Thanks to a wildly fluctuating stock price, you may have seen the name VinFast in the news lately. In case you wondered just what it is — and whether Dom Toretto is involved — here’s everything you need to know.
What is VinFast?
VinFast is a Vietnamese electric vehicle manufacturer. The company was formed in 2017. The official headquarters has moved to Singapore. However, the company’s operational center is still in Vietnam.
Who owns VinFast?
Basically, Vietnamese billionaire Pham Nhat Vuong. According to an SEC filing, his Vingroup controls 1.2 billion shares in VinFast, more than 50 percent of outstanding shares. Two of his private investment companies, Vietnamese Investment Group and Asian Star, own an additional 1.1 billion shares. Combined, the entities own about 99.7 percent of the company.
And VinFast was the third-most valuable automaker in the world?
Briefly. VinFast stock surged to a value of $82.35 on August 28th. This pushed its market cap higher than every automaker globally except Tesla and Toyota. It has since plummeted below $20, about where it was before the rally started.
Is VinFast selling cars in the United States?
That is the plan. VinFast broke ground on its North Carolina plant to build EVs in America. Per the website, the company has opened up 13 showrooms — all in California. And the VF8 is ready to order in California. VinFast says it has shipped 3,000 vehicles to North America. Initial plans called for Tesla-like direct-to-consumer sales, but VinFast is open to working with dealerships.
However, VinFast does not appear to be selling many vehicles so far. The company recently revealed that 7,100 of its 11,300 global sales in the first half of 2023 were to Green and Smart Mobility, a Vietnamese taxi firm controlled by Vingroup.
