At the opening of the official trading session on October 4th on the US Nasdaq stock exchange (evening of October 4th in Vietnam time), shares of VinFast Auto (VFS), owned by billionaire Pham Nhat Vuong, fell for the fourth consecutive session, to nearly $9 per share.
Specifically, as of 8:30 PM on October 4th (Vietnam time), VFS shares had fallen nearly 1.4% compared to the previous trading session, to $9.2 per share.
At the current price, VinFast Auto's (VFS) market capitalization has fallen to $21.45 billion, lower than the initial valuation when it merged with Black Spade ($23 billion). This market capitalization has decreased by nearly 90% compared to its peak at the end of August.
Currently, the market capitalization of billionaire Pham Nhat Vuong's electric vehicle company ranks below that of Tata Motors of India, SAIC Motor of China, and Kia of South Korea.
VinFast's market capitalization ranks 21st among car manufacturers worldwide . If only electric vehicle manufacturers are considered, VinFast ranks 4th, after Tesla, owned by billionaire Elon Musk (with a market capitalization of $790 billion as of October 4th); BYD of China ($92.7 billion); and Li Auto of China ($34.6 billion).
Liquidity for VinFast shares on the Nasdaq exchange has fallen back to around 3 million units per day, lower than the 10-20 million units per session seen during the active trading days at the end of August.
In the trading session on October 3rd, VinFast recorded liquidity of over 3.25 million units, even though the number of listed VinFast shares had increased sharply since the session on October 2nd, after the US Securities and Exchange Commission (SEC) announced that the offering of more than 75.7 million common shares by the VinFast shareholder group was effective.
Previously, VinFast only had 4.5 million VFS shares listed (out of a total of over 2.3 billion VFS shares outstanding).
VinFast has just submitted a document to the SEC stating that the company will announce its Q3 2023 business results before the opening of the trading session on October 5th. The company will hold a live broadcast on its website to discuss its strategy and business performance.
Although the electric vehicle market faces many challenges in its early stages of development and the level of competition is very high, VinFast, owned by billionaire Pham Nhat Vuong, has very ambitious goals.
According to India's The Economic Times, VinFast, owned by Pham Nhat Vuong, is aiming to build a factory in this populous country. This is also a promising market that Elon Musk's Tesla and China's number one electric car manufacturer, BYD, are focusing on conquering.
According to the Economic Times, VinFast's investment "is expected to be very significant."
In its Q2 2023 report, VinFast stated that it plans to expand its dealership network to new market clusters, including India, starting in early 2024. VinFast is reportedly already recruiting for its office in Gurgaon, Haryana.
Currently, VinFast has over 120 showrooms globally. In 2023, VinFast expects to sell 40,000 to 50,000 vehicles.
In the Indian market, VinFast is expected to face significant pressure from the Chinese electric vehicle brand BYD.
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