Tesla, Toyota are 1 & 2. A Vietnam Company #3?

Say goodbye legacy automakers. This doesn't even include the China manufacturer BYD!

TESLA. TOYOTA. VINFAST?

Quartz Media

When Vietnamese electric vehicle manufacturer VinFast started trading on Nasdaq on Aug. 15, its valuation rose above legacy carmakers Ford and General Motors. Earlier this week, its market cap neared $200 billion, becoming the world’s third-most valuable automaker behind Tesla and Toyota.

Even after suffering a 44% stock plunge yesterday (Aug. 29), which brought the market cap down to about $107 billion, Vinfast held on to that third spot.

Analysts say there aren’t any real numbers to back up Vinfast’s lofty valuation—but even though its business isn’t in the black, there are some makings of future success in there, if you look closely:

🕴 A deep-pocketed backer in parent company Vingroup, spearheaded by Vietnam’s richest man Pham Nhat Vuong

🇻🇳 A rapidly rising economy as its home base

🏭 The growing opportunity to replace China as the world’s factory

💰 The prospect of securing additional investment from sovereign wealth funds and other investors in the next 18 months or so