Vietnamese electric vehicle maker VinFast Auto (NASDAQ:VFS) has launched the DrgnFly electric bike in the U.S. The announcement came at the CES 2024 Trade Show in Las Vegas.
Further, VinFast plans to introduce DrgnFly in other international markets in the near term. The bike features a 750W engine and a top speed of 28 mph. Yesterday, the company unveiled the VF Wild, its electric pickup truck concept at CES 2024. This marked VinFast’s first outing in the pickup truck segment. Additionally, the company has announced the global launch of the VF3, its mini-eSUV.
The global launch of VF3 comes after its introduction in Vietnam nearly six months ago. Details surrounding the timing for reservation and delivery of the vehicle are awaited over the coming periods.
Furthermore, according to a Reuters report, VFS aims to increase its free float from nearly 2% at present to 10% to 20% by the end of this year. This move is aimed at lowering the volatility in VFS shares. From a high of about $82 in August 2023, the company’s share price has plummeted to the present $6.66 level.
Is VFS a Good Stock to Buy?
Overall, the Street has a Strong Buy consensus rating on VinFast, and the average VFS price target of $9.67 implies a substantial 45.4% potential upside in the stock.
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