“FinFast” the Vietnamese electric car becomes the number three after Tesla and Toyota
The market value of the Vietnamese electric car company” “FinFast ” exceeded $190 billion, after it was listed on the American Stock Exchange on August 15. Since its listing and in just 10 days, the company’s shares have risen by about 688%.
The electric car company “Finfast” came in third place on the list of the largest car companies in the world in terms of market value, after Tesla (about $800 billion) and Toyota (about $300 billion).
But at the same time, FinFast exceeded the value of three car companies combined: Volkswagen ($67.2 billion), BMW ($66.3 billion), and Ford ($47.6 billion).
For comparison, Tesla, the leading electric car manufacturer, took more than 3,600 trading sessions to reach this number, while Nvidia, which is very famous in the field of artificial intelligence, took more than 7,700 trading sessions.
With the company’s market value reaching $190 billion, compared to valuations of $111 billion for Goldman and $137 billion for Boeing, this value makes it larger than half of the companies listed on the Dow Jones Industrial Average, and even 10 times the size of Walgreens. The American Boots Alliance exceeds the market value of companies such as Goldman Sachs Group and Boeing.
The richest man in Vietnam
FinFast’s rising shares added about $39 billion to the wealth of the company’s president and founder, Pham Nhat Phung, who is already the richest man in Vietnam.
Regulatory filings show that Vuong controls 99% of the company’s outstanding shares, mostly through Vietnam’s largest conglomerate, Vin Group GSC. This limits the number of shares available for other investors to trade, which could lead to significant price fluctuations.
“Investors continue to believe that the future is electric cars, and that low-cost East Asian countries will emerge as a major competitor to the United States,” said Bill Russo, founder and CEO of Shanghai-based Auto Mobility.
He added: “The markets believe that, looking at the map, Vietnam, not China, will be the country that has the lead.” Instead of a traditional stock sale, FinFast went public via a merger with a blank check company, causing its valuation to boost significantly.
