A Vietnamese electric carmaker is now worth $85 billion – almost as much as Ford and General Motors combined

• A Vietnamese electric vehicle maker is now worth almost as much as Ford and General Motors.
• VinFast shares soared more than 250% in a Spac-led debut Tuesday, leaving it worth $85 billion.
• The startup is yet to turn a profit and its first car shipments to the US have been criticized.

A Vietnamese electric carmaker is now worth almost as much as Ford and General Motors combined after its shares soared in their market debut Tuesday. 

VinFast jumped 255% to close at $37.06 on the Nasdaq Global Select Market, leaving the company worth $85 billion – far more than Ford ($48 billion), General Motors ($45 billion), or Chrysler Stellantis ($31 billion). 

VinFast founder and chairman Pham Nhat Vuong is the richest person in Vietnam and owns about 99 per cent of the company.