VinFast Shares Lose $83 Billion as World-Beating Surge Reverses

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$VinFast’s valuation is hard to justify, with automaker having sold just 24,000 cars globally in 2022, a tiny fraction of the deliveries made by Volkswagen and Ford Motor. Photo: Bloomberg$

VinFast’s valuation is hard to justify, with automaker having sold just 24,000 cars globally in 2022, a tiny fraction of the deliveries made by Volkswagen and Ford Motor. Photo: Bloomberg

(Bloomberg) — The head-scratching rally in VinFast Auto Ltd. shares came to a sudden halt on Tuesday, erasing $83 billion of market value.

The unprofitable and thinly traded maker of electric cars tumbled 44% in New York, snapping a six-day winning streak. It had been rising faster than any other large-cap stock worldwide, jumping 688% from its debut in a SPAC listing on Aug. 15 through Monday’s close.