NEW YORK: Shares of Vietnamese electric automaker VinFast tumbled for a second straight session on Thursday (Aug 17), giving up some of the gains from...
A VinFast car driving past the entrance of the VinFast electric automobile plant in Haiphong, Vietnam. – AFPpicShares of Vietnamese electric automaker VinFast tumbled for a second straight session on Thursday , giving up some of the gains from a meteoric surge in its Wall Street debut that saw it eclipse the market values of Ford and General Motors.
Just US$44 million worth of VinFast’s shares were traded on Thursday, compared to turnover of US$27 billion in Tesla, which fell 2.8%. VinFast hit an eye-popping valuation of US$85 billion on its first day of trading on Tuesday. That was more than three times the valuation at which it merged with a blank-cheque company Black Spade Acquisition, making it Asia Pacific’s biggest M&A deal this year.
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