EV maker Vinfast stuns on stock market debut, worth more than Ford and VW

Vietnamese carmaker VinFast has made a stunning debut on the Nasdaq stock exchange – finishing its first day of trade with an eye-popping valuation of $US65 billion ($A100 billion) in a market where it has sold just 187 vehicles.

VinFast followed in the footsteps of a number of other EV companies by making its Nasdaq debut by merging with special purpose acquisition company Black Spade Acquisition.

Shares of VinFast skyrocketed on Tuesday, more than doubling the previous day’s closing price for Black Spade Acquisition of $US21.89.

By midday, VinFast’s share had reached $US32.50, slumping below $US25 in the middle of the afternoon, before closing at an impressive $US37.08 per share, of $US65 billion. That made it worth more than global car giants Ford, GM and VW.

“VinFast has accelerated the global EV revolution by making smart, safe, and environmentally friendly EVs accessible to everyone,” said Thuy Le, global CEO of VinFast.

“Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development.

“Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.”

Since its foundation in 2017, VinFast has delivered nearly 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models and is targeting 50,000 in 2023. The company is 99 per cent owned by founder Pham Nhat Vuong.

According to Reuters, Vinfast has sold just 137 of its VF8 model in the US, the only model it currently sells there.