Opening the official trading session on September 8 on the US Nasdaq stock exchange (September 8 evening Vietnam time), VinFast Auto (VFS) shares continued to decrease in price. Previously, VinFast shares had decreased for 7 consecutive sessions.
As of 8:45 p.m. on September 8 (Vietnam time), VFS shares decreased by 2.4% compared to the previous session, down to 17.5 USD/share. VinFast's capitalization decreased to 40 billion USD.
In the past 7 consecutive sessions, VinFast shares have continuously decreased in price after reaching a peak of 93 USD/share. VinFast's capitalization has also decreased rapidly from nearly 210 billion USD on August 28 to nearly 40 billion USD as of now.
With this capitalization, VinFast dropped to 13th place in the world's car market capitalization ranking, above some long-standing car manufacturers such as Hyundai and Kia.
Specifically, VinFast is currently behind the following car companies: Tesla (811 billion USD, as of the beginning of the session on September 8) of billionaire Elon Musk, Toyota of Japan (239 billion USD), German supercar company Porsche (99.4 billion USD), China's largest electric car company BYD (95 billion USD), Mercedes-Benz (75.6 billion USD), BMW (67 billion USD), Volkswagen (62 billion USD), Stellantis (56 billion USD), Ferrari of Italy (54.5 billion USD) and Honda (55 billion USD).
VinFast is attending the Fully Charged Live electric vehicle exhibition in Canada from September 8-10 with two models VF 8 and VF 9.
According to information from HNX, on July 31, VinFast mobilized 5,000 billion VND in bonds, with a term of 20 months and an interest rate of 14.5%/year.
Previously, Vingroup and billionaire Pham Nhat Vuong committed to sponsoring 2.5 billion USD for VinFast, of which Mr. Pham Nhat Vuong contributed 1 billion USD. Vingroup also provided a non-refundable sponsorship of 500 million USD and lent VinFast 1 billion USD for a maximum term of 5 years. It is expected that with this amount of money, VinFast can confidently carry out its plans for at least the next 2 years.
VinFast is an automobile company founded in 2017 and will officially switch to electric vehicles from 2022. VinFast estimates that it will sell 50,000 electric cars in 2023. This is the first electric car company in Vietnam and the ASEAN region to list its shares on the US stock exchange.
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