Stocks of Vietnamese electric car brand VinFast rock Nasdaq

VinFast shares, which first appeared in the auction, soared. The Vietnamese electric car plant is valued at $85 billion by Nasdaq.

The shares were originally worth $10. During the session last Tuesday, their value jumped to $37. Investors valued the Vietnamese at $85 billion, writes xrust. It should be noted that Ford was quoted at $48 billion, General Motors — $46 billion.

The company's management intends to compete with Tesla after the construction of a new plant worth $4 billion. This business is 99% owned by Vietnamese Vuong. The sale of shares for the future plant will last 18 months.

Since the end of last year, VinFast has delivered 3,000 vehicles to North America, but has sold only 137 electric vehicles. At first, sales were based on a system copied from Tesla. Then the company changed its approach to working with dealers in foreign markets.

VinFast was originally a division of the Vietnamese conglomerate Vingroup, in which 9.3 billion were invested. Last April, Vuong pledged 2.5 billion to develop the electric vehicle sector, of which 1 billion is personal.

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