Vietnamese electric vehicle manufacturer VinFast (VFS) experienced a notable surge in Tuesday’s trading, climbing to $30 per share, following its merger with Black Spade Acquisition Co., marking it as this year’s most significant M&A transaction in Asia. This is nearly triple the SPAC’s closing price from the previous session.
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Impressively, VinFast’s debut market capitalization surpassed established players such as Nio (NIO), Rivian (RIVN), and Lucid (LCID). By the end of June, VinFast had secured 26K electric vehicle reservations, opened 12 global showrooms, and completed deliveries for 11,300 vehicles, underscoring their robust annual production capacity of 300K.
VinFast’s performance today is in stark contrast to the rest of the EV sector, with major players like Tesla (TSLA) in the red today:
Indeed, Li Auto (LI) is the only stock in the green out of the aforementioned tickers in the image above. Conversely, LCID is the worst performer today, falling more than 5% at the time of writing.