VinFast, a Vietnamese electric vehicle (EV) manufacturer, has raised eyebrows due to its sales distribution. Reports indicate that over half of VinFast’s electric vehicles sold this year, approximately 7,100 units out of 11,300, were purchased by Green and Smart Mobility (GSM), a Vietnamese taxi company. GSM is under the umbrella of Vingroup, the parent company of VinFast. This data was disclosed in VinFast’s filings to the US Securities and Exchange Commission in July and September.

VinFast made headlines when its stock price soared dramatically after its listing through a special purpose acquisition company (SPAC) in the previous month. Despite having sold only 24,000 vehicles in the entire previous year, at one point in September, the company’s market capitalization reached a staggering $200 billion. This valuation briefly placed VinFast among the world’s most valuable automakers, surpassing established giants like Volkswagen, Ford, and General Motors, despite the latter’s significantly larger sales volumes.
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