Broker FxPro has announced that it has added Vietnamese electric vehicle (EV) manufacturer VinFast to its stock portfolio.
VinFast has caught the attention of the market after achieving significant success on its first day of trading, outperforming the valuations of industry giants Ford and General Motors (GM).
According to details from FxPro's official portal, VinFast's business model is to become a leading company in the electric vehicle market, using innovative technologies to advance the industry and build electric vehicles. The company's strategic approach has already manifested itself in a significant increase in production capacity.
Although VinFast's stock closed just above $37 on its New York debut, which is not a profitable level, the company's total market valuation has jumped to $85 billion.
This valuation puts VinFast ahead of industry giants such as Ford ($48 billion) and GM ($46 billion) and indicates a serious new entrant into the electric car market that is poised to take a larger share of it.
Many experts have already noted that VinFast's main competitor is none other than Tesla.
By adding VinFast to the list of available assets, the broker has given its clients the opportunity to analyze market development and decide if VinFast stock is worth investing in.
Read also: Forecast for NVDA for 2023-2025.
