Opening the official trading session on October 4 on the US Nasdaq stock exchange (October 4 evening Vietnam time), VinFast Auto shares (VFS) of billionaire Pham Nhat Vuong decreased for the fourth consecutive session, to nearly 9 USD/share.
Specifically, as of 8:30 p.m. on October 4 (Vietnam time), VFS shares decreased nearly 1.4% compared to the previous session, down to 9.2 USD/share.
At the current price, VinFast Auto’s (VFS) market capitalization is down to $21.45 billion, lower than the initial valuation when merging with Black Spade ($23 billion). This market capitalization has decreased by nearly 90% compared to the peak at the end of August.
Currently, the capitalization of billionaire Pham Nhat Vuong's electric car company is ranked below India's Tata Motors, China's SAIC Motor and Korea's Kia.
VinFast's capitalization ranks 21st among car manufacturers in the world. If only counting electric car manufacturers, VinFast ranks 4th after billionaire Elon Musk's Tesla (as of October 4, capitalization is 790 billion USD); China's BYD (92.7 billion USD) and China's Li Auto (34.6 billion USD).
VinFast stock liquidity on the Nasdaq floor has dropped back to 3 million units/day, lower than the 10-20 million units/session level during the bustling days at the end of August.
In the session on October 3, VinFast recorded liquidity of more than 3.25 million units even though the number of listed shares of VinFast has increased sharply since the session on October 2, after the US Securities and Exchange Commission (SEC) announced that the offering of more than 75.7 million common shares of VinFast shareholders group was effective.
Previously, VinFast had only 4.5 million listed VFS shares (out of a total of more than 2.3 billion outstanding VFS shares).
VinFast has just sent a document to the SEC stating that the company will announce its Q3/2023 business results before the opening session on October 5. The company will organize a live broadcast on its website to discuss the company's business strategy and performance.
Although the electric vehicle market is still facing many difficulties in its early stages of development and the level of competition is very high, billionaire Pham Nhat Vuong's VinFast has great ambitions.
According to India's The Economic Times, Pham Nhat Vuong's VinFast is aiming to build a factory in this populous country. This is also a potential market that billionaire Elon Musk's Tesla and China's No. 1 electric car company BYD are focusing on conquering.
Also according to the Economic Times, VinFast's investment is "expected to be very significant".
In its recent Q2/2023 report, VinFast said that from early 2024, the automaker plans to deploy a dealer network in new market clusters including India. VinFast is said to have started recruiting staff for its office in Gurgaon city, Haryana state.
VinFast currently has more than 120 showrooms worldwide. In 2023, VinFast expects to sell 40,000 to 50,000 cars.
In the Indian market, VinFast is expected to face great pressure from Chinese electric vehicle brand BYD.
Source
Comment (0)