Its electric cars have been dogged by poor reviews and it’s on pace to make fewer sales this year than General Motors Co. does in a week.
Yet that hasn’t stopped VinFast Auto Ltd. from becoming the latest beneficiary of speculative fervor around newly minted SPAC deals — many of which end up tumbling over the long-term.
The Vietnamese automaker’s shares surged 255% Tuesday when it debuted on the Nasdaq Global Select Market, pushing the company’s market capitalization above that of industry giants GM and Mercedes-Benz Group AG. It added $39 billion to the net worth of chairman Pham Nhat Vuong, whose fortune now stands at $44.3 billion, according to the Bloomberg Billionaires Index.
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