past year as interest rates surged and regulatory pressure ramped up.

Persons: VinFast, Marco Iachini, I'm, Iachini, Alex Harring Organizations: Ford, GM, Vanda Research, AMTD, GameStop, Nasdaq, Black Locations: VinFast, Hong Kong

☆ Vin Fast suffered an $83 billion wipeout after the EV start-up's shares plunged 44% in a single day
▼ + stars: | 2023-08-30 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

VinFast stock plunged 44% Tuesday, reducing its market value by $83 billion. The EV maker's shares are thinly traded and it expects to sell just 50,000 cars this year. Shares in the little-known, Vietnamese company closed 44% lower, but it's still worth about $107 billion – more than double the market cap of Ford. Founder Pham Nhat Vuong still controls 99% of the stock, having issued just 1% of its 2.32 billion shares to the public. Vuong also suffered a massive hit to his paper wealth Tuesday, with VinFast's losses eroding the value of his stake from $141 billion to $74 billion, according to Barron's.

Persons: VinFast, Ford, Pham Nhat Vuong, Vuong Organizations: EV maker's, Service Locations: Wall, Silicon

☆ What's going on with VinFast stock? The electric vehicle SPAC has soared more than 800% since its debut and is worth more than Ford.
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

VinFast soared as much as 830% since it went public via a SPAC IPO earlier this month. The Vietnam-based electric vehicle maker released its cars on the US market earlier this year. The small float of available shares of VinFast could be the main factor behind the sharp stock rally. Vietnam-based VinFast has seen its stock soar as much as 830% since it went public via a SPAC IPO earlier this month. So why is VinFast stock so high?

Persons: it's, VinFast, MotorTrend, Faraday, Pham Nhat Vuong, Jim Chanos isn't Organizations: Service, Toyota, Ford, General Motors Locations: Vietnam, Wall, Silicon, VinFast's, VinFast

☆ 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

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