An unprofitable electric vehicle maker has suddenly become the third most valuable auto manufacturer in the world, leaving the likes of General Motors Co. and Ford Motor Co. in its dust.
Shares of Vietnam’s VinFast Auto have soared almost 700% since it listed in mid-August — even though it hasn’t made many cars yet, let alone turned a profit.
The company said it expects more operating losses in the near term as it scales vehicle production, sets up factories and pays for marketing, sales and servicing efforts.Comparatively few. VinFast, which began building a factory in North Carolina in July, forecasts sales will reach 45,000 to 50,000 this year and Vuong predicts the company will break even by the end of 2024 and could be profitable after 2025.
However, given VinFast’s volatility, the Bloomberg index for now excludes Vuong’s stake from his net worth. That leaves him with a $5 billion fortune consisting of his shares in Vingroup JSC, the conglomerate he founded, net of cash outlays, dividends and stock transactions.Is the share price going to crash back down?
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ski-doo maker BRP launches its most expensive off-road vehicle everThe 240-horsepower four-wheeler will sell in Canada starting at $43,999 and top out at $54,799 depending on the options chosen
Read more »
EV maker BYD buys US firm Jabil's China manufacturing business for $2.2 billion(Reuters) - Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's Singaporean unit to ...
Read more »
EV maker BYD buys US firm Jabil's China manufacturing unit for $2.2 billionThe deal will expand BYD Electronic (International) Co's (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker. Jabil did not immediately respond to a Reuters request for details.
Read more »
Apple iPad Maker BYD Pays $2.2 Billion for Jabil’s China PlantsThe electronics arm of electric-vehicle maker BYD Co. agreed to buy Jabil Inc.’s manufacturing business in China for 15.8 billion yuan ($2.2 billion), expanding its reach in mobile devices.
Read more »
Indian EV cell maker Log9 flags production hit on delayed visas to Chinese expertsBy Rama Venkat BENGALURU (Reuters) - Log9 Materials, India's first lithium-ion battery manufacturer, warned production at its facility in Bengaluru ...
Read more »
Vinfast’s Surge Above $200 Billion Vaults EV Maker Past Goldman, BoeingUnprofitable Vietnamese electric-vehicle maker VinFast Auto Pte Ltd. is now worth more than the likes of Goldman Sachs Group Inc. and Boeing Co.
Read more »