VinFast has become the third most valuable electric vehicle maker behind Tesla and BYD with a market cap of US$85 billion.
Its shares listed on the U.S.’s Nasdaq stock exchange Tuesday at $22 and closed at over $37 billion.
VinFast’s market cap is higher than all EV startups in the U.S. combined.
It also exceeds that of Ford Motor, GM, BMW, Volkswagen, and Mercedes-Benz.
American company Tesla leads the industry with a market cap of $738 billion followed by China’s BYD with $87 billion.
VinFast is followed by another Chinese company, Li Auto, with $40 billion.
But data from Bloomberg shows that shares of EV companies that listed through special-purpose acquisition companies, like VinFast, have plummeted after listing.
U.S. firms Lordstown Motors lost 99% of its value since its listing in October 2020 and Faraday Future 98% since July 2021.