VinFast shares cause a sensation.

At the opening of trading on October 25th on the US Nasdaq stock exchange (evening of October 25th in Vietnam time), shares of VinFast Auto (stock code: VFS), owned by billionaire Pham Nhat Vuong, continued their sharp decline.

VinFast Auto's VFS shares traded around $4.70 per share, down 4.77% from the previous session.

Accordingly, at 9:20 PM (Vietnam time), VinFast Auto's VFS shares were trading around $4.7 per share, down 4.77% from the previous session. Trading volume reached over 0.5 million units.

Thus, since listing on the Nasdaq, this is the third trading session in which VinFast shares have traded below $5 per share. Currently, the shares of the Vietnamese electric vehicle manufacturer have lost approximately 87% of their value, plummeting from a peak of over $80 per share at the time of its launch to below $5 in less than three months.

VinFast Auto's market capitalization stands at $10.98 billion, ranking 24th among the world's leading automotive companies.

When it first went public on the US stock exchange, VFS shares attracted considerable attention from the Western press due to their phenomenal price increases, at one point propelling VinFast Auto into the top 3 largest automakers in the world by market capitalization.

With its current market capitalization, VinFast Auto stands at $10.98 billion, ranking 24th among global automotive manufacturers.

Billionaire Pham Nhat Vuong's electric vehicle company's market capitalization is higher than that of South Korea's Kia and Japan's Mazda Motor Corporation, but has been surpassed by Japan's Nissan, Subaru Corporation, and Suzuki.

If only electric vehicle manufacturers are considered, VinFast ranks 7th after Tesla, owned by billionaire Elon Musk (with a market capitalization of $689.55 billion as of October 25th), BYD of China ($92.69 billion), Li Auto of China ($33.98 billion), Rivian ($16.21 billion) - a company based in Irvine, California (USA), NIO - a Chinese electric vehicle manufacturer also known as the "Tesla killer" ($13.57 billion), and XPeng - an electric vehicle manufacturer in Guangzhou, China ($12.42 billion).

This marks the sixth consecutive trading session since its listing on the US Nasdaq stock exchange that VinFast has dropped out of the top 5 electric vehicle companies by market capitalization.

If only electric vehicle manufacturers are considered, VinFast's market capitalization ranks 7th.

Despite its share price falling below $5 per share, VinFast has just signed an agreement with YA II PN (Yorkville) to purchase VFS shares. Accordingly, VinFast has the right to issue up to $1 billion worth of VFS common shares to Yorkville.

Yorkville Advisors is a US-based investment fund with over 20 years of experience investing in publicly traded companies. Yorkville's investment criteria focus on management teams, fundamental business factors, and stock market indices.

Under the agreement, VinFast has the right to request Yorkville to purchase up to $1 billion worth of VFS common stock at any time during the 36-month term of the agreement.

Source: TPO

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