Vietnam's EV champion VinFast has managed to sell Wall Street on a Nasdaq listing that values the loss-making startup at more than $85 billion, almost twice as much as Ford or General Motors .
VinFast needs to deliver more than twice the sales notched up so far this year in the remaining five months to hit a stretch annual target set by its founder of selling 50,000 EVs.
VinFast's intent to raise additional capital is also a potential threat to its lofty valuation. CFO David Mansfield said on Tuesday the company was talking to a range of investors, including sovereign wealth funds, and was on track to raise additional funding in the next 18 months. "Opening our own stores is great but it takes a lot of time," she said. "Joining forces with other partners to go faster has always been our nature."
“The ballpark numbers that our chairman indicated for this year are still on track,” CFO Mansfield said.
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