Why VinFast Auto Stock Surged 312% This Week
It's only been 10 days since VinFast Auto (NASDAQ: VFS) stock started trading in the U.S. after going public through a special purpose acquisition company, but its run-up since its initial public offering (IPO) has stunned the markets. This week alone, the electric vehicle (EV) stock is up a jaw-dropping 312% through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.
VinFast is part of Vietnam's largest conglomerate, Vingroup, owned by billionaire Pham Nhat Vuong. The EV maker started to create a buzz much before its IPO when it said it expects to grow sales significantly this year as it strives to break into the U.S. and European markets. VinFast already has a leading market share in Vietnam's passenger EV market, according to BNI Research.
Earlier this week, VinFast stock doubled in one day after it gave EV enthusiasts a glimpse into the kind of electric cars it's making. VinFast announced the U.S. Environmental Protection Agency's (EPA) range ratings for its new all-electric seven-passenger SUV, VF 9, surpassed the company's own estimates. VinFast said its VF 9 Eco trim has a certificated EPA range of 330 miles while the Plus trim has a certified EPA range of 291 miles. The models are priced at $83,000 and $91,000, respectively, and are equipped with advanced driver assistance systems.
Source Fool.com
