VinFast Auto Ltd. (NASDAQ:VFS) shares are trading lower on continued volatility following its recent Nasdaq debut.
What To Know: Tuesday’s price move follows a crazy month for the stock. The stock made its inception on the Nasdaq in mid-August, finishing its first day with a market capitalization of approximately $86 billion and trading up roughly 270%.
The stock has since been volatile, most likely due to the fact that approximately 99% of its shares are held by three companies.
The company has drawn much attention, especially from retail investors, as it goes up against EV titans. The company even overtook General Motors and Ford Motors in market cap in its momentous first day trading. As of Aug. 29, VinFast became the third-largest automaker globally by market cap, behind Tesla and Toyota.
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VFS Price Action: Shares of VFS were down 10.7% at $26.33 at the time of publication, according to Benzinga Pro.
Image by Arek Socha from Pixabay
