--- title: What to Make of VinFast's Wild Week on Wall Street description: EV-maker VinFast lost some $90 billion in market value since Aug. 28, but it still remains one of the world's most valuable car companies. canonical: https://time.com/6310098/vinfast-ev-market-value/ author: Elijah Wolfson article:opinion: false article:content_tier: free article:published_time: 2023-08-31T16:36:35.000Z article:modified_time: 2026-03-31T12:44:48.097Z article:section: Climate og:title: What to Make of VinFast's Wild Week On Wall Street og:description: EV-maker VinFast lost some $90 billion in market value since Aug. 28, but it still remains one of the world's most valuable car companies. og:url: https://time.com/6310098/vinfast-ev-market-value/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blteb084af8b1743423/698a3feae6e84a5b5d2b06b8/vinfast-first-shipment.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 og:image:width: 1024 og:image:height: 576 og:image:alt: VinFast Makes its First Shipment of Vehicles to US og:type: article twitter:card: summary_large_image twitter:title: What to Make of VinFast's Wild Week On Wall Street twitter:description: EV-maker VinFast lost some $90 billion in market value since Aug. 28, but it still remains one of the world's most valuable car companies. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blteb084af8b1743423/698a3feae6e84a5b5d2b06b8/vinfast-first-shipment.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 ---  # What to Make of VinFast's Wild Week On Wall Street > Sponsored content. 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It reaches 40,000 subscribers with a 34.2% open rate and a 2.1% click rate as of August 2026. #### Where can I follow the energy transition as a business story? Future Proof covers climate and energy as an economic and business story rather than only an environmental one. It publishes every Friday and is free at time.com/newsletters. #### Who writes Future Proof? Justin Worland, a senior correspondent at TIME and an award-winning climate journalist, writes Future Proof. #### Is Future Proof free? Yes. Future Proof is free at time.com/newsletters.  by [Elijah Wolfson](https://time.com/author/elijah-wolfson/)  ## Elijah Wolfson Aug 31, 2023 4:36 PM UTC  VinFast LLC's VF8 electric vehicles bound for shipment at a port in Haiphong, Vietnam, on Friday, Nov. 25, 2022. VinFast LLC's VF8 electric vehicles bound for shipment at a port in Haiphong, Vietnam, on Friday, Nov. 25, 2022.Linh Pham—Bloomberg/Getty Images  by [Elijah Wolfson](https://time.com/author/elijah-wolfson/)  ## Elijah Wolfson Aug 31, 2023 4:36 PM UTC The last few days have been a financial see-saw of sorts for [VinFast Auto](https://time.com/6199776/vinfast-expansion-vietnam-us-electric-cars/), the Vietnam-based electric vehicle manufacturer that bet big on its planned entry into the U.S. market last year, and then went public via a special-purpose acquisition company (SPAC) merger earlier this month. For a hot minute this week, VinFast’s stock price rose to such heights that it was the world’s third-biggest car company by market capitalization, trailing only Tesla and Toyota; as of this writing, it’s fallen back down to earth, losing an astounding $90 billion or so in market value since Aug. 28. And yet—even with that dramatic plunge, VinFast is still worth more than $95 billion, putting it ahead of dozens of more established companies including BMW, Volkswagen, GM, and Ford. In theory, VinFast’s value is based on the massive investments its parent company Vingroup (the largest conglomerate in Vietnam) has made into EV-only manufacturing and a unique proposition that its cars come with a leased battery—keeping consumer costs down, given the battery is an EV’s most expensive component. But through the second quarter of this year, the company has, by its own account, sold only 16,000 cars. That, as shown in the chart above, is nowhere near the number of fully electric vehicles reportedly delivered by almost any of the other auto manufacturers in the same market-cap range as VinFast. The one exception is Porsche, a luxury brand that, despite the $90,000 starting price for its single EV offering, the Taycan, has still sold more EVs than VinFast in the first half of the year. Of course, the market value of Porsche and some of these others on this list are not tied to EV production, but rather to other offerings or brand equity. But VinFast’s stock price should be about EVs—which means the company has a long way to go prove that value is justified. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6310098/vinfast-ev-market-value/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6310098/vinfast-ev-market-value/"},"headline":"What to Make of VinFast's Wild Week On Wall Street","datePublished":"2023-08-31T16:36:35.000Z","dateModified":"2026-03-31T12:44:48.097Z","description":"EV-maker VinFast lost some $90 billion in market value since Aug. 28, but it still remains one of the world's most valuable car companies.","url":"https://time.com/6310098/vinfast-ev-market-value/","keywords":["Transportation","climate change","healthscienceclimate","Climate Is Everything"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blteb084af8b1743423/698a3feae6e84a5b5d2b06b8/vinfast-first-shipment.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Elijah Wolfson","jobTitle":"","url":"https://time.com/author/elijah-wolfson/"}],"articleSection":"Climate","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blteb084af8b1743423/698a3feae6e84a5b5d2b06b8/vinfast-first-shipment.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"VinFast Makes its First Shipment of Vehicles to US","caption":"VinFast Makes its First Shipment of Vehicles to US","creditText":"Linh Pham—Bloomberg/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/climate/","name":"Climate"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/transportation/","name":"Transportation"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/6310098/vinfast-ev-market-value/","name":"What to Make of VinFast's Wild Week On Wall Street"}}]}] ```