EV Maker VinFast Bags Huge Valuation in SPAC-Mania Redux
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A Vietnamese EV start-up just leapfrogged legacy automakers by way of a SPAC, but that may have been the easy part.
VinFast listed on the Nasdaq via SPAC on Tuesday, en route to a closing-day valuation of $85 billion. That put it ahead of legacy automakers including Volkswagen ($69 billion), Ford ($48 billion), and GM ($46 billion). The debut comes as the EV market grows more cutthroat, with Tesla, the most valuable automaker in the world ($739 billion), looking set to unleash a new price war.
Source Fool.com
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