To The Moon

$VinFast Auto(VFS)$ , a Vietnamese electric vehicle (EV) maker, recently made its debut on the Nasdaq stock exchange through a $23 billion backdoor listing facilitated by a special purpose acquisition company (SPAC) called $Black Spade Acquisition Co.(BSAQ.U)$ . Vietnamese EV Maker VinFast Debuts on the Nasdaq, and Shares Soar VinFast's stock opened at $22 per share, which was more than double the $10 per share agreed upon with its SPAC partner. The stock price surged during the trading session, closing at $37.06. This increase in stock price valued the company at $85 billion, surpassing the market capitalizations of established automakers like $Ford(F)$ and $General Motors(GM)$ . What about financial performance of VinFast? VinFast's financial performance has shown mixed results. The company posted a net loss of $598 million in the first quarter of the year and reported a loss of $2.1 billion in 2022. It is worth noting that the EV industry is highly competitive, and many companies are investing heavily in research, development, and market expansion. How does VinFast prepares for competition in EV industry? The company has already shipped around 3,000 vehicles to North America, but initial sales have been relatively slow. VinFast's founder, Pham Nhat Vuong, aspires to challenge industry leader $Tesla Motors(TSLA)$ with a new $4 billion factory under construction. The CEO expressed plans to partner with dealerships to expand its presence and increase sales. VinFast aims to bring its larger VF9 EV to the U.S. market later in the year and is also working on getting its vehicles certified by European safety regulators. What about the pricing of VinFast's vehicles? The CEO said the company’s strategy is “offering premium quality products at affordable pricing with excellent after sales service.” VinFast is entering the American and European EV markets at a time when competition is intensifying. The company's pricing for its VF8 model starts at $46,000 in California, slightly lower than the Tesla Model Y's starting price of $47,740 before factoring in tax incentives. Will Vietnamese EV maker continue to impress market? Are you bullish on the new ev maker? How do you view the competition in ev industry? Leave your comments to win tiger coins!