Shares of VinFast Auto (NASDAQ: VFS) stock shot up over 60% this week, according to data from S&P Global Market Intelligence. The Vietnamese automotive group that makes electric vehicles (EVs) saw sizable early demand for its affordable SUV that is going to be sold around the world, including in the United States. Shares are still down over 95% from all-time highs when the stock shot up after its initial public offering (IPO) in late 2023.

Here's why VinFast Auto stock was soaring this week.

VinFast Auto is trying to bring affordable EVs to the masses. It has a range of SUVs that it plans to sell around the globe and take advantage of the EV revolution.

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Source Fool.com