From Breakingviews - Vietnam’s Tesla debuts with wrong kind of power
. The high multiple is a headscratcher; the Vietnamese company’s top line shrunk 7% in 2022 and it is suffering from production delays and a turnover of senior executives. What’s more, getting onto a fast-growth trajectory looks hard at a time when the wider industry is struggling; Tesla is cutting prices of its flagship models to boost sales.
VinFast isn’t too desperate. In April it secured $2.5 billion in pledges from its parent and the founder himself. But despite the big eye-catching U.S. debut, existing investors will own 99% of the company after the deal. The Vietnamese electric-vehicle maker is left almost as reliant on itself as it was before.
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