Electric vehicle maker VinFast Auto Ltd (NASDAQ:VFS) ended its first day on the Nasdaq stock exchange more than auto giants Ford and General Motors.
The Vietnam-based EV manufacturer, which is building an EV factory in North Carolina, USA, had agreed a US$10 per share debut price with special acquisition partner Black Spade Acquisition, but as the market opened on Tuesday the stock had already hit US$22.
A subsequent climb to US$37.06 saw the Vietnamese manufacturer’s market capitalisation reach US$85 billion – dwarfing its US$23 billion valuation settled with Black Space.
Though just US$185 million worth of the company’s shares changed hands over the course of the day, the price jump meant VinFast was at the closing bell worth more than Ford Motor and General Motors on paper, which are valued at US$48 billion and US$46 billion respectively.
With its factory in North Carolina due to be opened in 2025, the Vietnamese startup has so far shipped 3,000 vehicles to North America since late last year, out of 19,000 globally.
Set up in 2017, VinFast was formed under Vietnamese conglomerate Vingroup, with founder Pham Nhat Vuong owning some 99% of the firm's 2.3 billion ordinary shares.
“Today’s bell-ringing event at Nasdaq and listing in the world's largest capital market mark an important milestone in VinFast's global expansion,” the company said on Tuesday.
“It does not only provide VinFast with more opportunities for future development but also leads the way for other Vietnamese brands to play an increasing role in the global economy.”