Watching the trading of Vietnamese EV start-up VinFast Auto is like a graduate-level course in the stock market, presenting lessons it typically takes seasoned traders years to learn.
The first lesson is that any day’s move is basically a coin flip. VinFast stock has risen seven times and fallen five times. If investors look back to when the SPAC merger was approved, triggering a surge in volatility, the totals are eight rises and seven falls. The SPAC merger valued VinFast at about $23 billion, which is more than Rivian Automotive ‘s market capitalization. Rivian delivers more cars than VinFast, but $23 billion is in the EV start-up ballpark and is the level where VinFast and a group of investors felt good about a deal. At its intraday peak of $93 a share, VinFast stock was worth about $215 billion, closer to Toyota Motor than Rivian.
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