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- Vietnam carmaker now valued at RM395 billion, more than Ford and GM

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VinFast was listed on the Nasdaq stock exchange on Tuesday, with stocks opening at US$22 (RM102.23), which then surged further to close at US$37.06 (RM172.22), Reuters reported. This values the Vietnamese carmaker at US$85 billion …

This values the Vietnamese carmaker at US$85 billion , placing it above Ford which has a market capitalisation of US$48 billion and General Motors which has US$46 billion in stock market value, according to the report.

The Nasdaq listing comes after VinFast merged with special purpose acquisition company Black Spade Acquisition, which had initially valued the Vietnamese carmaker at US$23 billion . About US$185 million in VinFast shares were exchanged, according toVinFast founder Pham Nhat Vuong holds 99% of the carmakers 2.3 billion ordinary shares, following the merger through his company and affiliates, the report wrote. “We have a number of strategic investors and institutional investors lined up.

VinFast is changing its distribution model from the direct-to-consumer approach as used by Tesla, and is expected to partner with dealers in the future.

Source: News Formal (newsformal.com)

 

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