How a Small EV Maker Became More Valuable Than Ford and GM Combined

Shares of Vietnam’s VinFast Auto have soared almost 700% since it listed in mid-August — even though it hasn’t made many cars yet, let alone turned a profit.

The company said it expects more operating losses in the near term as it scales vehicle production, sets up factories and pays for marketing, sales and servicing efforts.Comparatively few. VinFast, which began building a factory in North Carolina in July, forecasts sales will reach 45,000 to 50,000 this year and Vuong predicts the company will break even by the end of 2024 and could be profitable after 2025.

However, given VinFast’s volatility, the Bloomberg index for now excludes Vuong’s stake from his net worth. That leaves him with a $5 billion fortune consisting of his shares in Vingroup JSC, the conglomerate he founded, net of cash outlays, dividends and stock transactions.Is the share price going to crash back down?

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