VinFast shares extend their rising streak on the Nasdaq

With more than 6.3 million units traded, VinFast shares have entered the 5th consecutive session recording price increases. The current price raises VinFast's capitalization to 16.9 billion USD, ranking 24th in the list of car manufacturers in the world, above Volvo, Mazda, Isuzu, Nissan, Subaru...

Currently, VinFast is right above Japanese car company Rivian and behind Chinese company Chongqing Changan.

If only counting electric car companies, VinFast ranks fourth, after billionaire Elon Musk's Tesla (as of November 7, capitalization 706.29 billion USD), China's BYD (94.61 billion USD), China's Li Auto (39.99 billion USD).

At the end of the trading session on November 8 (US time), VinFast shares increased by 17.69% compared to the previous session, listed at 7.25 USD/share. (Screenshot)

Gridserve, a UK-based company that owns and operates charging stations for electric vehicles, recently conducted a remarkable study. They compiled search data for electric vehicles across countries and regions around the world, with data from 200 countries and 317 different models. While the most searched for car on Google doesn’t necessarily mean the best-selling car, the study does provide a better understanding of what consumers want most in an electric car.

Although not at the top of searches in Vietnam, the VinFast VF 9 model is the most searched in 12 countries, including some European countries, Africa and Cambodia.

The case of VinFast VF e34 is even more surprising. Although it is only distributed in Vietnam, this car model is the most searched for in Chile.

In terms of business results, in the third quarter, VinFast delivered 10,027 electric cars in the past 3 months (up 5% compared to the second quarter), bringing the total number of cars sold in the first 9 months of 2023 to 21,342. The third quarter also initially recorded more positive sales in September in the North American market, especially Canada.

VinFast's total revenue in the third quarter reached VND8,254 billion (equivalent to USD343 million), up 4% compared to the second quarter and up 159% compared to the same period last year. Total revenue mainly came from selling electric vehicles, with VND7,698 billion.

VinFast is said to be considering adding a fifth model to its US product portfolio, and the VF 3 small crossover could be an option.

According to Automotive News , a representative of VinFast said that as an urban car priced under 20,000 USD, VF 3 may have a chance in the US market, targeting customers interested in low-cost cars.

Although it is a small car - a segment that is not very popular in the US - VinFast dealers in the US are urging the company to import the VF 3, possibly because it is a pure electric car and has an SUV design that is quite suitable for American consumers' tastes.

VinFast said it is studying the demand and potential of the VF 3 model in the US, after receiving positive feedback from dealers.

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