Vietnamese electric vehicle maker VinFast Auto (NASDAQ:VFS) delivered 9,535 vehicles in the second quarter and a total of 11,315 vehicles in the first half of this year. This marks a massive 500%+ sequential jump in the company’s vehicle deliveries.
The company is expected to announce second-quarter results on September 21, which is a key event to keep an eye on. VinFast aims to launch multiple models globally and has a strong presence in Vietnam. It has established a charging network in 63 cities and provinces in the country and recently initiated construction at its new EV facility in the U.S. This move is part of VinFast’s strategy to expand its footprint globally.
What Is the Market Cap of VinFast?
The carmaker debuted on the Nasdaq last month after a business combination with Black Spade Acquisition. After making a high of $82.35 on August 28, the company’s shares have corrected to the present $17 level, resulting in a market capitalization of $40.44 billion.
The company’s founder, Pham Nhat Vuon, controls 99% of its shares. This makes VFS stock highly prone to volatility.
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