Reuters was first to report that Vietnamese electric vehicle maker VinFast aims to increase its free float, or shares available to the public for trading, to 10% to 20% by the end of this year from roughly 2% currently.
AutomotiveTechnology
EV maker VinFast aims to raise free float to 10%-20% by end-2024
09 January 2024, 7:08 pm 1 minute
Market Impact
A larger free float could lessen the intense volatility in the company’s stock, which has tumbled since a splashy debut on the Nasdaq in August, when shares surged more than 255%, notching a market value of roughly $85 billion. It is now valued at nearly $16 billion. VinFast, which is yet to make a profit, entered the EV market as car prices were under pressure, led by cuts at market leader Tesla (TSLA.O) and Chinese companies including BYD (002594.SZ).
Article Tags
Topics of Interest: AutomotiveTechnology
Type: Reuters Best
Sectors: TechnologyTransport & Logistics
Regions: Americas
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
