Why VinFast Auto Stock Surged Another 53% Today
There's no stopping VinFast Auto (NASDAQ: VFS) stock. After more than doubling in just the first three days of this week, the electric vehicle (EV) stock, which debuted in the U.S. last week, was up another 53% at 10 a.m. ET this morning. Today's jaw-dropping rally means VinFast stock is already up more than 200% so far this week.
As per the latest media reports, South Korea's Star Group Industrial is reportedly planning a factory in Vietnam. So what does that have to do with VinFast Auto, you may ask?
The thing is, VinFast is a Vietnamese EV maker, and Star Group supplies magnets to the automaker. Star Group is reportedly planning to invest $80 million to build a new factory in Vietnam to counter potential trade restrictions from China, according to Reuters. Production is expected to start in 2024.
Source Fool.com
