Vietnamese EV manufacturer VinFast (NASDAQ:VFS) becomes the third largest automaker by market capitalization globally, following closely those of Tesla (NASDAQ:TSLA) and Toyota (OTC:TOYOF), Nikkei Asia reported.
VinFast’s shares soared 20% in the U.S. market on Monday, pushing its market capitalization to $191.2 billion. Despite its U.S. operations not being fully operational, the EV boom has prompted a buying frenzy among individual investors.
Data from FactSet reveals that, as of Aug. 25, Tesla leads the pack with a market cap of $760 billion, followed by Toyota at $270 billion.
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VinFast, established in 2017 and operational in the EV market since 2022, was listed on the Nasdaq in mid-August. On its first trading day, its market cap overtook that of automobile veterans General Motors (NYSE:GM) and Ford Motor (NYSE:F).
The company, despite posting a net loss for 2022, has made strides in its EV business. It has plans to construct a plant in North Carolina. However, its share price is potentially volatile as approximately 99% of its shares are held by three companies, including parent conglomerate Vingroup.
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