Vietnamese electric vehicle manufacturer, VinFast’s shares, surged after its U.S. trading debut, propelling its total market value to exceed renowned automakers such as Ford, GM, BMW, and Volkswagen, following its merger with the U.S.-listed special purpose acquisition company (SPAC) Black Spade Acquisition, VinFast was listed on Nasdaq. The automaker’s shares closed at $37.06 on its debut day, marking a 270% increase from the SPAC’s IPO price and a 68% boost from its opening price. However, the shares experienced a 10% decline before the market opened on the following day.

The debut pushed VinFast’s market capitalization to $85 billion, a significant surge from its previously estimated value of around $23 billion. This valuation surpassed both BMW and Volkswagen, valued at approximately $69 billion each, Ford at $48 billion, and GM at $46 billion. Yet, in terms of market capitalization, Tesla remains the largest automaker globally, with $739 billion.

VinFast, an arm of Vietnamese conglomerate Vingroup, commenced its operations in 2017. Despite the volatility associated with SPACs and the uncertain market environment, VinFast CEO Lê Thị Thu Thủy stated that the SPAC route allowed the company to become listed in the U.S. and acquire the needed financial backing from Vingroup and its chairman, Pham Nhat Vuong.

VinFast, still unprofitable, is expanding its presence in the U.S., facing challenges including delayed deliveries due to software issues. The automaker aims to compete with established players, including Tesla and BYD, by constructing a factory in North Carolina capable of producing up to 150,000 vehicles annually in its initial phase. The factory’s operations are now anticipated to begin in 2025, one year later than initially targeted. Despite entering a competitive market, VinFast believes there is ample room for all players as the automotive industry shifts from internal combustion engines to electric vehicles.