Shares of electric-vehicle maker VinFast Auto are down more than 20%, a day after their first trading session on the Nasdaq.
VinFast shares more than tripled in their market debut Tuesday. That gave the company a market value of roughly $86 billion, putting it comfortably ahead of industry stalwarts General Motors and Ford, Refinitiv data shows.
The Vietnamese EV business went public after merging with special-purpose acquisition company Black Spade. More than 90% of the SPAC’s investors pulled their money out of the deal before it was completed, according to data provider SPAC Research. That left very few shares available for trading the last two days and set the stage for huge stock-price moves where a limited amount of buying and selling swings the shares.
