VinFast, the pioneering electric vehicle manufacturer under Vietnam’s Vingroup JSC, has achieved a remarkable milestone by emerging as the world’s third-largest automotive manufacturer in terms of market capitalization. The company’s stock witnessed a soaring surge, propelling it to this prestigious position, only trailing behind global giants Tesla from the United States and Toyota from Japan.
On Monday, August 28, shares of VinFast experienced an impressive 20% leap on the U.S. stock market, an event that propelled the company’s market capitalization to an impressive $191 billion. This achievement is notable even considering that VinFast is yet to operate fully within the United States. However, the surge in the electric vehicle (EV) sector across the U.S. has incited a considerable influx of retail investors who are eager to invest in the company’s stocks.
According to FactSet, as of August 25, Tesla holds a market capitalization of $760 billion, making it the leader in the automotive sector. Following closely is Toyota, commanding a market capitalization of $270 billion. VinFast secures its remarkable third place with a market capitalization of $160 billion.
To put this achievement into perspective, other significant players in the global automotive arena include China’s BYD with a market capitalization of $90 billion and Germany’s Volkswagen with $70 billion.
VinFast’s ascent to prominence was marked by its listing on the Nasdaq index of the U.S. stock market in mid-August. Remarkably, the company’s market capitalization managed to surpass even renowned industry stalwarts like General Motors and Ford Motor on its first day of trading. This distinction underscores the remarkable reception and recognition VinFast has garnered within the competitive automotive landscape.
It’s worth noting that General Motors and Ford, although surpassing VinFast in terms of market capitalization, are both well-established American companies with an extensive history of trading on the U.S. stock exchange.
VinFast’s meteoric rise not only signals its own success but also underscores the rapid evolution and transformation of the global automotive industry. As electric vehicles continue to gain traction and reshape the transportation sector, companies like VinFast are redefining the narrative of what a major player in the automotive space looks like. The achievement showcases the impact of innovation, strategic investment, and the growing appetite for sustainable transportation solutions in shaping the automotive industry’s future.