Shares of VinFast, the Vietnamese-founded electric vehicle (EV) company headquartered in Singapore, soared in trading in their Nasdaq debut and Benher Gracio, business fundamentals analyst at GlobalData, said: “VinFast’s robust entry into the Nasdaq trading arena comes as no shock, considering its solid business fundamentals and the optimistic global trajectory of electric vehicles.

“With an impressive one year timeline, the company takes pride in its extensively automated manufacturing plant. It initiated electric vehicle production in 2021, just four years after the facility’s inception, and within another year, the first EV shipment marked the commencement of returns on its substantial US$8.2 billion investment.

“It has partnerships with industry leaders in automation like KUKA, Siemens, and ABB, capable of churning out 38 frames every hour from its paint and press shops.

“VinFast also benefits from about 60% localised supply chain and has some of the tier-1 suppliers such as Lear on-site which help it to have annual capacity of 300,000 units. It has established trade agreements with US, Canada and EU, which are forecast for a strong double digit grow through much of this decade and beyond.”

The company has four EV models – the same as Tesla and aims to flood markets with more models. Its business combination with Black Spade Acquisition (BSAQ) will only accelerate its ambition, expanding its scope of raising even more capital.

“As the automotive industry experiences a paradigm shift towards sustainable mobility, VinFast’s strategic partnerships, advanced manufacturing capabilities, and diversified EV lineup position it favourably to capitalise on the growing demand for eco-friendly transportation solutions.”