It has since dropped to about US$60 billion, or 1.5x that of either Ford or General Motors. Nonetheless, with a free float of just 1%, it will be difficult to short this stock easily despite the obvious bubbles in its valuation.
Last week, we talked about the “Shot in the Arm”, a possible cranking up of IPOs globally as risk appetite for new issues bubbled up and popped quite loudly, as in the case of VinFast Auto.
As I have pointed out, despite selling just 24,000 cars last year and still loss-making, speculative fervour helped chase the market value of the newly-listed Vietnam EV maker to US$190 billion ($257 billion), making it the third most valuable car maker after Tesla at US$770 billion and Toyota Motor Co at US$280 billion.
