VinFast has hit a market capitalization that makes it the third most valuable among automakers thanks to a meteoric rise in the value of its stock since its initial public offering (IPO).
The market capitalization of the electric vehicle (EV) maker, headquartered in Vietnam, hovered around $188.84 billion as of Monday afternoon.
That figure stood lower than Tesla and Toyota, the only two car manufacturers that have larger market caps than VinFast. The former’s came in at $746.03 billion, while the latter’s was $272.01 billion.
VinFast had its initial public offering on Aug. 15, with its stock trading under the ticker symbol "VFS" in the nearly two weeks since then. On the day of its IPO, the EV maker’s stock price was $22 at the opening bell.
Thuy Le, the CEO of VinFast, said at the time that the company’s trading debut "not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to capital markets and important avenues for future development."
From the price it opened on its IPO, VinFast shares have so far skyrocketed over 280%.
Reuters reported Pham Nhat Vuong owns 99% of the company. He has a personal fortune worth $66 billion, according to Forbes.
VinFast has only been around for about six years.
The company has a handful of electric vehicle models, many of which are not currently available in the U.S.
In late July, it held a groundbreaking ceremony for its upcoming factory in North Carolina. That plant, located in Chatham County, is currently expected to start making three types of VinFast vehicles — VF 7, VF 8 and VF 9 — roughly two years from now, according to a press release.
VinFast has made 11,300 worth of vehicle deliveries in the first six months of the year. It has completed 18,700 sales of EVs, according to a July company presentation.
The company has a total of 122 showrooms around the world, including in Vietnam, the U.S., Canada and a few countries in Europe, according to a document on its website.