Company founded by Vietnam’s richest man achieved $85bn valuation despite scathing early reviews of its electric vehicles
A loss-making carmaker founded by Vietnam’s richest person has been valued by investors at more than Ford and BMW, despite making only 20,000 electric vehicles since its launch and receiving scathing early reviews.
VinFast, which lost $2.1bn (£1.6bn) in 2022, was valued at $85bn at the close of trading on Tuesday evening after it listed on New York’s Nasdaq stock market via a merger with a cash shell company.
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