Will VinFast Topple Tesla? New EV Rival's Shares Skyrocket 270%

Vietnamese electric vehicle manufacturer VinFast made a strong debut on the U.S. stock market, with shares soaring after listing on Nasdaq. The company's market value surged past established automakers like Ford, GM, BMW, and Volkswagen. VinFast's shares closed at $37.06, a remarkable 270% higher than the initial price of its SPAC, Black Spade Acquisition, and 68% higher than its opening price. Despite a subsequent 10% drop in share value, VinFast's market capitalization reached $85 billion, surpassing its previous valuation of $23 billion from a SPAC merger. The automaker, a part of Vingroup, has received financial backing for global expansion. VinFast plans to compete in the American market with a new factory expected to begin operations in 2025.