At this price, VinFast 's market capitalization stands at $13.06 billion, ranking 29th among global automakers, ahead of many "giants" like Volvo, Mazda, and Isuzu.
Currently, VinFast ranks just above China's Geely and behind Japan's Subaru.
VinFast shares closed the trading session on November 2nd at $5.06 per share, up 5.07%. (Screenshot)
Recently, VinFast's VF6 and VF9 models respectively received the "Outstanding Family Car" and "Trendsetting Car" awards at the Better Choice Awards 2023, held at the National Innovation Center (NIC) in Hoa Lac.
Rated exceptionally high by leading automotive experts on the final judging panel compared to 8 strong competitors, the VinFast VF9 was named the "Trendsetter Car" in the final judging panel category with 5,317 points. This score was compiled from 65,228 consumer votes and 2,146 points from the final judging panel.
Second and third place went to the VinFast VF6 (4,989 points) and Lexus RX (4,652 points), respectively. The relatively close scores highlight the fierce competition in the most important category of the Car Choice Awards, part of the Better Choice Awards 2023.
Previously, in an interview with AP , Ms. Le Thi Thu Thuy, Global CEO of VinFast, stated that the US is a fiercely competitive market. However, VinFast is committed to supporting the wave of countries striving to transition to electric vehicles to reduce emissions.
“Prioritizing the US market is a deliberate decision by VinFast, despite facing stringent regulations there. We want to build credibility in this challenging market. Our reason is simple: customers will trust VinFast if we succeed in the US market. To some extent, this will be a ‘seal of approval’ for VinFast’s success, even though achieving this is not easy,” Ms. Thuy said.
AP also recalled VinFast's listing on the Nasdaq exchange in mid-August, noting that at several points, the share price more than doubled to a peak of $82.35 per share, helping VinFast's market capitalization surpass both General Motors Corp and Ford Motor Co at that time.
VinFast reaffirms its strong commitment to the US market by building a multi-billion dollar electric vehicle manufacturing plant in Southwest Raleigh, North Carolina, which is expected to begin production next year.
Regarding future plans, VinFast began delivering vehicles in Europe this year and is targeting new markets in Southeast Asia, India, and the Middle East, while also announcing a $400 million investment in factories in Indonesia and India. The company also aims to expand to 50 markets globally by 2024.
AP noted that VinFast's ambitious growth targets are in line with Vietnam's economic development plan to make the automotive industry a pillar of the economy. The company's 335-hectare manufacturing plant in Hai Phong was completed in less than two years and currently has a capacity of 250,000 electric vehicles per year.
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