The dramatic fluctuation in shares of Vietnamese electric vehicle maker VinFast is"normal", its chief executive told AFP on Friday, insisting the company was on sound footing despite racking up huge losses.
Shares in the communist state's first homegrown car manufacturer have veered wildly since it listed on the Nasdaq in August, peaking above $82 before lurching back down, closing on Thursday at $12.56.and General Motors, but some commentators have warned it is overvalued, pointing to slow sales and poor reviews of its VF8 model in the United States.
Only around one percent of VinFast shares are listed for trading, with 99 percent held by Pham Nhat Vuong, the owner of parent group Vingroup and Vietnam's richest man."In the next year or so, we are targeting that so the loss is becoming less and less," Thuy said. The company, which launched in 2017, aims to compete with giants like Elon Musk's Tesla, and has begun work on a factory in the US state of North Carolina."The task is daunting in front of us, but I think we have achieved a lot we've done a lot in the last six years. We are ready for the path ahead."Vinfast which launched in 2017, aims to compete with giants like Elon Musk's Tesla.
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