With the electrification moves, we are starting to see many new manufacturers with different names. While the era of internal combustion engines dominated the market, we always talked about cars of well-known brands. Now, like an Android phone craze, a completely different electric car manufacturer is emerging from all sides. One of them, VinFast, left behind two old giants like Ford and Chevrolet with almost no sales. Here are the details…
VinFast overtook Ford and GM!
We don’t know if you’ve heard the name before, but an electric car brand called VinFast has overtaken Ford and General Motors. Vietnamese electric car manufacturer VinFast was founded in 2017. The brand, which has released 5 models in the 6-year period, has not fully opened to the world market. However, this did not prevent him from getting ahead of the giants he saw as competitors in the market.
Although VinFast, whose shares are traded on the New York Nasdaq, has not yet made a profit, its shares closed above $ 37 at the end of the day. This meant a company value of $85 billion, nearly double the $48 billion and $46 billion worth of Ford and General Motors. There are also many predictions and evaluations on the subject.
VinFast is owned by Vietnam’s richest man, Pham Nhat Vuong. And the valuation in that transaction increase added exactly $39 billion to his wealth. Looking at the regulatory documents, it shows that 99 percent of the shares of VinFast company are controlled by Vietnam’s largest holding, Vingroup JSC, which is also the founder of the holding, Pham Nhat Vuong.
In short, there are many open doors on the subject. VinFast being used as a front company etc. Many different claims are made. But when we look at the stock market transactions and other issues, everything seems to be in line with the rules. There are also predictions that Vietnam may take the EV leadership from China due to its location.
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