The model received negative reviews in the U.S. over its quality and the company voluntarily recalled the first batch of 999 cars to fix a software glitch. They have lost about 54% of their value since the start of trading on Aug. 15 following the merger with a blank-check company. One of the biggest reasons why VinFast stock surged in the past few days was a crucial update about the range ratings for its new all-electric, full-size SUV, VF 9.

The stock did  experience a boost last Thursday following a report suggesting the company is planning to set up a manufacturing plant in India. However, the selloff resumed in full force on Monday, with shares trading lower by over 21%. Based on an average of those multiples, Forbes estimates Pham’s stake in VinFast to be worth about $1.6 billion and his total net worth at $6 billion, still enough to rank him as No. 445 richest person in the world on Thursday after markets closed. Meanwhile, VinFast’s shares have tumbled nearly 60% since Monday. Even with that drop, the EV maker has a market capitalization of $80.6 billion, with shares trading at 127 times 2022 revenues.

Tested: 2023 VinFast VF8 Proves Building Cars Is Hard

At the end of the factory tour, we were given the opportunity to briefly get behind the wheel of a few VF8 prototypes. As they were assembled from test mules for our visit, and each machine had development quirks obvious even on our two-block test drive. One had its seat controls reversed, as we discovered when we went to slide it forward and smashed the knees of the guy in the back. Most of the promised driver’s aids, such as remote summon and self-parking, were non-functional. With 349 horsepower and 369 pound-feet of torque, the Eco model delivered adequate acceleration, and the 402-hp Plus trim with 457 pound-feet of torque was downright quick. There was only one turn on our drive, and we took it fast enough to dump the engineer’s notes into the passenger footwell, so apologies to him, but steering worked.

Sept 21 (Reuters) – Vietnamese electric-vehicle maker VinFast said on Thursday its revenue more than doubled in the second quarter on higher deliveries to domestic customers, in its first results since its market debut last month. A new electric vehicle company is making waves on Wall Street, but not because of the cars it’s selling. In July, VinFast broke ground in North Carolina at what will be its first EV factory outside of Vietnam. The company expects to start production in the U.S. by 2025 with an estimated annual production capacity of 150,000 units. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.

VinFast told CNBC that “experts have carefully researched and priced our vehicles properly.” It also said it does not consider some of these mentioned vehicles as their competitors, without specifying models. “[This suggests] that it may not as easy as said to increase the sales volume in the U.S. and other foreign markets given more established EV models are selling for a lower price,” said Samsudeen. Vietnamese electric vehicle maker VinFast’s ambitious plan to deliver as many as 50,000 vehicles this year is “unrealistic,” according to one analyst. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers.

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As its ICE cars were gaining traction in its home market, VinFast founder Pham Nhat Vuong announced in 2021 that the company would pivot to EVs. By the end of the year, it was selling electric scooters, electric buses, and the VF e34, a small electric SUV about the size of a Toyota C-HR, with promises of two how to buy titano larger models to come, the VF8 and the VF9. The mid-size five-seat VF8 and seven-seat VF9 will not only come to the U.S. market but will be built here, in a new 2000-acre factory in North Carolina. The goal, said Vuong, is to make VinFast a recognizable name worldwide and, you guessed it, to do it fast.

VinFast launched its sales in Vietnam in 2021, and reported $633.8 million in revenue last year. But expansion into the U.S. market has been rocky, exacerbated by poor reviews. Those who tested models like the VF 8 in its initial rollout in the U.S. earlier this year said in auto trade magazine Jalopnik that the car “is simply not ready for America” and were disappointed by results, given its $46,000 price tag. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. VinFast, a little-known electric carmaker from Vietnam, debuted on Nasdaq on Tuesday (August 15) and immediately made a splash. Stock skyrocketed 270 percent on its first day of trading and closed at $37 per share, giving the company a market cap above $85 billion at one point, more than Ford and General Motors combined.

VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far

Combined, the entities own about 99.7 percent of the company. Over the past 12 months, Fisker has burned through $627 million, and Canoo $358 million. To offset these cash losses, Fisker this morning announced it has issued $170 million worth of convertible notes (i.e., debt, convertible into common stock). Why VinFast would list on the Nasdaq with such a small float is not known but likely has to do with optics.

VinFast: Vietnam EV maker valued at more than Ford or GM

By comparison, Tesla delivered 1.3 million cars in 2022 and Toyota sold 10.5 million. In May, VinFast recalled all of the cars it had shipped to the U.S. over a screen failure that saw the display go blank. The carmaker broke ground on its first American factory in North Carolina last month with plans to begin production at the $4 billion facility in 2025—as of June, only 137 electric vehicles by VinFast were registered on U.S. roads. When the newly-merged SPAC shares began trading, Forbes initially discounted the value of Pham’s shares by 30% to account for the low float.

VinFast’s Experience

Its share price soared more than 250% on the first day of trading, but has since dropped more than 60%. Shares of Vingroup, one of the largest conglomerates in Vietnam, closed at 45,200 Vietnamese dong ($1.85) on Wednesday, its lowest level since November 2017, according to Refinitiv data. VinFast mass index indicator said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. That’s almost seven times the 7,400 EVs it sold last year, all in Vietnam. Low-float stocks like VinFast are susceptible to high volatility and jaw-dropping moves, both to the upside and the downside.

Analysts also noted that VinFast’s models are not competitively priced. For example, VinFast’s VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings. However, its U.S. expansion has faced hurdles including delayed deliveries of the VF8 to its first customers and the opening of its North Carolina plant postponed until 2025.

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’” Even with too much plastic, the interior is comfortable and brightly lit by a large sunroof. Cargo room seems on par with similarly sized vehicles, turtle trading rules and there’s a small frunk in addition to the rear hatch. But the reviews we’ve read have been perhaps the most brutal we’ve seen for a modern car.

It’s Monday, and shares of electric vehicle stocks are on the move again — in opposite directions. Not only that, but the way VinFast went public raises some questions. After trying to list its shares in the U.S. since at least March 2022, VinFast ditched its IPO dreams to merge with Macau gambling billionaire Lawrence Ho’s Black Spade Acquisition Co. in a deal that valued VinFast at about $23 billion. Share sales can also come directly from VinFast as it needs to raise money if it wants to fuel its expansion into the US market. The company had about $160 million in cash at the end of March, so it could be eager to take advantage of the recent spike in its stock by selling shares at current prices.

VinFast broke ground on its North Carolina plant to build EVs in America. Per the website, the company has opened up 13 showrooms — all in California. Initial plans called for Tesla-like direct-to-consumer sales, but VinFast is open to working with dealerships. VinFast also plans delivery of the first 3,000 VF8 cars for European customers this year, Reuters reported on Thursday, at a time when the European Union is considering imposing tariffs on its Chinese rivals.

Since receiving activation codes, Elana has written for numerous car magazines and websites, covering classics, car culture, technology, motorsports, and new-car reviews. This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started. However, the company’s operational center is still in Vietnam. It also has outlets in France, Germany and the Netherlands and has announced plans to expand from 2024 into markets in Asia—including India and Indonesia—and the Middle East.

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