VinFast share volatility 'normal': chief executive
The dramatic fluctuation in shares of Vietnamese electric vehicle maker VinFast is "normal", its chief executive told AFP on Friday, insisting the company was on sound footing despite racking up huge…
Le Thi Thu Thuy is the CEO of VinFast in Vietnam, a manufacturer of electric vehicles.
Since the Nasdaq listing in August, shares in the first domestic car maker of the communist country have fluctuated wildly. They peaked above $82 and then tumbled back down to close on Thursday at $12.56.
VinFast was once valued higher than the auto giants Ford and General Motors. However, some analysts have said that it is overvalued due to its slow sales and bad reviews for its VF8 in the United States.
Le Thi Thu Thuy, CEO of the company, said that volatility is to be expected.
She told AFP that the initial listing would be volatile, particularly with a small amount of free float.
VinFast's shares are not listed for sale, and 99 percent of them are owned by Pham Nhat Vuong - the richest Vietnamese man, owner of Vingroup, which is VinFast's parent company.
Thuy stated that "in the next year, or less, we will be aiming to reduce the loss."
The company launched in 2017 aims to compete against giants such as Elon Musk's Tesla and has started work on a new factory in North Carolina, the US.
Vinfast, which was launched in 2017, is a competitor to giants such as Elon Musk’s Tesla.
Thuy: "I believe the past was more difficult than the future."
The task ahead is difficult, but we have accomplished a great deal in the past six years. "We are prepared for the road ahead."
Tesla tussle
Tourism and education.
VinFast has opened six showrooms throughout California, including the flagship store located in Santa Monica.
It faces a difficult battle to compete on a US market that is dominated by Tesla.
VinFast reports that customers in over 100 countries have ordered the VF8 or VF9 models.
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