{"id":2016549,"date":"2023-08-30T10:22:01","date_gmt":"2023-08-30T14:22:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vinfast-stock-plunges-after-six-day-winning-streak\/"},"modified":"2023-08-30T10:23:13","modified_gmt":"2023-08-30T14:23:13","slug":"vinfast-stock-plunges-after-six-day-winning-streak","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vinfast-stock-plunges-after-six-day-winning-streak\/","title":{"rendered":"VinFast stock drops after six consecutive days of gains."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fvinfast-stock-plunges-after-six-day-winning-streak%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2016549&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>VinFast, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tesla-hits-1-trillion-market-valuation\/\" title=\"Tesla Hits  Trillion Market Valuation\">electric vehicle maker<\/a> from \u2064Vietnam, experienced a\u2063 rollercoaster ride on Wall Street, with its stock soaring and\u2064 then plummeting.<\/p>\n<p>At the beginning of the week, the Vietnamese-owned firm reached \u200ban\u200b impressive $82.35 \u2064a share, boasting a\u200c market value of $188.84 billion.<\/p>\n<p>However, \u200cthe following day, the stock took a nosedive,\u200b plunging 44 percent to $46.10 a share, wiping out approximately\u2063 $90 billion in \u2064market value, according\u2063 to\u200b Barron&#8217;s.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/vietnams-ev-maker-vinfast-announces-ipo-filing-eyeing-expansion-in-us-market-4908570\">Vietnam&#8217;s EV Maker VinFast Announces IPO \u2063Filing, Eyeing Expansion in\u2063 US Market<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">12\/7\/2022<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/vietnams-ev-maker-vinfast-announces-ipo-filing-eyeing-expansion-in-us-market-4908570\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/life-tradition\/2023-vinfast-vf-8-4697618\">2023 VinFast VF \u200d8<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/29\/2022<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/life-tradition\/2023-vinfast-vf-8-4697618\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>VinFast, founded in 2017, made its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vinfast-stock-plunges-after-six-day-winning-streak\/\" title=\"VinFast stock drops after six consecutive days of gains.\">initial\u200d public offering<\/a>\u200d (IPO) at $22 a share on the NASDAQ on\u2062 Aug. 15,\u200b following a merger with Black Spade Acquisition Company.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">Since then, the company has quickly risen to become the third-most valuable automaker, trailing behind Tesla and Toyota.<\/p>\n<h2>VinFast Stocks Rose and Fell Over Investor \u2062Hype<\/h2>\n<p>VinFast CEO\u2064 Le Thi Thu Thuy expressed \u2062her surprise at the warm welcome from the market and the recognition of the company&#8217;s \u2063competency.<\/p>\n<p>However, despite the hype, VinFast is yet to turn a profit and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/two-house-democrats-ask-wyoming-dems-to-vote-for-liz-cheney-in-primary\/\" title=\"Two House Democrats Ask Wyoming Dems To Vote For Liz Cheney In Primary\">faces tough competition<\/a> \u200bfrom established automakers who \u200chave invested \u2063heavily in the EV market.<\/p>\n<p>The company was founded through a partnership with Chevrolet, gaining exclusive rights to sell the brand \u200bin Vietnam and ownership of\u2063 a GM factory in Hanoi.<\/p>\n<p>VinFast&#8217;s owners\u200c and financial backers have invested around $7.5 billion to support its \u200coperations and\u2062 capital expenses.<\/p>\n<p>According to a filing with the Securities and Exchange Commission (SEC), VinFast incurred losses\u2062 of $1.3 billion in 2021 \u2063and nearly $1.5 billion in the first three quarters of 2022.<\/p>\n<p>Despite its shaky track record, investors remain undeterred for now.<\/p>\n<p>The Epoch Times \u200creached out to VinFast for comment.<\/p>\n<h2>Company Backed by Vietnam&#8217;s \u200bRichest Man<\/h2>\n<p>VinFast&#8217;s parent company, Vingroup JSC, is \u2063owned by Vietnam&#8217;s richest man, Pham Nhat Vuong,\u2064 who controls \u200can\u200b overwhelming 99.7 percent of\u200d the shares.<\/p>\n<p>With a personal fortune worth\u2063 $55.9 billion, Mr. Pham&#8217;s liquidity has\u2064 taken a hit as the stock value declined.<\/p>\n<p>VinFast&#8217;s CEO \u2062mentioned that \u2063there are plans to\u200c explore opportunities for additional transactions and \u200dincrease liquidity in the market.<\/p>\n<p>Despite the challenges, VinFast remains optimistic that the committed funds will\u200b lead to profitability.<\/p>\n<p>Since the recent plunge, Mr. Pham has lost approximately \u200d$67 billion in paper wealth.<\/p>\n<h2>New \u2062Asian EV Startup Enters the American \u200cMarket<\/h2>\n<p>VinFast has begun construction on its factory in North Carolina, which\u200b is expected to produce three vehicle\u200c models by 2025.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam&#8217;s VinFast, an electric vehicle manufacturer, experienced a sharp decline in its stock price on Wall Street, ending a six-day winning streak. Starting the week at $82.35 per share and a market value of $188.84 billion, the stock plummeted by 44 percent the next day, reaching $46.10 per share and erasing a significant portion of its value.<\/p>\n","protected":false},"author":327,"featured_media":2016550,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2016549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2016549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2016549"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2016549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2016550"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2016549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2016549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2016549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}