Vietnamese EV maker VinFast is now worth more than Ford and GM after Nasdaq debut

VinFast's shares jumped immoderate 270% aft its U.S. trading debut, vaulting its full marketplace worth past immoderate of the world's largest automakers specified arsenic Ford, GM, BMW and Volkswagen.

On Tuesday, the Vietnamese electrical conveyance shaper listed connected Nasdaq pursuing the completion of its merger with the U.S.-listed peculiar intent acquisition company Black Spade Acquisition. A SPAC is a ammunition institution that raises superior done an archetypal nationalist offering for the intent of acquiring an existing operating company.

Shares of VinFast closed astatine $37.06 connected Tuesday — 270% higher than Black Spade Acquisition's IPO terms of $10. Shares were down 10% up of the unfastened Wednesday.

Following the marketplace debut, VinFast is present presently worthy $85 billion, according to CNBC calculations. The SPAC merger antecedently valued VinFast astatine astir $23 billion, according to a June filing with U.S. securities regulator.

Meanwhile, BMW and Volkswagen are some worthy astir $69 billion, according to Refinitiv data, with Ford astatine $48 cardinal and GM astatine $46 billion.

By marketplace capitalization, Tesla is inactive the world's largest automaker astatine $739 cardinal and Chinese rival BYD is 4th spot with a $93 cardinal valuation.

VinFast is the automaking portion of Vietnamese conglomerate Vingroup and was founded successful 2017.

"We were acceptable to bash a accepted IPO. We pursued the way for astir 2 years but the markets person been challenging truthful we decided to decouple the listing from the fundraising. We got the fiscal backing from our genitor institution and we went up with the listing by mode of SPAC," said VinFast CEO Lê Thị Thu Thủy, successful a CNBC interrogation connected Tuesday.

According to Vingroup, VinFast received a $2.5 cardinal boost successful April from Vingroup and Vingroup's chairman, Pham Nhat Vuong, to money its planetary expansion.

When asked astir the firm's determination to database via a SPAC successful unfavorable marketplace conditions, Lê said that it was "just a way" to get listed.

"You saw however the marketplace reacted erstwhile we opened today, right? I deliberation it's conscionable a mode for america to get listed successful the U.S. We didn't deliberation of the estimation of SPACs," said Lê.

VinFast's U.S. enlargement has faced hurdles, including delayed deliveries to its archetypal customers owed to a bundle issue.

The company, which has yet to marque a profit, eventually delivered those vehicles to its archetypal U.S. buyers successful March, a fewer months aft its December target.

VinFast is gathering a mill successful North Carolina to vie with EV makers Tesla and BYD successful the U.S. market, arsenic good arsenic accepted automakers progressively focusing connected hybrids and EVs. The automaker said that the installation tin produce up to 150,000 vehicles a twelvemonth successful the archetypal phase.

The mill is expected to commencement operations successful 2025 — a year aboriginal than its archetypal people of 2024.

In effect to however VinFast plans to vie with the large players successful a competitory marketplace similar the U.S., Lê said that determination is capable marketplace stock for each player.

"[With] the full satellite and U.S. successful peculiar moving from interior combustion engines to EVs, there's country for everybody."