One of Vietnam’s biggest automakers has made a big splash on its entry to Wall Street, pushing its market capitalization above that of industry giants such as Volkswagen and Ford.

VinFast, an electric vehicle maker, enjoyed a red-hot debut in New York on Tuesday after merging with a special purpose acquisition company (SPAC), Black Spade Acquisition Co.

Shares of the newly combined company skyrocketed 270% on the Nasdaq on their first day of trade. They opened at US$22, more than double the initial price of US$10, and closed at US$37 apiece.

The surge propelled VinFast’s market cap above US$85 billion. That’s more than Volkswagen (VLKAF) or Ford (F), which are valued at 63.9 billion euros (US$69.7 billion) and US$48 billion, respectively, according to Refinitiv.

The eye-popping rally, however, was based on thin trade. VinFast is still 99% owned by Vietnam’s richest man, Pham Nhat Vuong, through shares held by his other company Vingroup and other business entities, according to a regulatory filing.

Vuong, the chairman of both Vingroup and VinFast, saw his own wealth soar by approximately US$39 billion Tuesday as shares of the carmaker shot up, according to the Bloomberg Billionaires index. He is now estimated to be worth about US$44.3 billion.

VinFast was founded in 2017 as a subsidiary of Vingroup, one of Vietnam’s largest conglomerates. The firm makes electric SUVs, scooters and buses, which are sold in Vietnam and North America.

Its performance Tuesday makes VinFast the largest U.S.-listed Vietnamese company by market cap, it said.

So far, the company has released four electric vehicle models and delivered roughly 19,000 vehicles, according to its prospectus. For comparison, Volkswagen sold 4.4 million vehicles just in the first six months of 2023, more than 321,000 of which were electric.

VinFast is a household name in Vietnam, where its cars have become bestsellers and have access to an extensive charging network across more than 60 cities and provinces.

But the Vietnamese newcomer has had less success in the United States, where it started delivering to customers earlier this year. In recent months, VinFast has been hit by poor reviews about its electric SUV, the VF 8, after letting U.S. reporters test drive the vehicle.

Several headlines have been particularly blunt, with one by industry outlet Road & Track calling the vehicle “simply unacceptable.” Another by MotorTrend read: “Return to sender.”

Other reviews were more forgiving. One reminded readers that it was the company’s first effort at a car for the U.S. market. Another praised the power delivery from the SUV’s electric motors.(SD-Agencies)

Words to Learn 相关词汇

【大获成功】dàhuò chénggōng make a big splash be very successful and garner a lot of public attention

【招股说明书】zhāogǔ shuōmíngshū prospectus a legal document offering a company's shares for sale, and giving details about the company and its activities

越南最大的汽车制造商之一在华尔街一战成名，上市首日市值超过了大众、福特等行业巨头。

VinFast是一家电动车制造商，周二与现金壳公司Black Spade Acquisition Co.合并后在纳斯达克上市首日股价暴涨270%，开盘价为 22 美元，是发行价10美元的两倍多，收盘价为每股 37 美元。

一日后暴涨VinFast的市值超过了850亿美元，超过了大众汽车和福特汽车。根据Refinitiv的数据，这两家公司的市值分别为 639 亿欧元（合计697 亿美元）和 480 亿美元。

然而，该股虽然涨势令人瞠目，但成交清淡。据一份监管文件显示，VinFast 99%的股份由越南首富范日旺通过其另一家公司Vingroup和其他商业实体持有。

根据彭博亿万富豪指数，Vingroup 和 VinFast 两家公司董事长范日旺因为汽车股上市首日大涨，周二身家暴涨约 390 亿美元。据估计，他现在的身价约为 443 亿美元。

VinFast成立于 2017年，是越南最大的企业集团之一Vingroup 的子公司。该公司生产电动 SUV、踏板车和巴士，产品在越南和北美销售。

该公司表示，周二的表现使VinFast成为在美上市的最大市值越南公司。

根据其招股说明书，到目前为止，该公司已经发布了四款电动车，交付了大约19000 辆汽车。相比之下，大众汽车公司仅2023年上半年就售出了440万辆汽车，其中超过32.1万辆是电动车。

在越南家喻户晓的VinFast汽车很畅销，并拥有遍布越南60多省市的充电网络。但这家越南新公司今年早些时候才进入美国市场，其产品也不那么受欢迎。数月前，VinFast在让美国记者试驾其电动车SUV VF 8后，受到了一些差评。

有几篇文章的标题特别直白，行业媒体Road & Track的一篇文章称这款车

“ 简直不能接受”。MotorTrend的标题则是“召回吧”。

其他评论则较为宽容。一篇评论提醒读者，这是该公司首次在美国市场推出汽车。另一则测评对该SUV电动马达的动力输出大加赞赏。

(Translated by Debra)